Automated trading has become increasingly popular in recent years, with many traders turning to expert advisors (EA) to help them make better trading decisions. One such EA is the Black Panther, a popular tool in the trading community. But with so many EAs on the market, how can traders know which one to choose?
In this review, we will take an in-depth look at the Black Panther EA, exploring its features, strengths, and weaknesses. By the end of this article, traders should have a better understanding of whether the Black Panther EA is right for them and their trading style.
Black Panther EA Strategy
he Black Panther EA is a trading robot that uses two order entry styles: entering trades based on indicators and entering trades based on price action. It also incorporates money management strategies by calculating the lot size for each trade based on the initial lot size and port format.
To ensure the safety of the trader’s account, the EA has built-in margin and capital checks that prevent it from placing orders when the remaining capital falls below a certain limit. The EA also uses a magic number to differentiate between different currency pairs and sides of the market (buying or selling), and a stop-loss system that includes trailing stop loss (TSL) and total stop loss (SL) to minimize potential losses.
The Black Panther EA uses a fixed order system, where each step is associated with a specific multiplier and number of orders. The system also sets a maximum order limit to prevent over-trading. Additionally, the EA has a daily timer setting for scheduled trading and a stop trading on Friday option.
While the Black Panther EA has shown success in the past, it is important to note that it uses grid trading, a strategy that involves placing multiple orders at different price levels to create a grid of trades. Grid trading can be risky and lead to large drawdowns and account blowouts if not used carefully. Traders should use caution when using it and understand the risks associated with the strategies it employs.
Black Panther EA Features
- Signal strategy based on indicator and price action
- Automatic lot calculation based on account size and risk preference
- Compatible with standard, cent, and micro accounts
- Utilizes a minimum distance for each order placed
- Includes margin check to prevent over-leveraging and large lot sizes
- Magic number assigned to each order for easy tracking and management
- Includes take profit and trailing stop loss features
- Grid trading strategy to place multiple orders at different price levels
- Hedging strategy to limit losses
- Slicing feature to prevent large losses
- Daily timer to schedule trading during specific time periods
- Friday stop feature to avoid trading on potentially volatile days
- Can be backtested before using with real money.
Black Panther EA Settings
- Signal strategy: The EA uses two order entry styles – entering trades based on an indicator or entering trades based on price action.
- Money management: The EA calculates the lot size based on the user’s desired risk level. Users can backtest the EA to find the appropriate lot size.
- Lot start: The EA will place an order in the size specified by the user.
- Port factor: The EA can be used on standard and cent accounts, as well as micro accounts with XM Broker.
- Minimum distance: The distance between each order placed can be specified.
- Margin check: The EA will check the remaining capital and will not issue orders if the remaining capital is below the specified limit.
- Magic buy: The magic number for each order can be specified to allow for easy identification and management.
- Point TP: The profit target for each trade can be specified.
- Lot Exp: The EA uses a multiplier to adjust the lot size for each subsequent trade.
- Fix Order: The EA uses a fixed number of orders at each stage of the grid.
- Maximum order: The maximum number of orders that the EA will place can be specified.
- Sleep After TP: The time delay between orders can be specified.
- Slice money: The EA can slice the loss order when the negative amount reaches a specified amount.
- TSL buy setting: The EA can use a trailing stop loss (TSL) when a certain condition is met.
- Trigger_Point: The user can specify how long the TSL system will run when the price chart is outside the TP line.
- Switcher_SL_Point: The user can specify the total stop loss at a price equal to the TP minus a specified value.
- Trailing_Step_Point: The user can specify how long the TSL can run from the price chart.
- Daily Timer Day_Week Setting: The user can specify different time periods for scheduled trading.
- Stop_EA_Friday: The user can specify whether the EA will stop trading on Fridays.
Black Panther EA Summary
The Black Panther EA is an automated trading system that utilizes various strategies to place trades in the Forex market. It has several features, including signal strategy, money management, lot start, and margin check. The EA also uses a fixed order system with a multiplier and a maximum number of orders to control risk.
One of the strengths of the Black Panther EA is that it is highly customizable, allowing traders to adjust settings to fit their trading style and risk tolerance. Additionally, the EA has shown some success in the past, although it should be noted that it has also experienced large drawdowns.
One potential weakness of the Black Panther EA is that it uses grid trading, which can be a risky strategy that leads to significant drawdowns. Additionally, the EA relies on hedging to limit losses, which may limit potential profits. Before using the Black Panther EA, it is recommended to demo test the system and apply good risk management settings. Traders should also be aware of the potential risks associated with the EA and carefully consider their risk tolerance before using it.
Overall, the Black Panther EA may be suitable for experienced traders who are willing to accept the risks associated with grid trading. However, it may not be suitable for beginners or traders who are risk-averse. Traders should carefully consider their trading goals and risk tolerance before using the Black Panther EA or any other automated trading system.
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