Gegatrade Pro EA is an Algorithm Cost Averaging System. It is protected by an in-built “News WatchDog” mechanism that halts trading during news events.
This Expert Advisor can be purchased from the MQL marketplace whilst there is a free demo version also available to give it a try before making any commitment. In this article, I will be taking a look at how the Gegatrade Pro EA works. Hopefully, that will help you to decide if this is a trading robot that you would consider using on your trading account.
Trading with Gegatrade Pro EA
Gegatrade Pro EA is based on the fact that the price typically moves between the upper and lower boundaries of the trading channel the majority of the time. Based on this information, Gegatrade Pro executes its first trade, presuming that the price will return to its average value and take the defined profit. If the price exits the trading channel and proceeds in the same direction, Gegatrade Pro initiates its “cost-averaging strategy,” which adds new trades from the same direction using its Mathematical Algorithm and increases the overall position. When the price falls, Gegatrade Pro cancels the entire basket of orders.
Gegatrade Pro EA Parameters
- UseTrailingStop— Enable or Disable the use of trailing.
- TrailingStart— the points at which trailing will start.
- TrailingStep— steps to trail in points.
- TrailingRoom — the points allowed before closing the trailing.
- Use Support Resistance Long— Use Support and Resistance Levels for Long direction.
- SR Support Resistance Long Period— The TimeFrame used for Support/Resistance Long direction.
- Min SR Distance Long— Minimum distance (in pips) between Support/Resistance Levels for Long direction
- Start SR Long at Level— The level at which Support and resistance leveling starts for Long direction.
- Use Support Resistance Short— Use Support and Resistance Levels for Short direction.
- SR Support Resistance Long Period— The TimeFrame used for Support/Resistance Short direction.
- Min SR Distance Short— Minimum distance (in pips) between Support/Resistance Levels for Short direction.
- Start SR Short at Level— The level at which Support and resistance leveling starts for Short direction
- EAWorkMode— switch between BacktestMode or LiveMode
- DrawingOn — Show Past news on chart
- ShowDashboard — Show Statistics on chart
- ShowBalance — Show Balance on chart
- GMTOffSetOfBroker — The GMT Offset between your broker and GMT time
- Trade comment— a comment for trades
- MagicNumber— Trades ID
- MoneyManagement— FixedLot/UseMM. Use fixed lot to trade or Money management
- Start Balance— The balance to use when MoneyManagement is chosen
- LotSize — Lot Size
- Risk — Percent of the “start balance” to use for trading
- TradingDirection — The direction you wish to trade
- MaxSpread — Maximum spread to allow trades (recommended 10 points or bellow)
- PauseLong — Pause long trades
- PauseShort — Pause short trades
- MartingalePauseLong — Pause the Martingale for long direction
- MartingalePauseShort — Pause the Martingale for Short direction
- TakeProfitLong — Take profit for Long trades
- TakeProfitShort — Take profit for Short trades
- Use_SL — True/False
- Stop Loss Long Percent Balance— Stop loss for long direction
- Stop Loss Short Percent Balance— Stop loss for Short direction
- Short Minimum Distance level 1 till 10— The minimum distance in pips between levels
- Long Minimum Distance level 1 till 10— The minimum distance in pips between levels
- List of symbols for news filter— Currency Symbols to choose for filtering the news Example: USD,EUR,GBP,CHF
- Show lines for news in the past— Show old news on chart
- Pause Long or Short before an importance News— Each of the 12 pause inputs will pause number of minutes before or after a News Event
- PauseAfterLevel — Pause trading after a certain level
- PauseLongAtLevel — level to pause at for Long Trades
- PauseShortAtLevel — level to pause at for Short Trades
- DrawdownInCash — amount that you wish to receive Push Notification when it is reached
- SendPushNotificationOnDD — send Push Notification about your DrawDown
- SendPopupAlertOnDD — Alert from your MetaTrader 4 about your drawdown
- StartTradingInMondayTime — Time to start trading on Mondays
- EndTradingInFridayTime — Time to stop trading on Fridays
- PauseBasketOnNews — This will pause adding more trades when News event is active
- MinBarDistanceLong — minimum bars to allow a long level
- MinBarDistanceShort — minimum bars to allow a short level
- UseCounterTrades — Use Hedge yes/no
Counter trades (Hedge) lot size calculates as percentage of main lot size.
Example: if initial lot is 0.10 and CTinitial lot is 0.3, then CTinitial lot will open 0.03 lot.
- CTInitialTradeLotSize = 0
- CTLotSize_1 = CTLotsize corresponds to percentage of each main level, there is 10 Levels to set you can define each CTLotsize with a percentage of the main Level.
Example: Main level 5 = 0.10 lot, CtLotSize_5 = 0.5, then the lot size for countertrade level 5 will be 50% from the main level 5, which is 0.05 Lot Size - StartCounterTradesFromLevel — the level at which CT will start
- CounterMagicNumber — a unique number for CT trades
- HedgedAveragePricePips — the average pip in profit at which CT + main basket close
- UseMAfilterLong — moving average filter for long direction enable/disable
- MAperiodLong — moving average period for long direction
- MAlevelLong — moving average level to allow Long direction (in points)
- MaLongTriggerDirection — above or below the MA to trigger a long trade
- MaLongTimeFrame — Timeframe used for MA filter
- UseMAfilterShort — moving average filter for short direction enable/disable
- MAperiodShort— moving average period for short direction
- MAlevelShort — moving average level to allow short direction (in points)
- MaShortTriggerDirection — above or below the MA to trigger a short trade
- MaShortTimeFrame — Timeframe used for MA filter
Conclusion
Gegatrade Pro EA is a forex trading robot which uses cost-averaging strategy to base its trade decisions. The developer of this EA has also shared a backtest of this robot’s performance over recent years. However, backtested performance do not guarantee future profits.
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.
