The BestIA is a grid trader based on the concept of the golden ratio (1.618 ...), which is manifested in the Fibonacci series. Precisely because of this number we have used concepts that characterize the principles of Elliott Waves by which this EA, using other indicators, takes any action for trading. As a grid trader we use our indicators to determine market conditions and create the hedge for the current price with a STOP and LIMIT order to profit in that direction. We don’t use a BUY trade or a SELL trade, but we use pending LIMIT/STOP orders to open the first trade of a grid.
The BestIA uses LIMIT trading to add to the basket of trades. It starts placing trades by bracketing the current price with STOP/LIMIT trades with a particular strategy. The BestIA uses up to three indicators in its entry decision making process. You can use them all together or separately:.
- Moving Average (MA)
- Multiple Time Frame Indicator (MTF)
The Main Indicators
By default MA is turned on and used as the base indicator. The first position will cause to create a grid with a maximum of 15 orders, increasing with a progressive strategy the size of each lot (0.01,0.02,0.03,0.04…) based on the total balance.
Bollinger monitors if the basket is closed in extra-volatility.
MTF is based on a proprietary policy developed by our team and read signals on different time frames.
General Account Settings
- StopTrading : it will stop the EA trading after any open trade have been closed
- StopTradePercent : percent of account balance lost before trading stops
- PortionPC : Percentage of account you want to trade on this pair
- PortionChange: Significant if basket is open: 0=no Portion changes;1=allow portion to increase; -1=allow to increase and decrease
- MaxDDPercent : Percent of portion for max drawdown level
- MaxSpread: Maximum allowed spread while placing trades
Entry Strategies Settings
- UseAnyEntry: true = ANY entry indicator below can be used to open orders, false = ALL entry indicators below are used to open orders
- MAEntry: (Moving Average indicator) 0 = Off, 1 = will base entry on MA channel, 2 = will trade in reverse
- BollingerEntry: (Bollinger indicator) 0 = Off, 1 = will base entry on Bollinger Bands, 2 = will trade in reverse
- MTFStoEntry: (Multi Time Frame Stochastic indicator) 0 = Off, 1 = will base entry on MTF Stochastic
Settings for lot size
- UseMM : (Use Money Management) if true it will use a management to maximize the security for your balance
- Lot: Starting lots if Money Management is off
- EntryOffset: In pips, used in conjunction with logic to offset first trade entry
- GridSetArray: Specifies number of pips away to issue a limit order (separated by comma)
- TP_SetArray: Take profit for each block (separated by comma)
- MaxTrades: Maximum number of trades to place (stops placing orders when reaches MaxTrades)
- BreakEvenTrade: Close All orders, when this level is reached, doesn't wait for TP (Take Profit) to be hit
Entry Settings for Moving Average
- MAPeriod: Period of MA (H4 = 100, H1 = 400)
- MADistance: Distance from MA to be treated as Ranging Market
Bollinger Bands Entry Settings
- BollPeriod: Period of Bollinger
- BollDistance: Up/Down spread
- BollDeviation: Standard deviation multiplier for channel
You can use all Major Pairs. As became clear from our experience the H1 frame is the best one.
Trading on different pairs allows to diversify risks, reducing the possible maximum withdrawal.
Diversification is very important and we suggest to use this kind of configuration:
- Minimum balance per pair: $ 1,500/2,000
- Initial Lot Size: 0.01
- PortionPC: 50%
- MaxDDPercent: 50%
This set of main parameter will allow you to have a lower risk.
You can use more aggressive setting of 100% PortionPC, but be aware of risks that go against.
Do not manually close the first grid position that earns, this will change the calculation of the profit point and could subsequently lead to a loss. The momentary gain will not repay your impatience.
Please, use a VPS (Virtual Private Server) Service to ensure the functioning of the EA 24/7.
PortionPC Added parameter to use percent of Balance
MaxSpred Added parameter to setting Spread
HedgeSetting Hedge possibility of a percent of DD
GridSetArray and TP_SetArray parameters
1 - Now it's possible change the parameters of the EA without having to restart
2 - Once the EA is started, the label 'wait for next tick' disappears correctly
3 - We have given the opportunity to change number of open trades in each block through the parameter 'SetCountArray'
4 - No changes on strategy was introduced