This EA strictly uses Ichimoku and three other indicators. The EA checks indicator 2 and indicator 3 on M5, M15, M30 and H1 timeframes to determine direction and likelihood of making profit without the drawdown reaching stop loss level. The EA also determines and places a trade after a set of 5 predefined conditions are met. These can be seen under visual mode. The indicator 2 (Ichimoku) and indicator 3 act as either entry points or stop loss points for a trade. Indicator 3 and 4 act as take profit levels for either buy and sell. The visibility of the indicators and filter conditions in the chart allows the trader to gain understanding of EA and get involved, knowing whether to expect a trade before end of London time.
No scalping, martingale, hedging or grid is used. Only one trade is opened per day. Only in cases where a lot is greater than 1000 is a trade split into smaller lots. Each order is closed same day hence no overnight trades.
The indicators and conditions are visible in the chart when you use the visual mode. The status of the conditions (yes or no) is also updated as the ticks move.
The EA can trade in many currency pairs. However GBPUSD and EURUSD are recommended. For the other currencies, some pairs may not present frequent buying or desirable rate of risk reward ratio. Liquidity and spread should also be considered.
5 Minute timeframe is recommended as it presents the best setup for this EA working method.
- Fixed lot: default is 0.1 lot size, you can change as you wish. A fixed lot is traded when the risk level is set as 1.
- Maximum lotsize: total allowable lot size.
- Risk: Setting a risk level of 1 disables lot increase and trades a fixed lot. A risk level of 10 has been set as default for illustration of the EA risk limits. Caution is warranted in placing larger risk size.
- Magic number: Allows you to set any number so as not to conflict with other robots/EA and trades.