Coensio Trader1 v06: An Advanced Multi-Currency Trading System
Info
The Coensio Trader1 v06: An Advanced Multi-Currency Trading System is a Expert Advisor for MetaTrader 5 that coensiotrader1 is an open-source, community-driven, automatic trading system (ats) that harnesses the power of market trends and price action. This ATS is designed to identify and capitalize on market trends, entering trades when specific conditions are met.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Experts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Coensio Trader1 v06: An Advanced Multi-Currency Trading System
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
CoensioTrader1 is an open-source, community-driven, automatic trading system (ATS) that harnesses the power of market trends and price action.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 5. Place the file in the MQL5/Experts folder and restart the terminal.
Description & Settings
Related: Double Up with a Twist - another powerful expert for MetaTrader 5 traders.
CoensioTrader1 is an open-source, community-driven, automatic trading system (ATS) that harnesses the power of market trends and price action. This ATS is designed to identify and capitalize on market trends, entering trades when specific conditions are met.Also recommended: EMA Cross Scalper for XAUUSD (M15) with WIB Session Filter - similar expert with strong performance on MetaTrader 5.
The system's trend detection mechanism is based on the daily Double Exponential Moving Average (DEMA) indicator. Extensive statistical analysis revealed that a market can be deemed 'trending' when three consecutive daily DEMA values align. Upon identifying a trending condition, the system seeks the optimal entry point in the trend's direction.
## Entry Signals
- **Buy Signals**: The system initiates a buy trade when the market is in a bullish uptrend, the price rebounds from below the lower Bollinger Band, and a swing low price action pattern emerges (low, lower low, higher low).
- **Sell Signals**: Conversely, it enters a sell trade during a bearish downtrend, when the price bounces off the upper Bollinger Band, and a swing high pattern is detected (high, higher high, lower high).
## Technical Details
CoensioTrader1 is coded in MQL5, enabling precise backtesting of multi-currency trading systems. The system employs a 'timer-based' flow control, ensuring smooth operation even during quiet market hours. It features a healthy risk/reward ratio, a trailing stop-loss mechanism with customizable trailing steps, and flexible lot size management, including fixed, proportional, and dynamic options.
Additionally, the system offers two take-profit strategies: a standard level-based approach and an innovative equity-based method. The latter takes advantage of situations where account equity surpasses the account balance, allowing the system to close all trades and secure profits. This feature significantly enhances overall profitability.
CoensioTrader1 is a collaborative project, encouraging contributions from community members. It is designed to utilize the computing resources of project members, automatically sharing optimization parameters with the Coensio server database for collective improvement. The system ranks optimization results using the CoensioIndex, a metric combining profit factor, balance growth, and equity drawdown.
## Conclusion
CoensioTrader1 is a sophisticated ATS that combines trend analysis, price action, and advanced risk management techniques. Its open-source nature and community-driven approach foster continuous improvement, making it a powerful tool for traders in the dynamic world of multi-currency trading.
You may also like: Trade Reporter Lite - Telegram Trade Notifications - excellent alternative for expert users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#include "coensiotrader1v06.mqh"
#include <trade\trade.mqh>
#include <chartobjects\chartobjectstxtcontrols.mqh>
#import "wininet.dll"
int internetattemptconnect(int x);
int internetopenw(string sagent,int laccesstype,
string sproxyname="",string sproxybypass="",
int lflags=0);.......
⚠ 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.