RedeeCash WilliamsX50
- Experts
- Patrick Odonnell Ingle
- Version: 1.23
- Updated: 27 September 2022
Based on the strategy identified at https://tradingstrategyguides.com/williams-percent-range-strategy/ but automated to support multiple currencies from a single expert advisor instance. Also uses the SMA slow and fast crosses to determine the trend direction.
The basis for the external strategy is to open a BUY trade when Williams %R crosses the -50 on an uptrend and open a SELL trade on the down trend.
You have control over the trend period and Williams %R range from the midpoint through the external parameters,
SINGLE_CURRENCY = true, this parameter is used to trade on a single currency, however, if you want to maximize your earnings potential, set this parameter to false and attach to ONE chart only and this EA will trade those currencies selected in the market watch window on your Metatrader 4 terminal.
CONCURRENT_ORDERS = 0, this parameter is your strategy management where you define how many concurrent trades may be open at a time.
PIPS = 100, the number of PIPS for the take profit parameter. If zero or negative, the take profit will be zero.
TREND_PERIOD = PERIOD_D1, this parameter sets the trend and Williams %R period
SLOW_MA_PERIOD = 200, this parameter set the slow moving average period
FAST_MA_PERIOD = 50, this parameter sets the fast moving average period
WPR_OPEN_LONG_MIN = -35, this parameter sets the minimum value of the Williams %R range that a long trade can be opened (WPR_OPEN_LONG_MIN between -50)
WPR_OPEN_SHORT_MAX = -65, this parameter sets the maximum value of the Williams %R range that a short trade can be opened (50 between WPR_OPEN_SHORT_MAX)
DODDFRANK_COMPLAINCE = false, if trading on a US-based account, you will need to enable FIFO to prevent receiving FIFO violations?
WAIT_TIME=1000, time in milliseconds, which specify the delay between expert advisor operations.
LOTS=-1, When the LOTs parameter is less than zero (or negative), the lot size is calculated using the internal algorithm based on 0.01 lots per every $100 USD of account equity (not balance). If the Account Currency is NOT USD, then the Account Equity is converted to USD for calculation (v1.30)
MAX_AUTOLOTS_TRADE=2, the maximum trades that will use the AUTO LOTS algorithm with LOTS=-1
when LOTS=0, will fail the trade (like testing on a live account without risking funds, trade results saved in the log files),
When LOTS > 0 will override the algorithm without an error checking and send the lots in the order trade.
The lot size is calculated based on 0.01 lots per every $100 of account equity (not balance).
MYFXBOOK_SESSION="", is the session variable return from [email]&password=[password], which is used to invoke a WebRequest method to [session]. You must add the URL to the Tools|Options\Expert Advisrs|Allow WebRequest to listed URL. LEAVE EMPTY TO IGNORE SENTIMENT ANALYSIS.
MAX_SENTIMENT_PERCENTAGE=75, this up to the maximum short and long percentage that will permit a short or long trade. If the long|short percentage is this value or higher the long|short trade will NOT be sent. See the attached Youtube video that explains sentiment trading.
SYMBOL_SUFFIX="", MyFxBook uses six character symbols, you broker may add a suffix to the symbol. In order to match the global variables of the sentiment analysis long and short percentages, a suffix may be needed?
IMPORTANT:
BEFORE YOU ATTACH THIS EXPERT ADVISOR TO A CHART, you must select the currencies pairs that you want to trade in the Market Watch, because this EA is architecture to use the metatrader SymbolsTotals and SymbolsName functions to obtain a list of tradeable currency pairs, so you only need to attach this EA to a single chart and trade multiple currency pairs. YOU DO NOT NEED TO ATTACH THIS EA TO EACH CHART OF THE DESIRED TRADEABLE CURRENCY PAIR.
RISK WARNING:
DRAWDOWN COULD EXCEED 50% OF BALANCE.
LIVE EXAMPLE:
The following public signal at https://www.mql5.com/en/signals/1623053 and https://www.mql5.com/en/signals/1697630 uses the production version of the RedeeCash WIlliamsX50. A live example of a signal which took a loss and built back up the account without any additional deposits and took another loss on 11/11/2022 when the CPI was lower than expected, https://www.mql5.com/en/signals/1614372
RECOMMENDATION(S):
CONCURRENT_ORDERS = 0
