The TimeOfDay Trading Expert uses the theory that at a certain hour everyday, the market decides the main move for that day. This can be due to news, overlap of trading sessions, or distribution and accumulation activities by major institutions.
This EA can work on any trading pair and but on 1 Hour Time frame.
You can check the performance of this EA on the following pairs: GBPUSD, GBPCHF, GBPAUD, GBPCAD, GBPJPY, GBPNZD.
This EA works best on any broker type, but on the above signals account we used ECN broker.
Here the parameters and their explanation:
- TLots=0.1 - This is the lot size for fixed lot trades.
- TimeOfDay=11 - This is the hour that the EA trades everyday.
- PipsFilter=15 - This is the number of pips that the market must move above or below the previous candle High/Low so that the trade will be activated. This will help filter out weak moves.
- FixedMM=false - This is the first money management option where the EA trades 1 Lot per every $10,000 Balance. To activate it, set true.
- VarMM=false - This is the second money management option where the EA risks a certain percentage of the balance per trade. To activate it, set to true and specify the percentage amount in the next parameter.
- RiskPerTrade=1.0 - Here you can specify how much you want to risk per trade. If you set it to 1.0 this means you risk 1% per trade.
- ATRM=0.0 - This is a parameter to set the stop loss at the Low/High of the previous candle plus number of ATR buffer. If the value is 0.0 then no buffer is added. If its 2.0, it means that the stop loss will be below or above the Low/High of the previous candle by 2xATRs of the Current Timeframe period.
- PTM= 2 - This is the Profit Target based on the number of ATRs. A value of 2.0 means that the Profit Target is 2xATR values of Current Timeframe period.
- MaxBars=2 - This gives the maximum bars that the EA will wait before exiting at breakeven. A value of 2 means that the EA will wait 2 bars and if the target is not reached it will wait till the trade is at breakeven, and then it will exit. It will not exit at a loss unless the trade hits the stop loss.
- TradeMonday.....=True - This means the EA will be active and trade on these days if they are set to true.
We have run the optimization tests in MetaTrader 4 and found the following set files for the 6 GBP Pairs above. To get the set files parameters, you can PM me.
-Added GMT Offset function to facilitate time input.