Mood EA is a fully automated trading robot for the MetaTrader platforms that comes with customisable settings. You can adjust the Mood EA to your preferences and risk levels. 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 Mood EA works. Hopefully, that will help you to decide if this is a trading robot that you would consider using on your trading account.
Using the Mood EA
The Momentum indicator, which is a leading indicator, is used by the Mood EA. To enter a position, the advisor uses this indicator’s oversold or overbought conditions, catching the “mood” of traders. The built-in algorithm will constantly analyse the trading instruments on which chart the EA is applied, searching the charts for buy and sell signals. When the Mood EA finds an opportunity, it can place and manage trades on behalf of the user.
Mood EA Features
- Can be used on all currency pairs.
- Works on all timeframes.
- Can be used on any MetaTrader 4/5 ECN broker.
- Fully automated trading strategy.
- Customisable settings including optimised preset files.
- Built-in money management features.
Mood EA Settings
- Open new series – on/off beginning of a new series.
- Start lots – start lot.
- Trade Buy – allow the adviser to buy.
- Trade Sell – allow the adviser to sell.
- Support manual orders – allowed or not for the EA to manage manual orders.
- Use hedge – allow the adviser to trade both direction (buy and sell). If off, only one trade direction.
- Use Money Management – on/off the 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 when last order with profit will be closed 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.
- Mom_Period – period of the Momentum indicator.
- Up Level – the reading of the Momentum indicator above which the EA sells.
- Down Level – the reading of the Momentum indicator below which the advisor buys.
Mood EA Summary
Overall, I see some potential with the Mood EA for anyone looking to trade the financial markets automatically in either of the MetaTrader platforms. The EA developer has shared some backtests for you to get an idea of how the Mood EA has performed over recent years through different market conditions.
It is important to note that past performance does not guarantee good results moving forward. Therefore, I would only test the Mood EA on a demo account using a trial version to begin with. This would allow me to get a feel for how it works and see if it fits within my own trading style.
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.