The Benefit EA is an automated trading software that utilizes a non-indicative grid algorithm, which allows it to adjust to changing market conditions and take advantage of entry points. The entry points used by the Benefit EA have been carefully identified through mathematical modeling of market patterns.
Benefit EA Strategy
The Benefit EA boasts a customizable trading strategy, with a range of settings designed to meet the needs of different trading styles and skill levels. The Benefit EA’s strategy is that it does not rely on stop loss orders. Instead, trades are closed out either by hitting a take profit level or by using a trailing stop. Additionally, traders have the ability to plan out lot sizes for their trades. Finally, the “Time Filter” function is designed to work based on the internal time of the terminal, as displayed on the instrument’s server, rather than the operating system time. This helps ensure timing of trades and prevent any errors due to time.
The Time Filter is a trading strategy employed by the Benefit EA that is designed to ensure trades are only executed during time periods. This function allows traders to set certain timeframes during which trades can be opened. The EA is designed to use the internal time of the trading terminal, rather than the operating system time, in order to ensure accurate execution of trades.
Benefit EA Features
- Does not use stop loss; trades are closed by take profit or trailing stop.
- Requires a minimum balance of $250 in a cent account or equivalent in a standard account according to the developer.
- Works best on GBPUSD, and also performs well on other currency pairs, including USDJPY, EURUSD, EURJPY, USDCAD, USDCHF, and AUDUSD.
- Best results are achieved on the M15 timeframe, but the EA can also be used effectively on the M1, M5, and H1 timeframes.
Benefit EA Settings
- New_Cycle – enable/disable opening order series in cycles
- MAGIC – magic number, should be changed if the EA is used on multiple currency pairs on the same account
- Slippage – Forex price slippage, the default value is 3. Do not change the value unless you know what you are doing
- Max_Trades – the maximum number of orders opened in a series (Max 17)
- Max_Lot – the maximum lot size
- TP Buy – Take profit level in points for closing Buy positions
- TP Sell – Take profit level in points for closing Sell positions
- Trailing_Start – level in points to activate Trailing
- Trailing_Size – the number of points for trailing the Trailing_Start level or for closing
Risk Reduction System
- RRS – enable/disable the Risk Reduction System
- RRS_oOrder – number of an order in a series to activate the Risk Reduction System
- RRS_cOrder – number of an order in a series to deactivate the Risk Reduction System
- RRS_TP – Take profit in points for closing orders corresponding to the Risk Reduction System
- RRS_Trailing_Start – level in points to activate Trailing for orders of the Risk Reduction System
- RRS_Trailing_Size – the number of points for trailing the RRS_Trailing_Start level of the Risk Reduction System
- RRS_Profit_Percent – tool for exiting a prolonged drawdown (70-90% recommended)
Buy and Sell settings
- Step_Buy(Sell) – step for opening a new order in a series in points
- Step_Coef_Buy(Sell) – increase coefficient of the step for opening subsequent orders
- Step_Coef_Start_Order_Buy(Sell) – number of the order to activate Step_Coef_Buy(Sell)
- Step_Mass_Buy(Sell) – the default step for opening orders (in points), if Step_Coef_Buy(Sell) is equal to 0
- Min_Lot_Buy(Sell) – the minimum lot size of the first order
- Lot_Exp_Buy(Sell) – lot increase coefficient of Min_Lot_Sell for the subsequent orders
Time filter settings
Time_Filters – enable/disable working within the specified time intervals
Benefit EA Summary
Overall, the Benefit EA offers customizable trading strategies with various settings designed to cater to different trading styles and skill levels. By using Benefit EA, traders can choose to change the lot sizes and use the “Time Filter” function to execute trades within certain timeframes. It is important to note that the expert advisor comes with no guarantee of profits and traders should use a demo account before using it with real money.
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