Momo Trades
Info
The Momo Trades is a Expert Advisor for MetaTrader 5 that the trading strategy is based on the combination of the imacd (moving average convergence/divergence, macd) oscillator and the trend indicator ima (moving average, ma). The initial signal to open a buy position is triggered by the following conditions:- MACD: Bar from which we get the value = 2- Moving Average: Bar from which we get the value = 6The strategy involves copying 11 MACD values to an array, starting with the specified index.
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 Momo Trades
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 trading strategy is based on the combination of the iMACD (Moving Average Convergence/Divergence, MACD) oscillator and the trend indicator IMA (Moving Average, MA).
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: Strategy Tester Report Parser for Deals and Trades - another powerful expert for MetaTrader 5 traders.
The trading strategy is based on the combination of the iMACD (Moving Average Convergence/Divergence, MACD) oscillator and the trend indicator IMA (Moving Average, MA).Also recommended: Smart Loss Exit: Proactive Exit for Losing Trades - similar expert with strong performance on MetaTrader 5.
The initial signal to open a buy position is triggered by the following conditions:
- MACD: Bar from which we get the value = 2
- Moving Average: Bar from which we get the value = 6
The strategy involves copying 11 MACD values to an array, starting with the specified index. It then searches for the first instance where MACD values change from negative to positive.
Additionally, the close price of the bar 'Moving Average: Bar from which we get the value' should be greater than the MA value on the same bar by the specified 'Price Shift between Close and Moving Average' value.
Input Parameters:
- Manual Lot: True/False - Use manual lot or risk percent
- Position Volume Selection Type: Manual or percent of free margin
Lots:
- Lot value
Stop Loss (in pips):
- Stop loss value
Take Profit (in pips):
- Take profit value, if 0, breakeven will be used
Trailing Stop (in pips):
- Trailing stop function, disabled if breakeven is used
Trailing Step (in pips):
- Trailing step value
Breakeven (in pips):
- Breakeven value
Risk in Percent for a Deal from Free Margin:
- Risk per trade as a percentage of free margin
Price Shift between Close and Moving Average (in pips)
Close End Day:
- Closing positions at the end of the day
Moving Average: Period of MA:
- MA: Averaging period
Moving Average: Bar from which we get the value
MACD: Period of Fast MA:
- Fast moving average period
MACD: Period of Slow MA:
- Slow moving average period
MACD: Period of Averaging of Difference:
- MACD: Averaging period
MACD: Bar from which we get the value
Magic Number:
- Expert Advisor identifier
Default settings are suitable for EURJPY, H1.
You may also like: Preventing Multiple Expert Advisor Trades on the Same Symbol - excellent alternative for expert users on MetaTrader 5.
Source Code
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⚠ 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.