Price Action EA - MetaTrader 4 Expert | Forex Indicator Download - MT4/MT5 Resources

An amazing EA that doesn't use any indicators. Instead, it follows price action. Testing was conducted from August 18, 1995 to January 29, 2014. It has successfully turned $10,000 into $11,958,183.37.

If your balance is $10,000, you can use the default parameters. Change the lot size based on your current balance. The recommended lot size is 0.01 lots per 100 USD.

Please test it for a long time and let me know your feedback. I've updated the code by starting TradeType as 1.

Here is more information about this EA:

I noticed that most people are confused about how this EA works. In fact, I wasn't ready to submit it for approval. I just noticed now that it was approved.

The logic behind this EA is very simple. During periods of market volatility (usually 5 minutes after a major news release), the market tends to move up and down multiple times and then move strongly in one direction. If you use this EA during this period, the EA will open the first trade in the direction you decide, for example TradeType =1, which means long trade. If the market falls by 100 points (10 pips), the system will close long trades and open short trades. The EA keeps moving up and down until the market moves in one direction. It is dangerous if it moves up and down more than 5 times. Usually 5 or 10 minutes after a major news release, it indicates that the market is trending in one direction. Of course don't start before and immediately after the news is released, as these are the most volatile times in the market. Wait 5 or 10 minutes. Sometimes you need to wait for the hour candle to close. It depends on how significant the impact of the news is on the market. Also, this EA should not be used when the market is very slow and the trading volume is very low.

The EA proved that the Forex market trended very strongly between 1995 and 2010. Then it becomes more volatile.

New update: Cleaned up the code and added trailing stops.

Attachment download

📎 PriceAction.mq4 (3.11 KB)

Source: MQL5 #11103