Rainbow EA MT5
Rainbow EA MT5 is a simple Expert advisor based on Rainbow MT5 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.
The parameters below can be set according to your trading rules.
- StopLoss ( Stop Loss in pips)
- TakeProfit ( Take Profit in pips )
- Magic number : ( set to 673291 )
- Maximum Trade Duration ( in Bars )
- Minimum Trade Duration ( in Bars )
- TradeSize : 1.0 ( Trade size )
- Maximum Slippage ( set to 3 )
- 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.