The Tree EA Free
The Tree EA Free is a fully automated breakout Expert Advisor designed for trading on the H1 timeframe. The product is a free version of The Tree EA that can work on USDJPY H1.
The Trade Logic
The operating principle of this EA is based on the breakout of local levels of Support and Resistance. The indicator Parabolic SAR is a filter for signals to enter a deal. Trade is made only with SellStop and BuyStop orders. Every order has a separate level of Take Profit and Stop Loss setup, which is calculated based on the current volatility. The function of transferring a trailing profit to breakeven and order expiration time before and after the deal was opened are used in this Expert Advisor. This is the way to prevent keeping the deal open for an unnecessarily long time. The Expert Advisor opens only one order in one direction at a time.
Settings and Parameters
- Lots - lot used for trading;
- TradeComment - comment for the deal (additionally displayed in the info window of the chart);
- MagicNumber - unique magic number;
- ShowInfo - displaying an information window with the current comment, magic number and the Expert Advisor build (true = yes; false = no);
- HOUR1-HOUR4 - parameters of the logic responsible for the time. For correct operation they have to be set up according to the instruction below, and it is not recommended to change them any other way.
Full Version Advantages
- The product can be used on seven popular currency pairs, including: EURUSD, USDJPY, GBPUSD, AUDUSD, USDCHF, NZDUSD and USDCAD. Free version optimized only for USDJPY H1.
- Extended money management functions: fixed lot or lot calculation in percentage of the deposit. In the free version, only fixed lot can be used (not more than 0.1).
Full version: https://www.mql5.com/en/market/product/6310.
Instructions and Recommendations
- Note. Before you get started, every parameter of the group "HOUR1-HOUR4" needs to be adjusted according to the time zone your broker is using. The time format is 24 hours, which means that permitted values vary from 0 to 23. Current settings are for the brokers using GMT+0. For a broker using the GMT+3 time, you will need to add 3 to the current value (for example, 21+3=0), and for brokers using GMT-2 deduct 2 (21-2=19 accordingly). The adjustment for other GMT is similar.
- Changing the group of "HOUR1-HOUR4" parameters by any other means is not recommended.
- Free version optimized only for USDJPY H1. Using the EA on other currency pairs and timeframes is not recommended.
- Minimum deposit for the EA operation is $100.
- The EA is recommended to be launched on VPS in a 24-hours mode.
- When choosing a broker, the major points to take into account are low slippage, quality of order execution and stability of connection. Besides, a broker should deliver full-fledged quotes. For example, do not use a broker which stops trading activity at least one hour earlier on Fridays and starts it at least one hour later at the beginning of a week. Systematic loss of the bars affects the EA results negatively.
Minor bug fixes;
Some input parameters has been changed.