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EA Cutter

EA Cutter is a fully automated scalper robot.

The EA does not use martingale elements or arbitrage.

EA Cutter trades locally overbought and oversold situations based on relative strength and moving average indicator targeting about 10 pips.

The EA supports multi currency trading.

Basic settings are intended to use on M5.


Requirements

  1. Allow URL http://ec.forexprostools.com/ in MetaTrader 4 options (follow menu path Tools->Options->Expert Advisors) for correct use of news filter.
  2. Attach to EURUSD, GBPUSD, NZDUSD, AUDUSD, USDJPY, GBPJPY, AUDJPY, USDCHF, USDCAD time frame M5.
  3. Make sure you use correct GMT offset to your broker's server when attaching, default is GMT+3
  4. You may also attach the EA to symbol XAUUSD (depending on your broker, the symbol may be called GOLD) M5.
  5. It is recommended to use an ECN broker with a low spread.
  6. Even though the EA works with SL and TP, it may close positions earlier, thus a VPS is recommended to prevent late closings.
  7. Small spread significantly increases the EA's efficiency.


Parameters

  • auto_gmt - calculate GMT
  • gmt_offset - your broker's GMT offset
  • use_start_time - first trade controlled by start time
  • start_day - start day
  • start_hour_gmt - start hour
  • start_minutes - start minutes
  • friday_start - allow start on Fridays
  • friday_close - close positions on Fridays
  • fr_only_in_profit - close only in profit if friday_close is set to true
  • fr_close_gmt_time - advice robot to close positions beginning from this time if friday_close is set to true
  • maxspread - maximum spread
  • MagicS1 - magic number 1
  • MagicS2 - magic number 2
  • comment - broker's comment
  • risk - risk (per position)
  • Lots - base lot size
  • perbalance - open an additional base lot size for each per balance
  • maxorders - maximum count of positions
  • open_if_dd_less_than_percent - drawdown control
  • recoveryMode - rise position size after loss
  • recoveryMulti - multiplier for recovery positions
  • strategy1 - strategy set 1
  • strategy2 - strategy set 2
  • one_at_a_time - user one signal at a time
  • open_add_pos - allow additional positions
  • close_one_early_in_loss - close a single position in bad situation
  • cil_factor - factor to give up single position
  • wait_after_loss - wait if a loss occurred
  • wait_hours - wait n hours
  • holidays - pause trades
  • lastday12 - last day in December to enter trades
  • firstday01 - first day in January to enter trades
  • showInfo - show panel
  • background - panels background color
  • background_trading_p - background color in profit
  • background_trading_l - background color in loss
  • background_news - background color in news time
  • allow_url_in_mt4_options - URL to paste into MT4 4 options
  • AvoidNews - news filter
  • IncludeMediumNews - include medium news
  • IncludeCurrency_USD - add currency USD
  • StopMinutesBeforeNews - wait n minutes before news
  • StopMinutesAfterNews - wait n minutes after news
  • close_in_newstime_in_profit - close basket with minimum profit
  • color_high - color for high news
  • color_medium - color for medium news
  • weight_positions - calculate position sizes with factors
  • weight_pos_1 - factor pos 1
  • weight_pos_2 - factor pos 2
  • ...
  • weight_pos_8 - factor pos 8
  • no_trade_last_days - no trade the last days of month
  • close_percent - expert advisor will close positions on draw dawn in percentage of balance
  • from_balance - closing on draw dawn only above account's balance
Quang Loc Nguyen
56
2018.02.07 08:04 
 

2018.02.07: Recovered from the lost with profits now. This EA will definitely last in the long run. I give it a 5 star.

2017.11.30: No positive result yet but looks promising with a low risk and a good money management.

A very good support from the developer that answers all your questions. Thorsten is very open.

Will give a rating after a few months of testing on a live account.

Ted NO FX
713
2017.09.19 23:47 
 

2017.09.19 New Update: This EA is profitable in long term. I really like this EA. Five stars from me. Best regards Ted!

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Looks promising and good results on authors signal. Good support aswell from author. Will update review later. Best regards Ted!

Version 1.9 - 2018.01.25
- Shows separate profit to date in display for signals.
- No more popups of alert window. Messages are replaced by log entries.
- Possibility to hide broker comment: leaving comment parameter empty will lead to empty broker comment.
- Enters trades more frequently.
- Introduced trailing on fast trend.
Version 1.8 - 2017.12.26
- added parameter MagicS2: currency pairs with two available strategies may run now in a single chart window. EA Cutter can handle two magicno (MagicS1, MagicS2) in a single chart. If you update EA Cutter to v1.8 delete every 2nd chart window for any currency pair running with two strategies before. Best is to reattach expert advisor in a single chart window after update.
- obsolete parameter: strategy. Replaced by new parameters strategy1, strategy2.
- added parameters strategy1, strategy2. Default is to run both strategies. Currency pairs with a single strategy (AUDUSD, AUDJPY, USDCHF, NZDUSD, XAUUSD) always run with strategy 1, parameters strategy1 and strategy2 are ignored then.
- added parameter one_at_a_time: If you run two strategies, setting one_at_a_time to 'true' will prevent to open a first strategy position from the other strategy not used yet. This will decrease drawdown, but profit as well. Default is 'false'.
- added parameters close_percent and from_balance: if drawdown on positions of a pair running under a strategy is equal to or larger than 'close_percent' of the current accounts balance, EA Cutter will close positions. Each strategy and pair is computed separately. Lower balances should not use this mechanism, therefore parameter 'from_balance' must be in accounts balance before closing is allowed by close_percent value.
- Better/additional entries: Sometimes EA Cutter couldn't enter additional positions after opening first position. The signal is now filtered and positions in flat or rebound situations can be opened.
- changed default of parameter weight_positions to 'true': Setting to 'true' shows better results in backtests on higher balance accounts without taking too much additional risk. Positions are only multiplied with factor if opening price seems to be good, otherwise basic lot size will be opened as usual. Default factors do not create martingale situations and on lower balance accounts you will not see any difference in position sizes.
- code optimized, VPS friendly, less resource consumption
- the best currency pairs in backtest for v1.8 are EURUSD, GBPUSD, NZDUSD, USDJPY, GBPJPY, AUDCAD and USDCAD
Version 1.7 - 2017.11.22
- Option wait_after_loss didn't work properly. EA Cutter ignored the option in some situations and started too early.
- Broker comment will contain the symbol (beside strategy and no of positions as in v1.6). It's possible to sort and identify on the comments column in MT4 terminal then. Example output: 'Cutter_GBPJPY_1_4'. Note: this comment is just informational and will never be used by EA Cutter for identification. Broker may change comment at any time.
Version 1.6 - 2017.10.06
- fixed bug that prevented opening positions on some brokers with 'no limited number of positions'
- new parameter no_trade_last_day : if set to n days EA Cutter will not open new first positions during the last n trading day(s) of the month.
Version 1.5 - 2017.09.19
- Added strategy_2 for USDCAD. Former single strategy is named strategy_1
- Added a single strategy for AUDCAD
- Revised a single strategy for NZDUSD
- Default value for the open_if_dd_less_percent parameter is lowered from 10 down to 5. This will reduce the total number of parallel opened positions and therefore help to avoid deeper drawdown.
Version 1.4 - 2017.09.07
- revised USDCAD strategy
- improved trailing process (trailing is performed in trend whilst extending TP)
- default parameter 'risk' is set down from 1.5% to 1.0% (per position)
Version 1.3 - 2017.07.31
- Extended parameters to specify any day of the week and time to start first trade.
- Added risk parameter in section money management.
- Added maxorders parameter to specify maximum of open positions.
- Added strategy parameter to choose a 2nd strategy for some pairs.
- Obsolete(deleted) parameters : autolot, up_to_pos, extended_tp, hedging, start_monday_minutes.
- Revised strategy for XAUUSD/GOLD.
Version 1.2 - 2017.07.14
- automatic calculation of GMT time
- revised recovery function, now including all possible positions
- better close up of baskets (passive range detection)
- additional stop losses to secure profit
- implicit calculation of position size depending of price level
- explicit calculation of position size by number of open positions (new parameters)
- two additional background colors for trading and news
- minor bug fix on entry signal
Version 1.1 - 2017.06.20
- improved strategies for EURUSD, USDJPY
- gap detection: EA Cutter will delay to open first position after gaps, because gaps may indicate higher volatility or possible price shift.
- new parameter friday_start: if set to 'false' EA Cutter will not start new trades on fridays. This option does not affect open positions.
- new parameter autolot: if set to 'true' perbalance for currency pairs is set to 1000 and for metal gold/xauusd to 3500. Gold has a 3.5 higher target (in currency units) than regular currency pairs. Thus no adaption of perbalance parameter is necessary when attaching the expert program to any chart. The possible changed operational perbalance value is written into MT4 log. Default is 'true'.
- new parameter IncludeCurrency_USD: if currency USD is not part of the Symbol it will be added to news string.
- info panel revised, needs less space in chart.