The Ilanis EA is an Expert Advisor that uses the FourAverage indicator to execute trades. It is configured to work on EURUSD on the M15 time frame but can work on any currency pairs and timeframe. In this review, we will examine the Ilanis EA’s strategy, features, and settings. By the end of this review, you should be able to decide whether the Ilanis EA is suitable for your trading needs.
Ilanis EA Strategy
The Ilanis EA is an automated trading tool that uses the FourAverage indicator to determine entry points. It is focused on opening only buy trades. The EA also employs lot increases based on Martingale to control positions when the price moves unexpectedly. It uses averaging as its principle of position maintenance.
Ilanis EA can be used for trading on Forex and other markets, including commodities, metals, and index markets. It works on the MetaTrader 4 trading platform on any timeframe. The EA is configured for the EURUSD on the M15 time frame, as stated by the developer. It automatically determines the number of digits in quotes and works with quotes that have any number of decimal places.
However, the use of Martingale as a money management strategy can be a weakness for some traders, as it can lead to large drawdowns in some market conditions. Additionally, the EA is only designed to open buy trades, which will limit its effectiveness in certain market conditions.
The EA is worth considering for traders who are comfortable with a martingale and averaging technique. It is recommended that traders demo test the Ilanis EA and apply good risk management settings before using it on a live account. This can help to identify any potential issues with the EA and ensure that it is properly configured to the trader’s trading style and risk tolerance.
Ilanis EA Features
- Uses the FourAverage indicator for market entry points
- Utilizes position control and lot increase based on Martingale
- Applies an averaging principle for position maintenance
- Can be used for trading on various markets including Forex, commodities, metals, and index markets
- Works with the MetaTrader 4 trading platform
- Automatically determines the number of digits in quotes
- Always works with its own orders even when trading manually in parallel
- Has a minimum lot size of 0.01
- Supports leverage of 1:100 or higher
- Includes a MaxSpread filter to avoid trading during high spread periods
- Can be identified by a MagicNumber on the trading platform
- Includes adjustable slippage to control trade execution accuracy.
- MagicNumber to identify the EA’s trades among others on the same account
Ilanis EA Settings
- PeriodFA1: The period of the FourAverage indicator used to determine market entry points.
- Averagel_1: The ratio of the FourAverage indicator.
- ExpLot: The lot volume multiplier for further orders in the series.
- StLot: The lot value of the first order.
- StopIlanis: Disables opening of new series, the current one will be continued.
- WindowHour_: Beginning of the period to lock the opening of new positions.
- _WindowHour: End of the period to lock the opening of new positions.
- TDW_TradeFalse: Positive values mean the day of the week when the EA will not open trades.
- MaxSpread: If the current spread is greater than this value, the trade will not be opened.
- MagicNumber: Beginning of the range of magic numbers occupied by the Expert Advisor. The EA occupies 50 numbers.
- Slippage: Allowed slippage.
Ilanis EA Summary
The Ilanis EA is an automated trading system designed to execute trades based on pre determined rules and algorithms. One of the strengths of the Ilanis EA is its ability to trade multiple currency pairs and commodities.
However, it is important to note that the Ilanis EA does have some weaknesses. One of these weaknesses is that the system relies heavily on the Four Average indicator and may not perform well in certain market conditions or during unexpected news events.
The Ilanis EA is worth considering for experienced traders who are comfortable with automated trading systems and have a solid understanding of risk management. It is recommended that traders demo test the Ilanis EA and apply good risk management settings to mitigate losses.
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