The Algotradesoft Innovative EA is an automated trading software that identifies key support and resistance levels. The software is compatible with multiple trading instruments and timeframes, making it ideal for traders who want to diversify their portfolios.
In this article, we’ll look at the Algotradesoft Innovative EA’s features, strategy, and settings in more detail. By the end of this article, you will have a comprehensive understanding of the Algotradesoft Innovative EA and be better informed when deciding whether it suits your specific trading needs.
Algotradesoft Innovative EA Strategy
The Algotradesoft Innovative EA is an Expert Advisor (EA) designed to identify key support and resistance levels. This enables the EA to enter trades in the direction of the breakout and manage trades effectively. It also uses a combination of technical indicators and price action analysis to identify these key levels and determine entry and exit points. The EA is available on the MetaTrader 4 (MT4) platform.
To use the Algotradesoft Innovative EA, traders need to place the EA in the Expert folder of the MT4. The EA utilizes an adaptive trade management algorithm that adjusts trade parameters based on market conditions. This includes adjusting the stop loss, take profit, and trailing stop values to optimize trade outcomes while minimizing risk.
In addition, the EA includes a statistics collection algorithm and slippage control, providing traders with a full statistics output on the data panel to control the quality of broker execution. Traders can select from various risk settings, including fixed lot or risk-based trading set to conservative, standard, aggressive, or super-aggressive. They can also set their lot size based on the percentage of risk they are willing to take and set maximum lot sizes.
The EA offers several customizable parameters based on user preferences, such as trailing stops and adaptive modes based on time, volatility, and volume. Additionally, the EA includes a backtesting feature with a set spread for faster testing and a shift of the broker’s quotes.
The EA requires a certain level of knowledge of trading strategies and risk management. It also relies heavily on technical analysis and may not take into account fundamental factors that can affect market movements. This may not be suitable for traders that prefer fundamental analysis or a combination of both to make trading decisions.
However, it is essential to note that before using the EA on a live account, traders should test it using a demo account. There is no guarantee that it will always perform well. Traders should keep in mind that past performance is not indicative of future results, and should continuously monitor the EA’s performance and adjust settings as necessary.
Algotradesoft Innovative EA Features
- Adaptive Trade Management Algorithm- A technique used by the EA that adjusts trade management based on changing market conditions.
- Backtesting and Optimization with Real Ticks- The EA was tested and optimized using historical market data to ensure accuracy.
- Stress Test- The EA was put under stress testing conditions to simulate real-world market conditions with slippage and commission.
- Statistics Collection and Slippage Control- The EA incorporates algorithms for collecting statistics on trades and controlling slippage to ensure the best possible execution.
- Real Account Monitoring- The EA is designed to run on a real trading account to provide live performance data.
- Magic and EA Comment- The EA allows users to assign an ID to trades and add comments to trades for easy tracking.
- Risk Management- The EA has multiple risk management settings including fixed lot sizes, risk per trade based on stop loss value, and percentage of account balance risk.
- Trailing Stop- The EA has a trailing stop feature that moves the stop loss level to protect profits.
- Time and Volatility Adaptive Trailing- The EA can adjust the trailing stop level based on changing market conditions.
- Operation Hours- The EA can be set to operate during specific hours of the day based on GMT.
- Friday Stop Time- The EA can be set to stop trading on Fridays at a specific time.
- Max Average Spread- The EA can be set to only trade during times of low average spread to avoid high trading costs.
- Short Backtest- The EA can perform faster backtests with a fixed spread setting.
- Broker Quotes Shift- The EA can adjust the differences in broker time settings.
- Recommended Platforms- The EA is recommended for use on the MetaTrader 4 platform.
Algotradesoft Innovative EA Settings
- Magic- This is a special code that helps the EA identify its trades.
- EA comment- This is a note that can be added to the trades for easier tracking.
- Lot type- It lets the trader choose between fixed lot or risk-based lot sizes.
- Risk per trade- It lets the trader choose the percentage of their account they want to risk per trade.
- Margin percent use- It calculates lot sizes based on the available margin in the account.
- Max lot- It puts a limit on the maximum lot size that can be traded.
- Personal balance percent-It lets the trader set a certain percentage of their account’s balance to be used for this EA’s trades.
- Initial Stop Loss- It sets the initial stop loss value for the trades.
- Take Profit- It sets the take profit value for the trades.
- BreakEven After- It moves the stop loss to break even after the trade has reached a certain profit level.
- BreakEven To- It sets the profit level at which the stop loss is moved to break even.
- Trailing stop- It allows the trader to move the stop loss as the price moves in the direction of the trade.
- Risk protection on slippages- It helps protect trades from large slippages.
- Trailing mode- It determines how the trailing stop value is adjusted, whether by time, volatility, or volume.
- Operation hours- They determine the period when the EA is allowed to open trades.
- FridayStopTime- It stops the EA from trading at a specific time on Fridays.
- GMT mode- It adjusts the GMT offset of the broker’s server time.
- Max average spread- It limits the maximum spread allowed for trading.
- Quick BackTest- It speeds up backtesting by using a fixed spread value.
- Broker quotes shift- It adjusts the broker’s quotes for more accurate backtesting.
Algotradesoft Innovative EA Summary
The Algotradesoft Innovative EA is an expert advisor designed to automate trading on the forex market. It uses the breakdown of support and resistance levels and adaptive trade management algorithms to make trading decisions.
However, it is not immune to sudden market changes and unexpected events, such as news releases, which can cause volatility and erratic price movements. The EA’s effectiveness is also limited by the trader’s level of experience and knowledge of trading. It should be tested on a demo account with minimum risk before using it on a live account.
This EA is designed for experienced forex traders who wish to automate their trading strategies. It is important to use caution and proper risk management settings when using the expert advisor, as there is no guarantee of its result.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
