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My name is Antonio S. Del Vecchio, I´m a Systems Engineer dedicated to the analysis and design of trading systems for MQL5. In my years of experience I have developed several trading systems, including Magic Bot.
Magic Bot is designed to be used on Forex and optimized for ICMarkets broker, EURUSD pair. The main idea of this bot is to operate the pullbacks that occur in the price after the breakout of support or resistance zones in the M1 timeframe.
Recommendations
- Recommended Broker: ICMarkets
- Account type: Standard account
- Leverage: 1:200 or higher (the higher the better).
- Minimum deposit: $100
- Recommended deposit: Above $1000
How to use this EA
- Open the EURUSD pair
- Select Timeframe M1
- Drag the bot to the chart and in the Common tab, select “Allow Algo Trading”
- In the Inputs tab, specify the values of your preference.
- Press the accept button
- Activate Algo Trading
For a proper functioning of the bot, it´s recommended to use a VPS. You can hire MQL5 VPS services. If you don’t know how to activate a VPS, you can write to me after your purchase and I will guide you step by step how to activate the VPS.
It is important that you know that the backtests are only used to check the potential of the bot to find patterns in the price and based on that information, take advantage of these patterns. However, that is not a guarantee of resounding success. The bot can also lose. Keep in mind the basic principle of every trader: never risk an amount of money that you are not willing to lose. Trading is a high risk business.
Inputs
- Magic Number: Number to identify the EA.
- Initial Lot: If Active Auto Lot is false, the first position will always have this value.
- Active Auto Lot?: If its value is true, the EA will automatically adjust the lot size, based on the balance.
- Lot Increase Factor: Factor used to make the lot increment of each position.
- Pullback Point: Points that the price must retrace to consider a possible trigger signal.
- Gap Point: Gap points to trigger positions.
- Grid Width Factor: Grid spacing adjustment factor.
- Sensitivity factor (5 – 200): Sensitivity factor to locate entry points. The smaller the value, the more entry signals there will be.
- SL Percentage (10 = 10%): Percentage of the balance to risk per cycle.
- TP Percentage (1 = 1%): Percentage of the balance to earn per cycle.
Updates
Magic Bot is constantly improving. Every time there is an update, MQL5 will notify you and you can update the bot.
If you have any questions you can write to my telegram @simondelvecchio
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Image and article originally from www.mql5.com. Read the original article here.