Magna Rapax: The Forex Pip Hunter

Related: Candle Trader Expert Advisor - another powerful expert for MetaTrader 4 traders.

Introduction:

Magna Rapax, Latin for "The Great Hunter," is an automated Expert Advisor designed to identify and capture pips in the forex market.

Also recommended: blockbuster ea - similar expert with strong performance on MetaTrader 4.

This Expert Advisor is the result of extensive development, aiming to approach the elusive "holy grail" of forex trading. While a true holy grail is rare, Magna Rapax and its future iterations strive to be the closest realization of this concept, offered free of charge.

The EA employs a sophisticated trading strategy that combines trend following, breakout detection, and volatility filtering. For users seeking an additional risk management tool, an optional Martingale system is available. When using the Martingale system, it is strongly recommended to set the levels between 4 and 5 to mitigate the risk of account depletion.

We extend our gratitude to the MQL4 community for their invaluable contributions to the development of this EA.

Explanation:

start_lot=0.01; // Initial order lot size
takeprofitpips=99; // Take profit target in pips
stoplosspips=99; // Stop loss level in pips
max_account_risk=25; // Maximum allowed drawdown in percentage; closes all losing trades if equity drops below balance by this amount
martingale_activator=false; // Enable or disable the Martingale system
martingale_levels=5; // Number of Martingale levels (e.g., level 5 = 2^5 multiplier for lot size)
martingale_progression=false; // If true, doubles all trades; if false, only doubles losing trades
total_buy_orders=1; // Maximum number of concurrent buy orders
total_sell_orders=1; // Maximum number of concurrent sell orders
max_slippage=3; // Maximum acceptable slippage in points
fast_macd_p=5; // Fast Moving Average Convergence Divergence period
slow_macd_p=35; // Slow Moving Average Convergence Divergence period
signal_period=5; // Signal line period for MACD
atr_slow_period=24; // Slow Average True Range period
atr_quick_period=5; // Quick Average True Range period
adx_period=14; // Average Directional Index period
adx_limit_trigger=50; // ADX threshold; trades are taken only when ADX is above this value

My Results:

Tips:

Attached is a settings file demonstrating performance with the EA, including the use of Martingale level 5.

This EA is an initial release and has not undergone exhaustive optimization. Users who discover settings combinations yielding higher win rates or profits, or who wish to propose new features, are encouraged to contact us to contribute to the EA's improvement. Our shared objective is continuous enhancement.

This EA represents the first edition. Collaborative efforts in backtesting and exploring diverse settings will lead to improved and updated versions.

The EA incorporates an integrated function to close orders when opposing trading signals emerge. This feature can help manage trades that appear to be in a losing position, though users may also opt for strict stop-loss or take-profit levels.

Disclaimer:
This Expert Advisor is provided for educational purposes only. It is recommended to thoroughly backtest the EA or utilize it on demo accounts before considering live trading. Any use of this EA on real accounts is at the user's own risk. The author assumes no responsibility for any financial or other losses incurred during the use of this Expert Advisor.

You may also like: Catcher Profit EA 1.0 - Automated Profit Management - excellent alternative for expert users on MetaTrader 4.

#property copyright "robotfx"
#property link "https://robotfx.org"
extern double start_lot=0.01; //order lot size
extern int takeprofitpips=99; /// take profit in pips
extern int stoplosspips=99;  // stop loss in pips
extern int max_account_risk=25; //in percent,closes all losing trades if accountequity goes below accountbalance by this amount
extern string  x________________1="------martingale------";
extern bool martingale_activator=false;   /// wanna use martingale system?
extern int martingale_levels=5; // what levels to go,ex level 5= 2^5 multiplicator for lot
extern bool martingale_progression=false; //false= doubles only losing trades, true=doubles all trades

.......

• 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.