WaltSoft MW Patterns
Double Top or M Pattern
In the image below you can see that two peaks or “tops” were formed after a strong move up.
Notice how the second top was not able to break the high of the first top.
This is a strong sign that a reversal is going to occur because it is telling us that the buying pressure is just about finished.
The EA places a sell order just below the neckline because it's anticipating a reversal of the uptrend.
Double Bottom or W Pattern
In the image below you can see that two valleys or “bottoms” were formed after a strong move down.
Notice how the second bottom wasn’t able to break the first bottom.
This is a sign that the selling pressure is about finished, and that a reversal is about to occur.
The EA places a buy order just above the neckline because it's anticipating a reversal of the downtrend.
The Time Frame is of no importance because that is taken care off internally.
I only recommend H1 or higher so that one can see the M & W patterns better.
- Money Management = From the drop-down list, choose between "Progressive Lot Size" or "Fixed Lot Size".
- Money Management Value = The value for the above chosen method.
- When "Progressive Lot Size" then the Value is percent of free margin to calculate the lot size. Default 2%.
- When "Fixed Lot Size" then the Value is the lot size.
- Magic Number = When 0, the EA automatically sets the Magic Number or Enter a unique number for each EA yourself.
- Order Comment = Enter your order comment if desired.
All MT4 backtests were done on real tick data (Dukascopy) with 99.9% Modelling quality, with variable spread and slippage, account
leverage of 1:500.
All Backtests are from 1/1/2015 to 1/1/2020 (5 years).
MT5 gave the possibility to test on all three pairs at once to see the effect of the progressive lot size.
NOT the MT5 version here on mql5.com but a special test version!
See the result of the backtests in the images below (or in trading platform, screenshots tab).
For the detailed MT5 backtest results done on all 3 pairs combined or if you would like to do the multi pair backtest yourself then please PM me.
I kept the lead-off price of this EA very low, with as main reason to give the small retail trader the chance to run a profitable
system without having to spend a fortune.
Because I'm very enthusiastic about the promising back test results I decided to publish it already, despite that there are not a lot of trades on the live account yet.
The price may go up in the future, so secure your copy today!
Many green pips,