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ALGO PLUS EA MT4 – Full Input Settings Analysis
Algo Plus EA is a cutting-edge, high-frequency-of-trade price action-driven algorithm on the MetaTrader 4 trading platform. It operates with a focus on quality, not quantity, and isn’t designed to trade each day. So, nothing will happen if it doesn’t open any trades for even one week. This Expert Advisor starts operation only in high volatile markets with volume. It performs trades when the market is moving fast in a single direction, or the so-called liquidity sweep takes place, which people refer to as an FU Candle.
- Client: Placed as “qwerty”, possibly a client name or maybe a dummy name.
- Lots_Per_1000: The EA trades 0.3 lots for every $1000 of account balance, enabling dynamic position sizing using account equity.
- Lots_Size: This parameter is set to 0.0, meaning the EA doesn’t trade with a fixed lot size. Instead, it utilizes the dynamic sizing defined by Lots_Per_1000.
- Stop_Loss: On 3.0 pips, this very tight stop loss shows that the EA is using a scalping strategy, aiming at quick and small profits.
- Minimum_Lots: The lowest amount of lot the EA can open is 0.01 lots.
- Maximum_Lots: The EA has the capacity of up to 80.0 lots, thereby allowing it to handle big amounts if the balance in the account can handle it.
- Maximum_Spread: The EA won’t open trades when the spread is greater than 1.2 pips, so it requires a low-spread broker, preferably one that offers ECN accounts.
- Magic_Number: As 12345, this magic number ensures that the EA will not touch other EAs when it works on its own trades.
EA’s Strategy
- Scalping Style
Designed for very fast execution, the EA employs a tight Stop Loss of 3 pips and a Maximum Spread filter of 1.2, making it optimal for low-spread market conditions. This setup provides the ability to conduct high-frequency trading with minimal risk exposure for every trade.
- Auto Lot Based on Account Balance
When Lots_Size = 0.0, the EA will calculate the trading lot automatically using the parameter Lots_Per_1000, which proportionalizes lot size to account equity.
Example: On a $2000 account and Lots_Per_1000 = 0.3, the EA will trade 0.6 lots.
- Risk Control Mechanisms
To ensure responsible risk management, the EA uses predefined Minimum_Lots and Maximum_Lots parameters to restrict the lot size to prudent levels.
The Maximum Spread of 1.2 pips prevents the EA from trading in volatile market situations such as news events or session overlaps, thereby avoiding adverse entry conditions.
Key Takeaways
- Algo Plus MT4 focuses on quality rather than quantity, trading in selected periods of high activity in the market, guided by price action.
- It involves high-frequency execution, an adjustment for various market conditions, with much focus on patience, discipline, and risk management.
- This automated EA is perfect for traders who want hands-off trading in favorable conditions, with the maximum profit potential and the least unnecessary risks.