The Million Dollars Maker V7.0 is an expert advisor designed for use on the MetaTrader 4 trading platform. It identifies trading opportunities based on four reversal chart patterns and indicates the direction of the trend. It is a fully automated trading system that comes with customizable settings and is designed to trade on 12 currency pairs.
In this article, we will provide a comprehensive review of the Million Dollars Maker V7.0, including its features, strengths, and weaknesses, and the potential risks associated with using the EA. By the end of this review, readers will be able to decide whether the Million Dollars Maker V7.0 is a suitable tool for their trading needs.
Million Dollars Maker V7.0 Strategy
Million Dollars Maker V7.0 is an expert advisor designed for use on the MetaTrader 4 trading platform. It trades on 12 currency pairs, which include NASDAQ100, US30, Ger30, AUDCAD, AUDCHF, AUDJPY, CADJPY, EURAUD, EURCAD, NZDCAD, NZDJPY, and NZDUSD, and can be used on any timeframe.
The EA operates based on four reversal chart patterns, which are Double Top, Double Bottom, Head & Shoulder, and Reversal Head & Shoulder. It also indicates the direction of the trend so that traders can know where the price is on the current charts per timeframe.
Once the EA identifies a pattern, it confirms the pattern and places a trade. All trades triggered by the robot have Take Profit (TP) and Stop Loss (SL) orders. The EA also draws out support and resistance lines to help traders determine the market’s chart structure and whether it is in an uptrend or downtrend.
One of the strengths of the Million Dollars Maker V7.0 EA is its risk management strategy. It risks 1-5% of the account with a maximum of 10% drawdown per entry, which helps traders manage their risk exposure. The EA also does not use grid or martingale strategies, which can be risky.
Another strength of the EA is that it shows traders why it took a trade based on price action. This feature is intended by the developer to help traders learn price action in the process and understand the reason for the trade.
One weakness of the EA is that it relies solely on reversal chart patterns, which may not always be accurate. Another weakness is that it does not provide backtesting results to show the historical performance of the strategy.
It is recommended that traders test the EA on a demo account before using it on a live account. This will help them understand the strategy and its performance without risking real money. Additionally, traders should always practice proper risk management when using any trading strategy or expert advisor.
Million Dollars Maker V7.0 Features
- It is designed for use on the MetaTrader 4 trading platform.
- The EA trades on 12 currency pairs, including NASDAQ100, US30, Ger30, AUDCAD, AUDCHF, AUDJPY, CADJPY, EURAUD, EURCAD, NZDCAD, NZDJPY, and NZDUSD.
- The expert advisor can be used on any timeframe.
- It operates based on four reversal chart patterns, which are Double Top, Double Bottom, Head & Shoulder, and Reversal Head & Shoulder.
- The EA indicates the direction of the trend so that traders can know where the price is on the current charts per timeframe.
- Once the EA identifies a pattern, it confirms the pattern and places a trade.
- All trades triggered by the robot have Take Profit (TP) and Stop Loss (SL) orders.
- The EA risks 1-5% of the account with a maximum of 10% drawdown per entry.
- It draws out support and resistance lines to help traders determine the market’s chart structure and whether it is in an uptrend or downtrend.
- The expert advisor does not use grid or martingale strategies.
- It shows traders why it took a trade based on price action.
- The EA is customizable, and traders can adjust the risk management and other settings to suit their trading style.
- The expert advisor comes with a user manual to help traders understand how to use it effectively.
Million Dollars Maker V7.0 Settings
- MagicNumber: An identifier that distinguishes trades opened by the expert advisor from other trades.
- UseAlerts: Enables or disables alerts for trade signals.
- UseEmail: Enables or disables email notifications for trade signals.
- StopLoss: Sets the stop-loss level for each trade.
- TakeProfit: Sets the take-profit level for each trade.
- RiskPercentage: Sets the risk percentage for each trade based on account balance.
- MaxDrawdownPercentage: Sets the maximum drawdown percentage for each trade.
- LotSize: Sets the lot size for each trade.
- UseTrailingStop: Enables or disables trailing stop for each trade.
- TrailingStopDistance: Sets the distance of the trailing stop from the current market price.
- UseSupportResistance: Enables or disables the drawing of support and resistance lines on the chart.
- DoubleTopPattern: Enables or disables the Double Top reversal chart pattern for trading.
- DoubleBottomPattern: Enables or disables the Double Bottom reversal chart pattern for trading.
- HeadShoulderPattern: Enables or disables the Head & Shoulder reversal chart pattern for trading.
- ReversalHeadShoulderPattern: Enables or disables the Reversal Head & Shoulder reversal chart pattern for trading.
- TrendDirection: Enables or disables the indication of trend direction on the chart.
- TrendFilter: Enables or disables filtering trades based on the trend direction.
- MinimumBarsInPattern: Sets the minimum number of bars required for a pattern to be considered valid.
Million Dollars Maker V7.0 Summary
The Million Dollars Maker V7.0 is an expert advisor for the MetaTrader 4 trading platform that trades on 12 currency pairs based on four reversal chart patterns and trend direction. Its strengths include customizable risk management settings, clear trade signals, and no use of grid or martingale strategies. However, its weaknesses include a lack of backtesting data and dependence on accurate pattern recognition. Demo testing with good risk management settings is recommended before live trading. This forex EA is suitable for traders who prefer automated trading and have a good understanding of pattern recognition in technical analysis.
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