The Idea Pro Gold EA is easy to use; you could simply attach it with the default settings on eurusd, gbpusd, nzdusd, and audusd m5. For best results, according to the author, you can cancel the trade direction on the EA panel on the chart – “trade buy” (green color on the panel indicates that the EA is allowed to buy, red indicates that it is prohibited) or “trade sell” (similarly). Averaging is used by the adviser in four strategies based on stochastics, RSI, MA, and maintaining orders opened by the user. You can add orders at any time by simply opening them; the expert adviser will also lead them if you open them from the phone’s terminal.
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 Idea Pro Gold EA works. Hopefully, that will help you to decide if this is a trading robot that you would consider using on your trading account.
Averaging with Idea Pro Gold EA
Trading with averaging, also known as averaging down or scaling in, is a strategy that involves buying more of a particular currency pair as the price goes down, in order to reduce the average cost of the trade. This strategy can be risky, as it assumes that the price will eventually rebound, and it can lead to larger losses if the price continues to drop.
While averaging down can be tempting during periods of market volatility, it is important to be used with caution and only when there is a clear reason to believe that the price will rebound. It is also important to have a solid risk management plan in place, including setting stop-loss orders to limit potential losses.
Idea Pro Gold EA Settings
- Choosing strategy – choosing a trading strategy.
- Open new series – on / off beginning of a new series of orders.
- Start lots – start lot.
- Trade Buy – allow the adviser to buy.
- Trade Sell – allow the adviser to sell.
- Use hedge – allow the adviser to trade both directions: buy and sell. If off, only one trade direction.
- Use Money Management – on / off use of automatic lot calculation.
- Free margin for each 0.01 lot – the amount of free margin for opening every 0.01 lots.
- Lot multiplier – lot multiplier for the following orders.
- TP – take profit, in pips.
- SL – stop loss, in pips from the first order.
- Trail Start – activation of a trailing stop.
- Trail Step – distance from the price when activating a trailing stop.
- DD Reduction Algorithm – drawdown reduction algorithm it when last order with profit will be close with first order series with loss.
- Number order for DD Reduction Algorithm – from which order the drawdown reduction algorithm is activated.
- Percent profit for DD Reduction Algorithm – percentage of profit when closing orders in the drawdown reduction mode.
- Magic – is a special number that the EA assigns to its orders.
- Fix distance – fixed distance between orders
- Order dynamic distance – from which order will the dynamic distance be applied in order.
- Dynamic distance start – the starting value for the dynamic distance.
- Distance multiplier – the dynamic distance multiplier.
- Start, End hour – time for opening the first order.
- Maximum Lot – maximum lot.
- Maximum spread – the maximum spread for the adviser.
- Further, the parameters of the indicators Stochastic, RSI, MA. Stochastic work strategy – the adviser will sell above Up_Level_Stoch and buy below Down_Level_Stoch. The strategy for RSI is to sell if the RSI is higher than the value specified in Up_Level_RSI and buy if the indicator value is lower Down_level_RSI the adviser will buy. MA strategy – the bar opens above the MA, the adviser buys, sells below.
In conclusion, while averaging down can potentially increase your profits if the market does indeed turn in your favor, it can also lead to significant losses if the market continues to move against you. Therefore, it is important to carefully consider the risks and rewards of averaging down before purchasing the Idea Pro Gold EA which uses averaging.
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.