News Straddle Trading Expert Advisor
Info
The News Straddle Trading Expert Advisor is a Expert Advisor for MetaTrader 4 that this expert advisor is based on the principle that significant news events create substantial market volatility. It places two pending orders: a Buy Stop and a Sell Stop.
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 News Straddle Trading Expert Advisor
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
This Expert Advisor is based on the principle that significant news events create substantial market volatility.
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: e-news-lucky$ - automated news trading expert advisor - another powerful expert for MetaTrader 4 traders.
This Expert Advisor is based on the principle that significant news events create substantial market volatility.Also recommended: e-news-lucky$ - similar expert with strong performance on MetaTrader 4.
It places two pending orders: a Buy Stop and a Sell Stop. If one order is activated, the other is automatically deactivated. A trailing stop follows the price movement.
Trades are closed either by a trailing stop or take profit if successful, or by stop loss if unsuccessful. The algorithm is designed to be lightweight, which is crucial for news trading.
Adjustable Parameters:
- Stop Loss
- Take Profit
- Trailing Stop
- Pips Away: Sets the distance for pending orders from the current bid/ask.
- Balance Used: Lot size is determined by this function. A value of 1 uses 100% of the available balance.
- Spread Operation: Sets the maximum allowed spread in pips. No pending orders are sent if the spread exceeds this limit.
- Slippage: Allows for a specified slippage in pips.
Recommendations:
- You must recompile the source code (F5) before trading upcoming news events. The EA is programmed to send pending orders only once.
- Manually enable the EA 5 seconds before the news release.
- It is recommended to use a broker with minimal spread expansion during important news events, such as Alpari.
- Recommended Symbol: EURUSD. The time frame is not critical; the timing of the news is the primary factor.
- Recommended News for Trading: Non-Farm Payrolls (NFP), GDP reports, Interest Rate Decisions, Inflation Reports, Trade Balance, Manufacturing PMI.
Good luck!
You may also like: automated news trader expert advisor - excellent alternative for expert users on MetaTrader 4.
Source Code
#property copyright "robotfx"
extern double stoploss = 100; // 10 pips
extern double takeprofit = 300; // 30 pips
extern double trailingstop = 50; // 5 pips
extern double pipsaway = 50; // send pending orders 5 pips away from the current bid & ask
extern double balanceused = 0.01; // higher balance used --> higher risk
extern double spreadoperation = 25; // spread allowed 2,5 pips. if spread is higher than allowed, it doesn't send any pending order
extern double slippage = 30; // slippage allowed 3,0 pips.
extern int leverage = 400; // broker leverage
double lots; // calculates the number of lots according to the balance used and leverage.......
⚠ 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.