The EA will be a good assistant for traders who use averaging. The EA automates the process. If the price goes against the position, The EA opens a position with a volume equal to the last position volume plus predetermined increment of the volume (the Step of increase in volume parameter) in a specified number of points (the Average start pointsparameter). The averaging position goes in the same direction as the last open position. After the averaging position is opened the EA modifies Take Profit of all open positions. At the result of this modification, Take Profit will be placed on the level of common breakeven plus the averaged Take Profit specified in the Average TakeProfit parameter. If the Average TakeProfit parameter is set to zero, Take Profit will be placed on the level of common breakeven plus a sum of two spreads.
The EA has two modes (the Mode parameter):
- Manual - manual operation. A trader independently determines direction of a trade and opens a position using the EA's control panel.
- OnTime - time operation. The trader chooses time (hour and minutes) when the EA should open a position in settings ( HourOpen and MinuteOpen parameters). The trader also selects direction of the trade in the DirectionTrade parameter:
- Buy - buy positions are opened at the specified time;
- Sell - sell positions are opened at the specified time;
- Auto - the EA independently determines the trade direction.
- The Auto value of the DirectionTrade parameter is very risky, as there is a high probability that the EA will determine the trend incorrectly. And if there is a long movement against your initial position, which does not roll back, you can lose a part or your whole deposit.
- As the EA calculates direction and volume of the averaging trade basing on the last open position, in the event the trader independently opens one more position, further averaging positions will be opened in the direction and with volume calculated basing on this last position.
- Averaging is supposed to be a pretty risky tactics, so do not be greedy and withdraw your profit on time.
Screenshots illustrate results of testing on EURUSD from 14.05.2014 to 31.03.2015 (when the downward trend was strong) with the Mode parameter set to OnTime and the DirectionTrade parameter set to Sell. Take Profit = 100. As well as with the DirectionTrade parameter set to Auto from 01.01.2009 to 07.07.2015. Take Profit = 20. Other settings have been adjusted by default. Parameters have not been optimized. The EA works with both 5 and 4-digit brokers.
Parameters of the EA:
- Mode - operational mode;
- DirectionTrade - direction of positions being opened;
- HourOpen - hour and MinuteOpen - minutes of opening a position (set according to your server time);
- Volume - initial volume of positions;
- Step of increase in volume - volume increment;
- Stop Loss - stop loss for positions being opened;
- Take Profit - take profit for positions being opened;
- Average start points - number of points against the position;
- Limit averaging orders - maximum number of averaging positions;
- Average TakeProfit - averaged take profit;
- Magic number of orders - magic number to identify positions opened by the EA.