MOMENTUM EA is a price action swing system which does 2 things:
- First strategy will hunt down strong price movements. It will then start opening multiple trades in the direction of that trend. The trades will either hit Take profit or Stop loss, or the EA will close the group of trades when it exceeds a certain profit. It is NOT a grid system and will only place extra trades if the momentum of the trend is continuing. If there is a reversal in the trend, it will not add extra trades.
- Second strategy will try to catch these trend reversals. Also with this strategy, the EA will open multiple trades if the reversal trend is strong.
- All trades have stop loss at a safe, but not too far distant. Protecting capital is rule number 1 in trading.
- Some trades have fixed take profit, others will use a trailing stop
- Multiple algorithms are used for managing the closing of the trade(s)
- Even if price doesn't reach the take profit levels, the group of open trades can still close in profit. So we don't always need the trend to be very strong to be profitable.
- Proved money-management techniques, used in all my EA's.
- This is a long term EA, which does a lot of trades, but it will not trade every day. Only when strong price movements are detected, trades will be opened.
- The EA is very versatile: it can be used and optimized on multiple timeframes and for multiple pairs. More timeframes and pairs will become available in the future.
- The EA uses only candle OPEN and CLOSE values, so less risk for faulty backtesting (tick data testing and 'open-prices only' backtesting are almost identical)
- This EA uses pure PRICE ACTION (price movement) for entering trades. No lagging indicators are used.
- The EA has an "automatic settings loading" system build in, so it will automatically select the best settings for the pair and timeframe.
- The EA is very limited influenced by spread or slippage, so it is safe to run in almost all market conditions and trade-account types.
- The EA can do a lot of trades, so it is also very interesting to use it for rebates!
- OneChartSetup: If set to true, the EA will run all pairs on the timeframe of the chart. The pairs you want to use must be set in the following parameters
- Run_M1: here you can set all the pairs that will run on the M1 timeframe when OneChartSetup is enabled
- Run_M5: here you can set all the pairs that will run on the M5 timeframe when OneChartSetup is enabled
- Run_M15: here you can set all the pairs that will run on the M15 timeframe when OneChartSetup is enabled
- Run_H1: here you can set all the pairs that will run on the H1 timeframe when OneChartSetup is enabled
- Run_ST1: when enabled, the EA will run the Strategy A trades (which will catch strong trending breakouts)
- Run_ST2: when enabled, the EA will run the Strategy B trades (which will catch the reversal of a strong but false breakout)
- DeletePendingOrdersOnRestart: when enabled, the EA will first delete all pending orders when re-attaching the EA to the chart
- Autolotsize: when set to 'true', the EA will automatically determine the lotsize, based on the balance and the lotsizesteps parameter
- LotsizeSteps: here you can set the step-size of balance, for which the EA will use 0.01lots (when using autolotsize)
- OnlyUp: When set to 'true', the EA will never lower the lotsize if balance goes down
- StartLots: here you can set the lotsize that you want to use (when autolotsize is disabled)
- MaxLots: here you can set the maximum lotsize that the EA will use
- Trade_comment: here you can set the comment that the EA will use for the trades.
Recommended pairs and timeframes
- M1: EURUSD and GBPUSD,
- M5: EURUSD, GBPUSD, USDCHF, EURGBP, AUDUSD, USDJPY, EURJPY, GBPJPY, EURAUD, NZDUSD, EURCAD, USDCAD and XAUUSD
- M15: EURUSD, GBPUSD, USDCHF, USDCAD, USDJPY, EURJPY, GBPJPY, AUDUSD, NZDUSD, EURAUD, EURCAD, EURGBP and XAUUSD
- H1: EURUSD, GBPUSD, USDCHF, USDCAD, USDJPY, EURJPY, GBPJPY, AUDUSD, NZDUSD, EURAUD, EURCAD, EURGBP and XAUUSD
Since the EA can open a lot of trades, it is recommended to use an account with a high leverage (1:500 is recommended); or you can use a bigger account balance, or use a cent account.
Try the demo now!
About the Author
I have been trading Forex for more than 10 years and have been developing EA's for more than 3 years. All my EA's must always meet certain very strong criteria: live results must match the backtests; the EA should be as independent as possible from different market conditions (such as spread, slippage); EA's should follow simple, but powerful logic that works long term; EA's should not be over-optimized and should work even when parameters are changed; EA's should ALWAYS use a Stop Loss which risk only very little of the account.
- Opened up all parameters for personal optimizations
- fixed lotsize problems for cent accounts
- fixed problem of some brokers not putting trades of bigger lotsize.
- added Strategy B for M30 timeframe for all pairs
- Added GAP filter to eliminate trading during big gaps in the market
- Added trading time filter to select the hours when to trade
- Add M30 timeframe (only Strategy 1 for now)
- improved usdcadM5B
- improved eurcadM5B
- improved usdchfM5B
- improved euraudM5B
- improved eurgbpM5B
- improved gbpjpyM5B
- improved eurjpyM5B
- improved nzdusdM5B
- updated eurcad M15 A+B
- Updated usdchf M15A
- Updated audusd M5A
- Updated euraud M5A
- Updated eurcad M5A
- Updated eurgbp M5A
- updated eurjpy M5A
- updated gbpusd M5A + B
- updated nzdusd M5A
- updated usdchf M5A
- updated eurusd M5B
- updated usdjpy M5A
- Improved AUDUSD M15
- Improved EURJPY M15A + B
- Improved USDCAD M15A + B
- Improved USDJPY M15A + B
- Improved EURUSD M15B
- Improved EURGBP M15B
- Improved GBPUSD M15B
- Improved XAUUSD M15B
- Improved EURUSD H1
- Improved XAUUSD H1
- Improved USDCAD H1
- Improved EURAUD H1
- Improved EURJPY H1
- Improved EURGBP H1
- Improved GBPJPY H1
- Improved USDCHF H1
- Improved GBPUSD H1
- Fixed the DeletePendingOrdersOnRestart when using OneChartSetup
- Added option to wait for first next candle before putting trades when attaching EA to chart
- Improved audusd H1 for higher spreads
- improved usdjpy H1
- Added eurcad M5
- Improved EURCAD H1
- improved NZDUSD H1
Improved GBPJPY H1
- Improved EURAUD M15
- Added choice between strategy 1 and 2
- added support for EURAUD M5
- Implemented the One Chart Setup
- fix some issues with cent accounts or brokers that use a minimum stoplevel > 0
- Improved USDJPY M15
- Improved EURUSD M1
- Improved AUDUSD H1
- fixed some small bugs
- Added support for GBPUSD M1
- Added support for EURUSD M15
- Added support for H1 pairs: eurusd, gbpusd, usdchf, usdcad, gbpjpy, eurjpy, usdjpy, audusd, nzdusd, euraud, eurcad, eurgbp and xauusd
- Improved GBPUSD M5
- fixed some bugs