Chameleon Trader

Chameleon Trader - Free Adaptive Multi-Strategy Expert Advisor

Welcome to Chameleon Trader, a sophisticated Expert Advisor designed to "adapt" its trading strategy to fluctuating market conditions, just like a chameleon! Developed by aNa, this versatile and powerful tool is now available 100% FREE to all traders in the MQL5 Community.

Our goal is to provide a high-quality, flexible trading robot that empowers both new and experienced traders to explore different automated strategies without any cost.

✨ Key Features & Detailed Explanation

• 🦎 Smart "Chameleon" Mode (Fully Automatic)

  • What it is: This is the flagship feature of the EA. When enabled, it acts as a "set-and-forget" manager, automatically switching between the Night Scalp (Grid) strategy during low-volatility night hours and the Day Trend strategy during active market sessions.

  • How it works: It uses the Trading Time Settings you provide to determine when to activate each strategy. No manual intervention is needed.

  • Benefit: Maximizes opportunities around the clock by applying the right strategy at the right time.

• 📊 Three Distinct Strategies in One EA

  • You have the freedom to manually select a single strategy that fits your style:

    1. Grid Mode: A classic night scalping system designed for ranging markets. It opens initial trades based on RSI overbought/oversold levels and adds subsequent trades at calculated intervals if the price moves against the initial position. It uses a lot multiplier, which increases risk but can also accelerate profit-taking. This is a high-risk, high-reward strategy.

    2. Day Trend Mode: A robust trend-following system. It uses a Moving Average Crossover to identify the main trend direction and opens a single trade per signal. It's designed to capture larger price movements during the day and does not use a grid.

    3. Base Mode: A simple, non-grid scalping strategy. It enters a single trade based on RSI signals, similar to the Grid mode's first entry, but will not open any additional positions. This is ideal for traders who want a basic scalping system without the complexities of a grid.

• 🖱️ Intuitive On-Chart Control Panel

  • What it is: A clean and user-friendly interface that sits directly on your chart.

  • How it works: It allows you to instantly switch strategies, change asset presets (Gold/Currency), pause all trading activity, or close all open positions with a single click.

  • Benefit: Extreme convenience. You can manage the EA's core functions on the fly without having to constantly open the F7 settings window and reload the EA.

• 🛡️ Critical Equity Protection

  • What it is: Your ultimate safety net. This feature monitors your account's floating profit/loss in real-time.

  • How it works: You can define a maximum loss percentage (e.g., 10%). If the total drawdown from all open trades reaches this percentage of your account balance, the EA will automatically close all positions to prevent further losses.

  • Benefit: Protects your capital from catastrophic loss during unexpected market events and helps you enforce strict risk management.

• ⚙️ Easy Setup with Optimized Presets

  • What it is: The EA comes with pre-configured .set files to help you get started immediately.

  • How it works: These files contain recommended settings for specific instruments like Gold (XAUUSD) and major Forex pairs. Simply load the file corresponding to your chart.

  • Benefit: Perfect for beginners who may not be familiar with optimizing EA parameters. It provides a solid baseline for you to start from.

• 🎯 Dynamic & Fixed Take Profit / Stop Loss

  • What it is: You have two options for managing your exits in Trend and Base modes.

  • How it works: You can either use a fixed number of points for your TP and SL or enable the ATR-based system. The ATR (Average True Range) system dynamically calculates TP/SL levels based on current market volatility.

  • Benefit: ATR-based stops are adaptive. They set wider targets in volatile markets and tighter targets in calm markets, making your exits more intelligent and relevant to the current price action.

🚀 How to Get Started in 4 Simple Steps

1. Attach the EA to a chart. Recommended Timeframes: H1 for XAUUSD, M15 for major Forex pairs.

2. In the EA's "Inputs" tab, click the Load button and select the .set file that matches your trading instrument.

3. MOST IMPORTANT: Navigate to the InitialLot parameter and adjust it to a size that is appropriate for your account balance and personal risk tolerance.

4. Click OK and let Chameleon Trader begin its work! For best results, run the EA on a VPS (Virtual Private Server) to ensure it stays online 24/5.

⚙️ A Note on Settings for Live Trading

The default settings and included .set files for this EA are configured with low risk in mind. They are designed to be safe for initial testing, demonstration, and to pass the MQL5 Market's validation checks.

For live trading, you are encouraged to customize the parameters to match your personal risk tolerance and trading goals. This EA is fully unlocked and ready for real market conditions. Feel free to increase the GridLotMultiplier, adjust GridMaxOrders, or fine-tune other settings after you have thoroughly backtested them and understand the associated risks. The power to find the perfect balance between risk and reward is in your hands!

📈 Interested in More Trading Tools?

If you enjoy Chameleon Trader, feel free to check out my other products and developments on my MQL5 profile. I am dedicated to creating high-quality trading tools for the community.

Visit my MQL5 Profile: Choawana Malaikitsanachalee (tnainmix)

👍 Your Support is Invaluable!

This Expert Advisor is offered to the MQL5 community completely free of charge as a way to give back. I've put significant effort into its development and hope it brings you value.

If you find Chameleon Trader useful, please consider showing your support by leaving a positive review and a "Like" 👍.

Your feedback is incredibly important. It not only motivates me to continue supporting and updating this free tool but also helps other traders in the community discover it. Thank you for being a part of this journey!

⚠️ Risk Disclaimer

Past performance is not an indicator of future results. Trading foreign exchange, cryptocurrencies, and CFDs on margin carries a high level of risk and may not be suitable for all investors. Please test this EA thoroughly on a demo account to become familiar with its functionality and risks before deploying it on a live account. You are solely responsible for any decisions you make.