Merlin Grid is a fully automated EA that uses a clever combination of grid, price action, fast scalping, smart filtering and artificial intellect (artilect) to determine profitable entry and exit points into the FX market.
Merlin Grid is optimized and backtested over a period of 8 years (2010–2018). Download the free demo version and give it a run yourself.
Visit Merlin Grid's blog for set files, news, updates, wish list, etc.
- FIFO compliance option.
- Price averaging of same kind trades (Buys separated from Sells).
- Hidden take profit and stop loss.
- Trend detection.
- Volatility filters.
- Artificial instinct module.
- Time filter.
- EA settings: Use the default settings or ask for set files for different trade styles.
- Brokers: Low spread, low commission ECN brokers are recommended.
- Symbol: EURUSD (M5 chart).
- Starting Balance: 3,000 USD.
- MT4 Spread setting for backtest: 10.
- Trade Comment: Your comment here.
- Magic Number: 90210.
- Enable Smart Merlin Filter: True (Recommended).
- Enable Artificial Instinct: True (Makes the EA more strict and conservative in its own decisions, it is highly advisable to turn this feature ON if you encounter a high drawdawn and your account is at risk, note that the EA will trade less with this feature ON. You can disable it in ranging markets to increase trades).
- FIFO Compliance: False (Enable this parameter for FIFO brokers only).
- Trade Direction: BothDirections (Forces the EA to trade in one direction only).
- Time Filter: False (Allows the EA to trade according to the timer below).
- Start Hour: 0 (Time Filter related).
- Start Minute: 0 (Time Filter related).
- Stop Hour: 0 (Time Filter related).
- Stop Minute: 0 (Time Filter related).
- Trade on Friday?: Yes.
Lot Sizing, Take Profit and Stop Loss:
- Lot Sizing Method: FixedLot (This determines the size of the starting lot to be either a fixed lot size or a risk % based on the balance of the account).
- Fixed Lot Size: 0.01 (If FixedLot is selected, here you specify the starting trade lot size).
- MoneyManagement Risk Percent: 0.0005 (if MoneyManagement is selected here, you specify the percentage of the balance to use for the starting trade lot size).
- Hidden Basket TP in PIPS: 6 (This sets the minimum Take Profit basket of the same kind trades in pips, note that the Buy trades are separated from the Sell trades and this parameter is hidden from the broker).
- Hidden Basket SL in PIPS: 1000 (This sets the maximum Stop Loss basket of the same kind trades in pips, note that the Buy trades are separated from the Sell trades and this parameter is hidden from the broker).
- Lot Step Short: 0.02 (This is the additional lot size for the next grid Sell trade).
- Max Short Trades: 15 (Maximum number allowed of all open Sell trades).
- Min Trade Distance Short: 5 (Minimum positive pips required in price change to open a next grid Sell trade).
- Lot Step Long: 0.02 (This is the additional lot size for the next grid Buy trade).
- Max Long Trades: 15 (Maximum number allowed of all open Buy trades).
- Min Trade Distance Long: 5 (Minimum negative pips required in price change to open a next grid Buy trade).
- Send Push Notifications on DrawDown? No (If enabled sends you push notifications on your MetaTrader 4 phone app, this option requires you to have a MetaQuotes ID which you can get for free from your account settings on mql5.com).
- DrawDown Threshold %: 50 (The threshold to trigger a push notification, once the account has a drawdown of -50, a push notification is sent to you).
- Fixed an issue with the Money Management Lotsizing parameter.
- Fixed an issue with the Drawdown notifier.
- Optimized the code for faster backtesting.
"Max orders reached, EA stopped trading".