The expert advisor needs a reliable power supply and an uninterrupted Internet connection. It is very difficult to provide conditions for the expert advisor at home, and it is safer to use a VPS-server.

Expert advisor ForexSetka Trader

Free expert advisor ForexSetka Trader is an indicator-free expert advisor that uses an averaging strategy. Profit in this strategy is obtained during rollbacks. Long-term trends are harmful for this expert advisor. Therefore, we recommend trend pairs, but with frequent price reversals, for example, NZDCAD, GBPCAD, AUDNZD, AUDCAD, EURGBP, AUDUSD. To open the first order the expert advisor uses the closing prices of the last two candles. Therefore, the higher the timeframe, the more reliable the current trend detection will be. We recommend from H1. The averaging strategy uses a lot of tools for its work. Therefore, the larger the balance, the better it will be for the expert advisor. We recommend a balance of $ 10,000 for dollar accounts, and $100 for cent accounts. Leverage is from 1: 100.

Important! The expert advisor needs a reliable power supply and an uninterrupted Internet connection. It is very difficult to provide conditions for the expert advisor at home, and it is safer to use a VPS-server. You can get a free VPS here.

Trading terminal
MetaTrader4
Traded pairs
NZDCAD, GBPCAD, AUDNZD, AUDCAD, EURGBP, AUDUSD
Time-frame
H1
Leverage
from 1:100
Recommended Brokers
Recommended deposit
from 100 USD (on a cent account)
Recommended VPS
Trading strategy:
To open a first order the expert advisor uses the closing price of the last closed bar(1) and the bar in front of him(2). If the closing price of bar 1 is greater than the closing price of the bar 2, and the expert advisor will directly open buy order, if below open a sell order. And immediately set a TakeProfit for the order at a distance of TakeProfit points from the order opening price.

Further, if the price goes in the direction of TakeProfit, the order will be closed. And if the FreezeAfterTP is set to false, the expert advisor will analyze the closing prices of the last bars at the opening of a new bar to determine the entry direction and open the first order in the corresponding direction. If FreezeAfterTP is set to true, no new orders will be opened after the take profit is triggered.

If the price went in the opposite direction to the TakeProfit, then after StepLots of points at the opening of a new candle, the expert advisor will open a new order in the same direction, but with an increased volume in MultiLotsFactortimes. And immediately sets both orders takeprofits at a distance of TakeProfit points from the price of the total breakeven of the two orders.

If the price reaches the take profit, depending on the FreezeAfterTP, the expert advisor will start trading again or stop. If it goes in the opposite direction from the TakeProfit, a new averaging order with an increased volume will open through StepLots of points. The maximum allowed number of orders is specified in the MaxOpenOrders.

Free expert advisor also has a function TrailingStop. It works for each order separately. When the price rises by TrailStart points above the opening price of the buy order, the expert advisor sets the stop loss for the order at a distance of TrailStop points from the current price. Then, as the price goes up, the expert advisor pulls the stop loss after the price to a distance of no more than TrailStop points. The TrailingStop is disabled by setting the UseTrailing to false.

If you set the Close_All_Orders variable to true, the expert advisor will immediately close all orders and will not open new ones until you set this variable to false. If you set the ShowTradeComment variable to true, the Forex trading robot will display useful trading information on the chart. For testing, we recommend removing this information from the chart by setting the ShowTradeCommentto false for faster testing.

It is also possible to limit the maximum drawdown of the expert advisor. By setting the SafeEquityStopOut to true, you enable this function. If the drawdown on all orders of the expert advisor is greater than SafeEquityRisk percent of the funds, the expert advisor will close all orders and start trading again.

You can specify working hours in the expert advisor. In the StartingTradeDay and EndingTradeDay, you specify the day of the week when trading starts and ends. In the starthour and StartMinute, you specify the start time, and in StopHour and StopMinute you specify the end time. If the current time is outside the working time, the expert advisor will not open the first order in the order series, but the open series will continue. Only orders in the same direction can be placed at the same time.

The developer of this expert advisor is unknown. If you are the author of this expert advisor, write to the mail experts@govpsfx.com

Main parameters:

  • ShowTradeComment – to displays trading information on the chart.
  • Lots — it is the initial lot.
  • MultiLotsFactor – it is the lot of increase coefficient.
  • StepLots — it is the the minimum distance between orders in points.
  • TakeProfit — it is the TakeProfit in points.
  • UseTrailing – to use a trailing stop.
  • TrailStart — it is the the number of profit points to start the trailing stop.
  • TrailStop – it is the distance in points from the current price for setting a stop loss when trailing.
  • MaxOpenOrders — it is the maximum allowed number of open orders.
  • SafeEquityStopOut – to use the drawdown tracking function.
  • SafeEquityRisk – it is thedrawdown as a percentage of funds to close all orders.
  • Slippage — it is the allowed price slippage in points for opening an order.
  • MagicNumber – it is the advisor’s identification number.
  • FreezeAfterTP – to stop trading after getting a TakeProfit.
  • Close_All_Orders – to close all orders immediately.
  • TradeComment – it is the comment on the order.
  • StartHour — it is the opening hours.
  • StartMinute — it is the minute of the beginning of work.
  • StopHour — it is the hours of completion of work.
  • StopMinute – it is the minutes of work completion.
  • StartingTradeDay — it is the day of the week to start trading.(0-Sunday)
  • EndingTradeDay — it is the day of the week for the end of trading.(0-Sunday)

What’s next

#1

Choose any broker from our list and open a trading account. We recommend InstaForex, Weltrade, RoboForex;

#2

Register on the site, apply for a free VPS in your personal account;

#3

Download the expert advisor and install it on your trading account, the installation instructions are attached.

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