The Fortune EA is an algorithmic trading system designed to automate trading in the forex market. Developed for use on the MetaTrader 4 trading platform, this expert advisor closely follows market trends on currency pairs, utilizing the latest price action information from multiple timeframes.
In this review, we’ll take an in-depth look at the Fortune EA, its features, strengths, and weaknesses, to help you make an informed decision on whether this EA is suitable for your trading needs.
Fortune EA Strategy
The Fortune EA is a forex trading robot designed to run on the MetaTrader 4 trading platform. It is based on a complex algorithm that analyzes and closely follows trends on forex pairs, with a particular focus on the EUR, GBP, AUD, NZD, and USD pairs.
The EA utilizes a unique feature that enables it to read price action information from all timeframes simultaneously. This allows the robot to make informed decisions on current price moves and act accordingly, resulting in strong trend following with frequent scalping orders.
One of the strengths of the Fortune EA is its ability to manage and close trades in multiple ways. The robot also includes an optional hedge function, which can be useful for risk management purposes.
The EA features wide spread and slippage protection, as well as equity limits that allow users to cut trades at a desired input equity/margin drawdown amount. It is also compliant with the FIFO rule.
The EA employs martingale, grid, and hedging techniques in its risk management strategies, which are associated with risk. It is important to exercise caution when using these strategies.
Additional optional features include a news filter, day/time limit, dynamic pipstep methods, and drawdown reduction function. The developer recommends setting the news filter to true in live markets to filter out hard/NFP news events.
Despite its strengths, the Fortune EA does have some weaknesses. One drawback is that it utilizes bar open scalping, which means it will open more or fewer orders depending on the timeframe it is loaded onto. The employment of martingale, grid, and hedging in its risk management approaches by the Fortune EA is considered a weakness due to their high-risk nature.
Additionally, the bot may not perform optimally during high volatility events. Past performance is not indicative of future results, and using any EA involves risk.
In terms of risk management, it is important to note that the EA should be thoroughly tested on a demo account before being used on a live account. The demo testing will help determine the optimal settings for the EA, and can also help identify any potential issues or flaws in the strategy.
Fortune EA Features
- It was specifically developed to run on the MetaTrader 4 trading platform.
- The EA closely follows and analyzes trends on various forex pairs.
- It works best on EUR, GBP, AUD, NZD, and USD pairs.
- The bot utilizes bar open scalping and can open more or fewer orders depending on the timeframe it is loaded onto.
- The bot is capable of making informed decisions on current price movements.
- It provides strong trend following with frequent scalping orders.
- The bot has multiple ways to manage and close trades.
- It has an optional hedge function.
- It provides wide spread and slippage protection.
- The bot is compliant with the FIFO rule.
- It has optional features such as a news filter, day/time limit, dynamic pipstep methods, and drawdown reduction function.
- It is capable of cutting trades at a desired input equity/margin drawdown amount and has functions to stop trading.
- The developer recommends setting the news filter to true in live market to filter out hard/NFP news events.
Fortune EA Settings
- Order Comment: Allows the user to specify a custom comment for orders.
- Magic Number: A unique identifier assigned to trades opened by the EA.
- Show On Chart Panel: Displays a panel on the chart showing various EA settings and trade information.
- On Chart Text: Displays custom text on the chart.
- Draw Line: Allows the user to draw lines on the chart for visual reference.
- BE Line: Sets the break-even level for trades.
- Max Spread: Specifies the maximum spread allowed for opening trades.
- Max Slippage: Specifies the maximum slippage allowed for opening trades.
- Max Lot Size Allowed: Limits the maximum lot size allowed for opening trades.
- Allow New Cycle: Enables the EA to open a new cycle of trades after the previous cycle has closed.
- Allow Hedge Trades: Allows the EA to open both buy and sell positions simultaneously.
- Max Buy & Sell Trades Allowed: Limits the maximum number of buy and sell trades that can be open at the same time.
- Alert At Grid Level: Sends an alert when the price reaches a certain grid level.
- Close Trades If Equity Drops Below: Closes all trades if the account equity drops below a specified amount.
- Only Open Trades Above Free Margin: Prevents the EA from opening new trades if there is not enough free margin available.
- Limit Trade Hours: Specifies the hours during which the EA is allowed to open trades.
- Start Hour: Sets the start hour for the EA’s trading session.
- Stop Hour: Sets the stop hour for the EA’s trading session.
- Trade Monday – Friday Limits: Limits the number of trades that can be opened on each day of the week.
- STOP Trade Before Weekend: Prevents the EA from opening new trades before the weekend.
- SKIP Monday Market Open: Prevents the EA from opening new trades at the start of the trading week.
- Base_Lot: Sets the initial lot size for trades.
- Multiplier: Multiplies the lot size for subsequent trades.
- Stop Loss – In pips: Sets the stop loss level for trades in pips.
- Take Profit – In pips: Sets the take profit level for trades in pips.
- Auto Money Management: Enables automatic lot size calculation based on account balance.
- Auto Risk Percent: Enables automatic lot size calculation based on risk percentage.
- PipStep Method: Specifies the method for calculating the pipstep.
- PipStep Multiplier: Multiplies the pipstep for subsequent trades.
- IF_Fixed Pipstep: Uses a fixed pipstep for all trades.
- Dynamic Step Timeframe: Specifies the timeframe for calculating the dynamic pipstep.
- ATR Period: Sets the period for the ATR indicator used in calculating the dynamic pipstep.
- Use Trail Take Profit: Enables the use of a trailing take profit.
- Use Trailing Stop: Enables the use of a trailing stop loss.
- Trail Start From: Sets the profit level from which the trailing stop loss will start.
- Move Trail Stop To: Sets the distance between the current price and the trailing stop loss level.
- Trail Step: Sets the step value for the trailing stop loss.
- AutoClose In Profit: Closes trades automatically when they reach a certain profit level.
- AutoClose Mode: Specifies the mode for automatic trade closure.
- How Much Profit: Sets the profit level at which trades will be closed.
- Multiply Profit By Open Trades: Multiplies the profit level by the number of open trades.
- Use DD Reduction: Enables the use of a drawdown reduction function.
- Reduce After: Sets the number of consecutive losing trades after which the drawdown reduction function will activate.
- Percent To: Sets the percentage of the account balance to reduce the lot size to.
Fortune EA Summary
The Fortune EA is an algorithmic trading system developed for use on the MetaTrader 4 trading platform. It analyzes and closely follows market trends on currency pairs, utilizing price action information from multiple timeframes. Its strengths include the ability to make trading decisions and frequent scalping orders, as well as various risk management settings. Its weakness is that it may not perform well in certain market conditions. The Fortune EA is suitable for traders looking to automate their forex trading and have experience with risk management. It’s important to remember that there are no guarantees in trading. Demo testing the Fortune EA is recommended, and applying good risk management settings is crucial.
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.
