Dragon Fly EA

The Dragonfly EA is an expert advisor designed to trade on MetaTrader 4 and uses a combination of popular indicators such as Ichimoku Kinko Hyo, Bollinger Bands, Parabolic SAR, Stochastic Oscillator, Relative Strength Index (RSI), and On Balance Volume (OBV) to identify potential trading opportunities.

This exhaustive analysis delves into the Dragon Expert EA, scrutinizing its principal characteristics and advantages. It aims to equip you with the necessary insights to make an informed decision about whether the Dragon Expert EA is the appropriate solution for your trading requirements.

Dragon Fly EA Strategy

Dragonfly EA is a trend or reversal expert advisor designed to trade on the MetaTrader 4 platform. This trading tool utilizes various indicators such as Ichimoku Kinko Hyo, Bollinger Bands, Parabolic SAR, Stochastic Oscillator, Relative Strength Index (RSI) and On Balance Volume (OBV) to identify potential trading opportunities.

Dragon Fly EA
Dragon Fly EA

One of the key features of Dragonfly EA is its ability to be configured for trend or reversal conditions. This makes it a versatile tool for traders who want to trade in either direction. The combination of Ichimoku Kinko Hyo, Bollinger Bands, Parabolic SAR, and Stochastic Oscillator helps the EA recognize bull or bear trends. Meanwhile, the RSI indicator filters entry signals based on its configuration and optimization.

Another important feature of Dragonfly EA is that it only operates with “take profit and stop loss” orders, with no martingales involved. The take-profit and stop-loss orders are calculated based on Bollinger Bands parameters.

One of the advantages of Dragonfly EA is its ability to be optimized by any user, making it a highly customizable tool that can be tailored to each user’s trading profile. In addition, OBV can be configured as a trade filter, helping traders to refine their trading signals further.

During backtesting and optimization, Dragonfly EA has been shown to send orders in a retraction movement, after a bullish or bearish confirmation. This means that the EA waits for a confirmation of the trend before placing a trade, helping to minimize false signals.

Dragonfly EA is recommended for use with popular currency pairs such as EURUSD, GBPUSD, XAUUSD, USDJPY, EURJPY, NZDUSD, and USDCHF. The recommended timeframes for the EA are H1, M30, M15, and M5.

Dragon Fly EA Features

  • It is a trend or reversal expert advisor designed to trade on MetaTrader 4 platform.
  • It uses indicators such as Ichimoku Kinko Hyo, Bollinger Bands, Parabolic SAR, Stochastic Oscillator, RSI, and OBV to identify potential trading opportunities.
  • It can be configured for trend or reversal behavior, making it a versatile tool for traders who want to trade in either direction.
  • It uses a combination of indicators to recognize bull or bear trends, while the RSI indicator filters entry signals based on its configuration and optimization.
  • It only operates with “take profit and stop loss” orders, with no martingales involved.
  • The take-profit and stop-loss orders are calculated based on Bollinger Bands parameters.
  • It is highly customizable and can be tailored to each user’s trading profile.
  • The OBV can be configured as a trade filter, helping traders refine their trading signals further.
  • It sends orders in a retraction movement after a bullish or bearish confirmation, helping to minimize false signals.
  • It is recommended for use with popular currency pairs such as EURUSD, GBPUSD, XAUUSD, USDJPY, EURJPY, NZDUSD, and USDCHF.
  • The recommended timeframes for the EA are H1, M30, M15, and M5.

Dragon Fly EA Settings

  • “TakeProfit” – Number of points for profitable trade closure
  • “StopLoss” – Number of points for loss trade closure
  • “Slippage” – Slippage setting
  • “Magic” – Adviser ID setting
  • “Lot” – Transaction amount setting
  • “Dynamic” – Enables/disables dynamic volume calculation
  • “Risk” – Risk coefficient setting for dynamic lot calculation
  • “Martin” – Enables/disables martingale strategy
  • “Multiplier Martin” – Lot multiplier for martingale
  • “Setka” – Enables/disables grid trading
  • “Distance Setka” – Distance between orders in the grid
  • “Multiplier Setka” – Multiplier for grid trading
  • “Smart stop” – StopLoss setting for trawl
  • “Smart_step_stop” – Trawl step setting
  • “Start” – Start time for trading
  • “End” – End time for trading
  • “Pause_orders” – Enables/disables pause between orders
  • “Pause” – Pause time in minutes
  • “Timer_orders” – Enables/disables trade timer
  • “TotalOrderClose” – Number of orders to stop EA after for trade timer.

Dragon Fly EA Summary

Dragonfly EA is an expert advisor designed to trade on MetaTrader 4, utilizing various indicators such as Ichimoku Kinko Hyo, Bollinger Bands, Parabolic SAR, Stochastic Oscillator, RSI, and OBV. It is a versatile tool that can be configured for trend or reversal behavior, making it suitable for traders who want to trade in either direction.

One of its strengths is its ability to manage risk while aiming to generate potential winning trades using only “take profit and stop loss” orders calculated based on Bollinger Bands parameters. It is also highly customizable, allowing users to tailor it to their trading profile, and its backtesting and optimization have shown a tendency to minimize false signals.

However, like any trading tool, it also has its weaknesses. It is not a guaranteed method for profitable trading, and users need to exercise good risk management when using it. Additionally, while it is customizable, it still requires a certain level of understanding and skill to use effectively.

Free Forex Robot