Engineer EA

The Engineer EA is an automated Expert Advisor (EA) for MT4, which is based on a breakout strategy. The Engineer EA utilizes its algorithm to detect key price levels and market trends, allowing it to enter and exit trades on behalf of the user.

Engineer EA Strategy

The Engineer EA is an automated trading system that uses a breakout strategy to identify potential trading opportunities in the forex market. The EA can be applied to all timeframe works on the forex major pairs. It is optimized for EUR/USD, GBP/USD, and USD/JPY.

The system is designed to work by identifying key support and resistance levels and waiting for a breakout. These levels are areas where the price has previously bounced off in the past, indicating strong market sentiment and potential reversal points.

When the price moves beyond these levels, it is considered a breakout, which may signal the start of a new trend.

The Engineer EA identifies potential breakouts by analyzing the market data in real time, looking for instances where the price has broken through a significant support or resistance level. Once a breakout is confirmed, the system enters a trade in the direction of the breakout.

It’s important to note that the breakout strategy may not perform well in markets with low volatility, as there can be fewer significant support or resistance levels to break through. In such conditions, the EA may produce more false signals.

Another limitation of the breakout strategy is that it can be susceptible to false breakouts. The price moves briefly beyond a support or resistance level before quickly returning within the range.

The Engineer EA has customizable parameters that allow traders to choose between trading with a fixed lot or using an auto lot size that adjusts based on specified criteria. When using a fixed lot, the system will enter trades with a consistent size for each position.

Alternatively, the auto lot size feature of the Engineer EA allows the system to automatically adjust the trade size based on predefined criteria, such as the size of the trading account or the current market volatility. This optimizes the trade size based on changing market conditions.

It is worth noting that the Engineer EA requires an ECN account. The ECN accounts provide access to interbank liquidity and typically have tighter spreads and faster execution speeds than standard retail forex accounts.

Engineer EA

The Engineer EA follows a trading strategy that includes a trailing stop loss algorithm for every open position. By using a trailing stop loss, the robot is able to automatically adjust its stop loss level as the trade moves in favor of the trader.

Additionally, the Engineer EA offers in lot sizing by allowing traders to choose between a fixed lot and an auto lot. The auto lot feature can automatically increase the size of the transaction based on pre-defined criteria, such as account balance or risk tolerance, according to the developer.

Engineer EA Features

  • Medium-risk signal with no dangerous strategies such as grid, martingale, hedge, or scalping.
  • Every order is protected with stop loss (SL) and take profit (TP) levels.
  • All opened transactions are closed within the same day, so trades are not left overnight or during the weekend.
  • The robot is optimized to work best on USDJPY and EURUSD pairs but can operate on any pair, according to the developer.
  • Suitable for traders with leverage ratios of 1/100 and above, according to the developer.

Engineer EA Settings

  • —                                                                                                                        General Settings
  • TimeBroker. (UTC+)                                                                                        2
  • SpreadMax                                                                                                        30
  • —                                                                                                                        Strategy 1 Settings
  • Strategy 1                                                                                                          true
  • Risk, %                                                                                                                1.5
  • FixLot (Risk, % = 0)                                                                                          0.01
  • TakeProfitCoef                                                                                                 1.6
  • StopLossCoef                                                                                                    0.16
  • OpenOrderCoef                                                                                                2.0
  • Magic                                                                                                                 1
  • Comment                                                                                                           PRADO S1
  • TimeFrames                                                                                                      1 Day
  • BarCount                                                                                                           2
  • Bar                                                                                                                      1
  • OrderCoefLevel                                                                                                0.0
  • EveningCoef                                                                                                      0.087
  • TralTF                                                                                                                 1 Hour
  • TralCoef                                                                                                             2
  • BoomCoef                                                                                                         0.03
  • BoomMinDistCoef                                                                                           0.4
  • BoomMaxPrc                                                                                                    99.0
  • TralBoomStep                                                                                                   20.0
  • StartTradeHour                                                                                                22
  • StartTradeMinute                                                                                            0
  • Finish TradeHour                                                                                             19
  • Finish TradeMinute                                                                                         0
  • Evening TacticsHour                                                                                       19
  • Evening TacticsMinute                                                                                   0
  • CloseAllHour                                                                                                     20
  • CloseAllMinute                                                                                                 0
  • —                                                                                                                        Strategy 2 Settings
  • Strategy 2                                                                                                          true
  • Risk, %                                                                                                                1.5
  • FixLot (Risk, % = 0)                                                                                          0.01
  • TakeProfitCoef2                                                                                               1.6
  • StopLossCoef2                                                                                                 0.16
  • OpenOrderCoef2                                                                                             2.0
  • Magic2                                                                                                               22
  • Comment                                                                                                           PRADO S2
  • TimeFrames2                                                                                                    1 Day
  • BarCount2                                                                                                         2
  • Bar2                                                                                                                    1
  • OrderCoefLevel2                                                                                              0.0
  • EveningCoef2                                                                                                   0.087
  • TralTF2                                                                                                               1 Hour
  • TralCoef2                                                                                                           4
  • BoomCoef2                                                                                                       0.03
  • BoomMinDistCoef2                                                                                         0.29
  • BoomMaxPrc2                                                                                                  99.0
  • TralBoomStep2                                                                                                20.0
  • StartTradeHour2                                                                                              22
  • StartTradeMinute2                                                                                          0
  • Finish TradeHour2                                                                                           19
  • Finish TradeMinute2                                                                                       0
  • Evening Tactics Hour2                                                                                    19
  • Evening TacticsMinute2                                                                                 0
  • CloseAllHour2                                                                                                   20
  • CloseAllMinute2                                                                                               0

Engineer EA Summary

Overall, the Engineer EA utilizes the breakout to detect key price levels and market trends. Moreover, its strategy includes a trailing stop loss which allows the EA to adjust the lot sizes when the market moves in favor of the executed trade.

However, it is important to note that while the Engineer EA has a proven track record, there is no guarantee of future success. Traders are advised to use caution and conduct their own thorough research before investing in this forex robot. It is also recommended to test the robot on a demo account before trading with real money, to ensure that the strategy is suitable for individual trading preferences and risk tolerance levels.

Free Forex Robot