Milky Way EA 2
- Recommended currency pairs: AUDUSD, EURGBP, EURUSD, GBPUSD, USDCAD, USDCHF and USDJPY
- Time frame: H4
- Trading hours: a long-term EA, trading the whole week 24 hours a day
- Recommended brokers: any
- Minimum deposit: from $300
This is a long-term EA using the Bollinger Bands indicator. It opens Buy trades when the price is within the upper zone of Bollinger Bands and forms a specific candlestick pattern, and Sell trades when the price is within the lower zone. It uses two BB lines with the same period and deviation of 2 and 3. There are some filters that improve the performance of the Expert Advisor:
- Happy New Year Filter – does not allow trading 7 days before and after New Year holidays.
- Friday Filter – does not allow market entry on Fridays. Since this is a long-term Expert Advisor, the trades are held for more than a day so you can enable this filter to forbid any market entry on Fridays to avoid Monday gaps at the beginning of a trade.
- MaxLoss Filter – controls the maximum allowable Stop Loss length if it is determined based on highs/lows.
- BBRisk Filter – enter the market only using zones formed by BB with deviation 2. By default, BB with deviation 3 is used.
- BB moving Filter – special filter that controls the BB inclination. Buy trades are placed only when Bollinger Bands are directed upwards over a certain number of candlesticks.
The Expert Advisor does not use Take Profit orders, it exits the market automatically under certain conditions:
- at the upper/lower band breakout and reverse exit from it.
- presence in the market for a certain number of candlesticks.
- other options - exit at breakeven, by stop or trailing stop.
Two Stop Loss setting options:
- By high/low
The Expert Advisor has four built-in Trailing Stop options: standard with a set step, based on fractals on the user-defined time frame, based on shadows of the specified number of candlesticks on a user-defined time frame and based on the indicator that measures current volatility - ATR.
There are five Money Management options:
- fixed lot size,
- fixed percent of the deposit (with risk allocation, i.e. you can set a certain percent of risk on the initial deposit and on the profit),
- fixed faction of the deposit,
- fixed fraction based on the root of the deposit (special formula),
- fixed fraction based on the leverage (special formula).
All values are set in points. The Expert Advisor features a function that allows you to open/close orders using several attempts if the first one was not successful.
It can work with both 5-digit and 4-digit brokers. In addition, it supports trading on ECN accounts. There is a function that allows to hide Stop Loss and Take Profit order levels. The minimum recommended deposit for proper performance of the Expert Advisor is $300 (not including other EAs trading on the account). Risk in sets is adjusted to the maximum historical drawdown of no more than 20% for a deposit of $10,000. For smaller deposits, Money Management parameters will have to be decreased.
The Expert Advisor uses explicit control of the bar closing, so the testing quality does not have a significant influence on the results.
Furthermore, there is an information module that covers log messages, comments to the terminal journal, information displayed on the chart, screenshots of market entries, push notifications and emails, as well as alerts and sound notifications.
- Magic – magic number
- Slippage – maximum slippage
- BBPeriod – period of averaging for Bollinger Bands
- Prefix – prefix of the working pair (if any)
- Suffix – suffix of the working pair (if any)
- HappyNYFilter – New Year filter on/off
- FridayFilter – Friday filter on/off
- MaxLossFilter – maximum Stop Loss filter on/off
- MaxSL – maximum allowable Stop Loss
- BBRiskFilter – BB risk filter on/off
- BBMoveFilter - BB inclination filter on/off
- BBHistory – number of bars in history for calculation of inclination
- BBSensitivity – minimum angle of inclination (in %)
- NumberOfTries – number of attempts for opening/closing an order
- ECNAccount – ECN account support (true – ECN-account, false – regular account)
- HideSL – true – hide SL, false – show SL
- CandleToExit – number of candlesticks after which the order will be closed
- MinSL – minimum allowable SL
- StopLossVariant – SL setting option: 1-fixed, 2-by high/low
- FixSL – fixed SL
- TFForSL - time frame for identification of high/low
- BarsForSL - number of candlesticks used to identify high/low
- DeltaForSLHL – offset from high/low for purposes of setting SL
Standard Trailing Stop:
- TralStandartOn - 0-disabled, 1-enabled
- TralingStop – trailing distance
- TralingStep – trailing step
Trailing Stop based on fractals:
- TralFraktalOn - 0-disabled, 1-enabled
- FraktalTF – time frame for identification of fractals
- FraktalBars – number of candlesticks in a fractal
- FraktalOtstup - offset
Trailing Stop based on high/low:
- TralBarsOn - 0-disabled, 1-enabled
- BarsTF - time frame
- BarsUse – number of candlesticks
- BarsOtstup - offset
Trailing Stop based on ATR:
- TralAtrOn - 0-disabled, 1-enabled
- AtrTF - time frame
- Atr1Period – short period ATR
- Atr1Shift – short ATR shift
- Atr2Period – long period ATR
- Atr2Shift - long ATR shift
- AtrCoeff – ATR coefficient
- Recovery – recovery option (0-disabled, 1-enabled)
- RecoveryCoeff – recovery coefficient
- MaxRisk – maximum allowable risk per trade
- LotVariant – lot calculation: 1- fixed, 2-% of deposit, 3-in currency units, 4-root of the deposit, 5-leverage-based
- FixLot – fixed lot
- UseRiskOfProfit – consider profit and initial deposit separately (0-disabled, 1-enabled)
- RiskOfInitDepo – risk on the initial deposit (the entire deposit amount if UseRiskOfProfit=0)
- RiskOfProfit – risk on profit
- MoneyForOneLot – money for the first min lot
- AnotherFraction – use another amount for the next min lot
- MoneyForNextLot – money for the next min lot
- FixedFractionRisk – risk coefficient for option 4
- FractionLeverageRisk – risk coefficient for option 5
- UseLog – write messages to the log (true)
- UsePrint – print comments to the journal (true)
- UseChartPrint – display comments on the chart (true)
- Color01, Color02, Color03 – color of the text on the chart
- FontSize01, FontSize02, FontSize03 – font size of the text on the chart
- UseSnapShot – take screenshots of market entries (true)
- UseAlert – give alerts (true)
- UseSendMail – send emails (true) – appropriate settings need to be made in the terminal
- UseSendPush – send push notifications (true) - appropriate settings need to be made in the terminal
- UseSound – play sound at the entry (true)
- SoundFileName – sound file name