chaos trader lite
Info
The chaos trader lite is a Expert Advisor for MetaTrader 4 that the expert locates bearish and bullish divergence and initiates a trade at the possible beginning of a trend change, this is the first wise man. next, it will attempt to add positions if the trade if going in the correct direction based upon the awesome oscillator, when the awesome indicator repeats three up bars for buys-stops or three down bars for sell-stops, this is the second wise man.
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 locates bearish and bullish divergence and initiates a trade at the possible beginning of a trend change, this is 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: Quantora Trade Manager MT4: Advanced Position Management for MetaTrader 4 - another powerful expert for MetaTrader 4 traders.
Also recommended: bad orders expert advisor for metatrader - similar expert with strong performance on MetaTrader 4.
the expert locates bearish and bullish divergence and initiates a trade at the possible beginning of a trend change, this is the first wise man. next, it will attempt to add positions if the trade if going in the correct direction based upon the awesome oscillator, when the awesome indicator repeats three up bars for buys-stops or three down bars for sell-stops, this is the second wise man.the third wise man is based on fractals. when a fractal is formed a buy stop goes above it if it is a buy fractal and vice versa, supposedly during a trend there are moments where the trend stops for a moment and then recovers, this is designed to have you add to your positions at those recovery moments. suggest adding fractal indicator along with alligator indicator.
if at anytime it gets a notice that it is trading in the wrong direction it will close all the trades in the wrong direction and open one up in the direction it believes to be correct. the expert advisor has six parameters.
magnitude = 10
- this indicates the pips of distance you want to be from the mouth of the alligator.
usefirstwiseman
- if you want to take first wise man trades.
usesecondwiseman
- if you want to take the second wise man trades.
usethirdwiseman
- if you want to take the third wise man trades.
lotsize
- the size of the lots you want to trade with.
magic
- a unique identifier for this expert adviser.
"the market is a creature of chaos—a far from equilibrium soup simmering on the uneven flame of trader psychology."
gregory-williams, justine. trading chaos: maximize profits with proven technical techniques (a marketplace book) (kindle locations 591-592). wiley. kindle edition.
this is not a guarantee of any profits above is just a citation to the book i used to draw inspiration from for the creation of the expert advisor. this expert advisor is a proof of concept project and is not a money making endeavor, that's why it's free of charge.
You may also like: gaps expert advisor for metatrader - 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.