Spreader 2
Info
The Spreader 2 is a Expert Advisor for MetaTrader 5 that the ea calculates the direction and lot of a position to open, aiming to quickly accumulate positive spreads and close with a profit. If the market conditions deviate, the EA holds the trade until the drawdown recovers.
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 Spreader 2
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 EA calculates the direction and lot of a position to open, aiming to quickly accumulate positive spreads and close with a profit.
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: HF T Spreader for FO R T S - another powerful expert for MetaTrader 5 traders.
The EA calculates the direction and lot of a position to open, aiming to quickly accumulate positive spreads and close with a profit. If the market conditions deviate, the EA holds the trade until the drawdown recovers.Also recommended: spreader - similar expert with strong performance on MetaTrader 5.
The EA's initial deposit requirement is $10,000, and it operates on the M1 timeframe.
It's crucial to use pairs with a long-term positive correlation and the same quote currency. For instance, EURUSD and GBPUSD share the USD quote currency, while GBPJPY and CHFJPY share the JPY quote currency. Avoid using pairs with different quote currencies, such as EURUSD and USDJPY.
Do not launch multiple EAs with overlapping currency pairs, as they lack a magic number. Instead, follow the provided instructions to select appropriate pairs for each EA.
Default settings enable the selection of up to six pairs for testing on a demo account:
- Launch the EA on NZDJPY and set AUDJPY as the second symbol.
- Launch on CHFJPY with GBPJPY as the second symbol.
- Launch on EURUSD and use GBPUD as the second symbol.
- Launch on USDJPY, setting CADJPY as the second symbol.
Input Parameters:
- Second Symbol: The second currency pair.
- Position Volume for Current Symbol: Volume for the EA's running pair; volume for the second pair is calculated automatically.
- Profit: Profit target in the deposit currency, triggering the closure of both pairs' positions.
Note: The EA may run without opening positions for extended periods, as it doesn't constantly maintain market exposure.
EA Operation:
The EA waits for two correlated pairs to exhibit an upward movement in one 30-bar area and a downward movement in another. If the movement is unidirectional or negatively correlated, the EA adds comments accordingly.
Upon identifying the desired movements and correlation, the EA performs optimization, calculating optimal lot sizes and selecting pairs for long and short positions. It then opens positions on both pairs and closes them once the profit target is reached, repeating the algorithm.
One pair is designated as the main pair, taking profit, while the other hedges to protect against drawdown. Their roles reverse in a downtrend. Hedging reduces risk but also limits profit potential. An additional check helps limit drawdowns and minimize uncovered positions by identifying false signals.
You may also like: Volume Trader EA - 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.