The Iva FTMO EA is an automated MetaTrader4 trading tool designed that utilizes a predetermined time of day to place pending limit orders on both sides of the market, with a certain distance from the current market value of the currency. When the price reaches the level of the limit order, the EA opens a trade and monitors it until it reaches the center of the adaptive price channel, where it is closed.
In this article, we will review the Iva FTMO EA to assess its effectiveness and help traders decide whether it is suitable for their trading needs. We will examine the strengths and weaknesses of the EA, including its risk management features and demo trading capabilities. By the end of this article, readers should have a comprehensive understanding of the Iva FTMO EA and be able to make an informed decision about whether to use it in their trading strategies.
Iva FTMO EA Strategy
The Iva FTMO EA is a trading robot designed to automate the trading process in the forex market by placing pending limit orders on both sides of the market at a predetermined time of day, typically between 17:00 and 24:00, with a certain distance from the market value of the asset. If the price touches the level of the limit order, the EA accompanies this open trade and closes it when it reaches the center of the adaptive price channel.
One of the strengths of the Iva FTMO EA is its easy-to-use interface, which requires only one chart to trade multiple currency pairs, making it a versatile tool for traders. Another advantage of the EA is that it comes with a built-in FTMO randomizer, which generates unique trades with different stop-loss (SL) and take-profit (TP) values, which is important for forex prop firms. The EA also incorporates a filter for slippage and spread, which helps to minimize trading costs.
Another feature of the Iva FTMO EA is its ability to use cost averaging and martingale tactics in the event that the quotes move against an open position. This means that the EA will open additional positions at predetermined intervals and at predetermined distances from the original position, in an attempt to bring the average price of the position closer to the market price. Additionally, if the market continues to move against the position, the EA will use martingale tactics, which involve doubling the position size with each new trade, in order to recover losses more quickly. While these tactics can be effective in certain market conditions they can also lead to significant losses if not managed properly.
However, the strategy employed by the Iva FTMO EA is not without its weaknesses. One potential issue is the use of martingale tactics, which involves doubling down on losing trades. While this can be effective in the short term, it can lead to significant losses if the market moves against the trader. Furthermore, the EA’s reliance on cost averaging could also lead to excessive losses if the market moves against the trader. However, It’s essential for traders to always use proper risk management techniques and test the Iva FTMO EA on a demo account before using it in a live trading environment
Iva FTMO EA Features
- The EA uses a unique strategy that involves placing pending limit orders on both sides of the market at a certain distance from the currency’s market value.
- It accompanies open trades and closes them when they reach the center of the adaptive price channel.
- The EA employs cost averaging and martingale tactics if quotes go against an open position.
- It is designed to work with multiple currency pairs
- It requires only one chart setup to trade all symbols.
- It operates between 17:00 and 24:00
- The EA has a filter for slippage and spread.
- The EA comes with a built-in FTMO randomizer that generates unique trades with different stop-loss and take-profit values.
- It incorporates a news filter to avoid volatile market conditions.
- The EA is easy to use and does not require adjustment of GMT.
- It has been developed to work well with FTMO trading challenge parameters and requirements.
Iva FTMO EA Settings
- Mode_on_FTMO: FTMO trading parameters and requirements
- List_of_Trading_pairs: Multiple currency pairs support
- Lots_Custom: Customizable lot size
- Auto_Trailing_TP: Automatic trailing take-profit
- Trend Line: Use trend lines for trade signals
- Candle_ID_Close_Profit_$: Close position at a certain profit level in currency
- Close_Profit_$$: Close position at a certain profit level in percentage
- Signals_Buy/Sell: Trading signals
- Grid_Level_Size: Grid level size
- Grid_Distance: Grid distance
- Volume_Risk%: Risk management based on percentage of account balance
- Max_Spread_for_opening_Trade: Filter for maximum spread to open a trade
- Mode_on_one_Chart: Single chart setup for all symbols
- License_No_: Unique license number
- Magic_Number: Unique identifier for trades.
Iva FTMO EA Summary
The Iva FTMO EA is a Forex trading robot that places pending limit orders on both sides of the market, accompanied by a unique strategy to close them at the center of the adaptive price channel. It also uses cost averaging and martingale tactics to handle trades when quotes go against an open position.
It has limitations such as the use of martingale tactics and its reliance on cost averaging could also lead to excessive losses if the market moves against the trader. However, Demo testing the Iva FTMO EA with good risk management settings can help evaluate its effectiveness. The Iva FTMO EA is suitable for traders who are interested in automation and are willing to take risks associated with the use of such strategies.
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