XBot EA is a simple, yet powerful, EA based on price action. It attempts to identify the market trend, and then places trades in the opposite direction. It is equipped with an advanced method for closing trades while in profit. It also features a classic trailing stop closure method. No risky strategies are adopted, no hedging nor martingales, and therefore the EA is suitable to be also used with low-size accounts.
- Magic Number
- Lot mode: can be "Fixed" or Auto; in the latter case, the Risk parameter is used to determine the trade volume
- Lot size: trade volume used when Lot mode=Fixed
- Risk: risk in percentage of balance
- Stop Loss: default=200 points (20 pips)
- Take Profit: default=500 points (50 pips)
- Maximum Spread: default=20 points (2 pips)
- Ticks count to calculate the average spread: default=100.
- Trailing Stop Trigger: default=200 points (20 pips)
- Trailing Stop Step: default=100 points (10 pips)
- Trading frequency: default=1 (minimum number of trades), max.=3
- Hour start: trade start hour (GMT time)
- Hour end: trade end hour (GMT time)
- Minute start: trade start minute
- Minute end: trade end minute
- Advanced Close: advanced method to close trades. Default: true
- Trade on Fridays: default: true. Used to allow/prevent trades on the last week day
The EA can be used with any pair, but the default parameters are optimized for GBPUSD. In particular, it is important to keep the default trade hours parameters, which correspond to the end of the New York session. Account sizes as low as 100 EUR (or USD) can be used. When using this EA with even lower account sizes, it is recommended to start with the minimum lot size (0.01). The chart time period should be set to M5.
A 5-Digits broker is mandatory. The broker should provide low spreads on the average (for GBPUSD less than 15-16 pips) and fast connection to the server.
It is important to underline that this EA enter trades only when the average spread is below the maximum spread (input parameter).
This avoids false entries when the spread falls within range only for a few seconds.
Since the trade management can last several hours, the use of a VPS is suggested, to avoid to keep your PC always on.
Testing of the EA with the mt4 strategy tester should be performed before attempting any usage on a real account. Note: when testing, the trade hours must be converted from GMT to Server times, since the strategy tester is not able to distinguish between different time zones. This operation is in charge of the user, since server times depend on the broker. In addition, when testing, please make sure that you have historical data also for higher timeframes (up to at least 1H), otherwise the results of the tests will be inaccurate.