Chaos Trader Lite
Info
The Chaos Trader Lite is a Expert Advisor for MetaTrader 4 that the expert advisor identifies bearish and bullish divergence and initiates trades at potential trend changes, known as the first wise man. It then adds positions if the trade is moving in the intended direction, as indicated by the Awesome Oscillator.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Experts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Chaos Trader Lite
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
What this tool does
The expert advisor identifies bearish and bullish divergence and initiates trades at potential trend changes, known as the first wise man.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 4. Place the file in the MQL4/Experts folder and restart the terminal.
Description & Settings
Related: Manual Trade Pad for MetaTrader 4 - another powerful expert for MetaTrader 4 traders.
The expert advisor identifies bearish and bullish divergence and initiates trades at potential trend changes, known as the first wise man. It then adds positions if the trade is moving in the intended direction, as indicated by the Awesome Oscillator. When the Awesome Indicator shows three consecutive up bars for buy-stops or three down bars for sell-stops, this is the second wise man.Also recommended: Trade Manager MT4: Advanced Position Management for MetaTrader 4 - similar expert with strong performance on MetaTrader 4.
The third wise man strategy is based on fractals. When a fractal forms, a buy-stop is placed above a buy fractal or a sell-stop below a sell fractal. This aims to capture moments of trend recovery and add to existing positions.
If the market moves against the intended direction, the expert advisor closes all trades in that direction and opens a new trade in the opposite direction.
Parameters:
- Magnitude: 10 pips, representing the distance from the alligator's mouth.
- UseFirstWiseMan: Enable/disable first wise man trades.
- UseSecondWiseMan: Enable/disable second wise man trades.
- UseThirdWiseMan: Enable/disable third wise man trades.
- LotSize: Specify the lot size for trades.
- Magic: A unique identifier for the expert advisor.
Note: This expert advisor is a proof of concept and does not guarantee profits. It is inspired by the book 'Trading Chaos' by Justine Gregory-Williams (2026).
You may also like: Quantora Trade Manager MT4: Advanced Position Management for MetaTrader 4 - excellent alternative for expert users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property strict
#define period_fast 5
#define period_slow 34
input int magnitude=10; // pips of distance from mouth needed
input bool usefirstwiseman=true;
input bool usesecondwiseman= true;
input bool usethirdwiseman = true;.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.