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It is necessary to understand that testing this strategy in the MetaTrader4 tester is impossible, since the work is carried out simultaneously on several instruments, while the tester makes it possible to test only one trading instrument at a time.
This Forex Expert Advisor implements the classic idea of correlating currency pairs, both direct and reverse. This allows, when opening a position, to protect it by simultaneously opening a position on a correlating currency pair. With a high level of correlation of currency pairs and a reasonable money management, this approach makes it possible to get profit with high probability and to avoid large drawdowns of the trading account.
Presence of the DD parameter, which performs the StopLoss function, and built-in recovery system helps to keep the drawdown at a comfortable level for a user.
When the level of correlation of currency pairs changes for already open positions, additional positions are opened either for the same currency pairs or for other unrelated ones, which provides additional security for trading.
2 trading modes are available:
1. With automatic selection of currency pairs – trading will be performed on 28 currency pairs: EURUSD, GBPUSD, AUDUSD, NZDUSD, EURJPY, USDJPY, AUDJPY, USDCHF, EURAUD, EURCAD, EURCHF, EURGBP, CADCHF, EURNZD, AUDCAD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, AUDCHF, NZDCAD, NZDCHF, NZDJPY, AUDNZD, USDCAD, CHFJPY, CADJPY.
2. With manual selection of currency pairs – they have to be set in parameters.
Expert Advisor with simple and effective strategy: Yellow
Expert Advisor for price levels trading: Level15
For the advisor to work correctly, the quotes of the used currency pairs are needed in the “Market Watch” window of the MetaTrader4 trading terminal. To do this: right-click in the window “Market Watch” – Show all. After that, you need to drag the Correlates EA to the chart of one of any currency pair, selected for trading.
Recommendations:
TimeFrame – H1.
Trading terminal – MetaTrader4.
Minimal recommended deposit – $500 for 0.01 lot on standard account. Or $50 (50000 cents) for cent-account with lot 0.1.
Minimal recommended account leverage – 1:500.
Parameters:
- AutoLot – can be “true” and “false”. If “true”, the EA chooses the lot size for trading depending on the balance.
- Lots – lot size is set by the user, if the value of AutoLot is “false”.
- Risk – part of the deposit in % used for automatic calculation of the lot.
- DD – maximum allowed drawdown, when reached all positions are closed. Performs the StopLoss function.
- CorrelationPeriod – the number of candles of H1 timeframe to calculate the correlation.
- TakeProfitInPercents – take profit in % of the account balance.
- MinimumCorrelation – minimum correlation value in % for opening positions.
- CorrelationStep – change in the correlation of currency pairs for which positions have already been opened, in % for opening additional positions.
- LotMult – lot multiplier for the following opened positions.
- CommonProfitClosure – can be “true” and “false”. If “true”, the advisor will close all positions with the minimum profit, regardless of the parameter TakeProfitInPercents.
- AllowNewPositions – can be set to “true” or “false”. If “true”, the EA will open new positions on other currency pairs. If “false”, the EA will only accompany positions that are already opened.
- AutoRecovery – can be set to “true” or “false”. If “true”, the EA will use the system of gradual recovery of unprofitable positions.
- DD of two symbols to start recovery – level of drawdown of two instruments. When reached, the AutoRecovery system will start working.
- EAMagic1….EAMagic8 – “magic numbers” that allow the advisor to work only with it’s positions. Must have different values.
- BrokerPrefix – if there is a prefix in the names of your broker’s currency pairs, it must be entered in the field of this parameter. If not to do that the error “zero divide” will be displayed.
- BrokerSuffix – if there is a suffix in the names of your broker’s currency pairs, it must be entered in the field of this parameter. If not to do that the error “zero divide” will be displayed.
- CurrencyPair1….CurrencyPair12 – currency pairs with which the advisor will work. It is necessary to indicate them without prefixes and suffixes.
- ShowInfoPanel – can be set to “true” or “false”. If “true”, the information panel will be displayed on the chart of the traded pair. Take in mind, that current information, displayed in the panel, may be delayed by 1-5 seconds.
