Morpheus EA

The Morpheus EA is a trading robot which uses breakout strategy to produce market entry signals when the price crosses a price range boundary. The developer claims to have used adequate historical statistics from the last 15 years to develop the strategy. He claims to have used the finest signals and filtered the false signals out. The Expert Advisor conducts technical analysis and examines breakouts.

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 Morpheus EA works. Hopefully, that will help you to decide if this is a trading robot that you would consider using on your trading account.

Trading Breakouts with Morpheus EA

Breakout trading is a popular trading strategy used by traders to capitalize on market movements that occur when the price of an asset breaks through a significant level of support or resistance. The basic idea behind this strategy is that when the price of an asset breaks through a key level, it is likely to continue moving in the same direction.

The breakout trading strategy involves identifying key levels of support and resistance, and then waiting for the price to break through these levels. Once the price breaks through a key level, the Morpheus EA will often enter a trade in the direction of the breakout, with the expectation that the price will continue to move in that direction. It employs a false signal filtering device. The EA makes use of adjustable trailing stop. The EA employs a very tiny SL to ensure that the account is always protected from equity drawdown while maintaining a very low risk-per-trade.

Morpheus EA
Morpheus EA

Morpheus EA Parameters

  • Magic — Identifier for trades.
  • Order Comment— Comment to order.
  • Slippage — Allowable slippage before an order triggers.
  • Max Spread — Maximum Spread allowed before pending order triggers.
  • Ticks average spread — Collect average spread ticks.
  • Ticks for deleting pending orders — Collect average spread ticks for deleting pending orders when the average spread exceeds Max_Spread.
  • Order Type — Select trade direction.
  • Disable trade if spread high — Disable trading for a certain time (from 5 minutes to 24 hours), if the spread exceeds Max_Spread.
  • Fixed_Lot — Fixed lot (if Use Risk_MM – false).
  • Use_Risk_MM — If this is true, the lot size will increase when account balance grows (Risk Management).
  • Percentage_Risk — Lot size increase based on the balance value (Risk Management in %).
  • Take_Profit — Take profit in points.
  • Stop_Loss — Stop loss in points.
  • Breakeven_Target_PipsInp — When price is above this value, breakeven triggers. (-1 = off).
  • Breakeven_Jump_PipsInp — Stop Loss is moved using this value to breakeven.
  • Trailing_Stop — Trailing points when position is in profit. (-1 = off, 0 = Stop_Loss ).
  • Trailing_Step — Trailing step when the position is in profit.
  • Risk_Protection_on_slippages — If true, the EA also applies position closure in case of a slippage.
  • Adaptive_Trailing_to_slippages — If true – adaptive trailing stop.
  • Change_correction_coefficient — Trailing sensitivity coefficient.
  • Adaptive_by_Time — Algorithm of adaptive trailing by time.
  • Time_Scale — time interval for price analysis.

Conclusion

Morpheus EA could be a beneficial trading robot for traders of all levels. The developer of this robot has also shared some backtests for you to get an idea of how the Morpheus EA has performed over recent years through different market conditions.


However, it is important to note that past performance does not guarantee good future results. Therefore, I would only test the Morpheus 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. The Morpheus EA is also quite expensive compared to some other forex robots which I have previously reviewed.

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