Momentum EA M5

MOMENTUM EA is a price action swing system which does 2 things:

• First strategy will hunt down strong price movements. It will then start opening multiple trades in the direction of that trend. The trades will either hit Take profit or Stop loss, or the EA will close the group of trades when it exceeds a certain profit. It is NOT a grid system and will only place extra trades if the momentum of the trend is continuing. If there is a reversal in the trend, it will not add extra trades.
• Second strategy will try to catch these trend reversals. Also with this strategy, the EA will open multiple trades if the reversal trend is strong.
• The EA will look at M5 candles to determine entries and exits

Key characteristics of the EA

• All trades have stop loss at a safe, but not too far distant. Protecting capital is rule number 1 in trading.
• Some trades have fixed take profit, others will use a trailing stop
• Multiple algorithms are used for managing the closing of the trade(s)
• Even if price doesn't reach the take profit levels, the group of open trades can still close in profit. So we don't always need the trend to be very strong to be profitable.
• Proved money-management techniques, used in all my EA's.
• This is a long term EA, which does a lot of trades, but it will not trade every day. only when strong price movements are detected, trades will be opened.
• The EA is very versatile: it can be used and optimized on multiple timeframes and for multiple pairs. More timeframes and pairs will become available in the future.
• The EA uses only candle OPEN and CLOSE values, so less risk for faulty backtesting (tick data testing and 'open-prices only' backtesting are almost identical)
• This EA uses pure PRICE ACTION (price movement) for entering trades. No lagging indicators are used.
• The EA has an "automatic settings loading" system build in, so it will automatically select the best settings for the pair and timeframe.
• The EA is very limited influenced by spread or slippage, so it is safe to run in almost all market conditions and trade-account types.
• The EA can do a lot of trades, so it is also very interesting to use it for rebates!
• Unique "conservative mode"

Parameters

• No_New_Trades: When set to “True” the EA will only monitor open trades but will not put any new trades or pending orders.
• Virtual_Expiration: only needed is your broker does not allow pending orders that have an expiration date.
• Risk_Mode: here you can choose between the aggressive mode or the conservative mode.
• Trade_comment: here you can set the comment that the EA will use for the trades.
• OneChartSetup: If set to true, the EA will run all pairs on the timeframe of the chart. The pairs you want to use must be set in the following parameters.
• Run strategy 1: when enabled, the EA will run the Strategy A trades (which will catch strong trending breakouts).
• Run strategy 2: when enabled, the EA will run the Strategy B trades (which will catch the reversal of a strong but false breakout).
• oneChartSetup H1 pairs: here you can set all the pairs that will run on the H1 timeframe when oneChartSetup is enabled.
• suffix: here you must set the suffix that the broker uses.
• DeletePendingOrdersOnRestart: when enabled, the EA will first delete all pending orders when re-attaching the EA to the chart.
• Wait_for_next_candle_at_launch: when enabled, the EA will wait for a full new candle before considering opening trades.
• Use automatic lotsize calculations using LotsizeSteps: when set to 'true', the EA will automatically determine the lotsize, based on the balance and the lotsizesteps parameter.
• LotsizeSteps: here you can set the step-size of balance, for which the EA will use 0.01lots (when using autolotsize).
• StartLots: here you can set the lotsize that you want to use (when autolotsize is disabled).
• MaxLots: here you can set the maximum lotsize that the EA will use.
• OnlyUp: When set to 'true', the EA will never lower the lotsize if balance goes down.
• GAP_Filter: here you can enable a filter that will prohibit trading during big gaps, based on SL size or based on the Maximum GAP size.
• GAP_MAX_SIZE: here you can set the maximum GAP size allowed.
• TRADING_HOUR_FILTER: here you can enable the trading hour filters.
• Action_To_Take: here you can choose what to do with open trades and pending orders when outside the trading hours.
• Use_Sunday_Hours_For_All: here you can choose to use the Sunday start and stop hours for all days.

Recommended pairs

• EURUSD, GBPUSD, USDCHF, USDCAD, USDJPY, EURJPY, GBPJPY, AUDUSD, NZDUSD, EURAUD, EURCAD, EURGBP and XAUUSD

Try the demo now!

about the Author

I have been trading Forex for more than 10 years and have been developing EA's for more than 3 years. All my EA's must always meet certain very strong criteria: live results must match the backtests; the EA should be as independent as possible from different market conditions (such as spread, slippage); EA's should follow simple, but powerful logic that works long term; EA's should not be over-optimized and should work even when parameters are changed; EA's should ALWAYS use a Stop Loss which risk only very little of the account.