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Rainbow EA MT4

Rainbow EA MT4 is a simple Expert advisor based on  Rainbow MT4 indicator witch is based on Moving average with period 34.

The indicator is not required for the EA to operate, it is incorporated in the EA  and can be downloaded from my product page.

Settings:

Magic number : 1479598

Suitable for Timeframes up to H1

The parameters below can be set according to your trading rules.

  • StopLoss ( Stop Loss in pips)
  • TakeProfit ( Take Profit in pips )
  • MaxTradeDurationBars ( in Bars )
  • MinTradeDurationBars ( in Bars )
  • TradeSize : 1.0 ( Trade size )
  • MaxOpenTrades : 1 ( Maximum open trades per currency pair )
  • Hedging : true ( Hedging mode )

Some clarification to remember :


For 5-digit brokers : 1 Point=0.00001 and 1 Pip=0.0001 => 10 Points=1 Pip

For 4-digit brokers : 1 Point=0.0001 and 1 Pip=0.0001 => 1Points=1Pip

If your account type is Netting then set Hedging mode to false. 



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