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Free version of Correlates EA for MetaTrader4.
The Expert Advisor implements the classic idea of correlating of EURUSD and USDCHF currency pairs.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 and a reasonable money management, this approach makes it possible to avoid large drawdowns of the trading account. The presence of the DD parameter, which performs the StopLoss function, helps to keep the drawdown at a comfortable level for the user.
When the level of correlation of currency pairs changes, additional positions are opened, what provides additional security for trading.
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.
For the advisor to work correctly, the quotes of EURUSD and USDCHF 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 Free to the chart of one of any currency pair. If the power of the computer is very limited, leave in the “Market Watch” window only EURUSD and USDCHF currency pairs.
Recommendations:
TimeFrame – H1.
Trading terminal – MetaTrader4.
Minimal recommended deposit – $500 for 0.01 lot.
Minimal recommended account leverage – 1:500.
Parameters – default. But you can experiment, if you wish.
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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 the current 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.
- BrokerPrefix – if your broker uses prefix in currency names, like “fx”, type it in parameter’s field, otherwise the error “zero divide” will be displayed.
- BrokerSuffix – if your broker uses suffix in currency names, like “.pro”, type it in parameter’s field, otherwise the error “zero divide” will be displayed.
- EAMagic1….EAMagic2 – “magic numbers” that allow the advisor to work only with it’s positions. Must have different values.
I would be grateful for your positive feedback and ratings – it inspires me to further improve the strategies of my advisors.
