Prado EA

Prado EA is an expert advisor that trades pending orders, instantly sets stop loss and take profit, and employs a multifunctional trailing stop. The EA has four trading methods as of version 7.0. A smoother profitability graph is achieved for any market behavior due to the simultaneous operation of four strategies.

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 Prado 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 with Prado EA

When trading financial markets, traders can use pending orders to enter and exit trades at specific price levels. Pending orders allow traders to set up trades in advance, and they can be useful for managing risk and maximizing potential profits. Prado EA automatically utilizes this technique for traders/investors.

Grids, averaging, increasing the number of orders, and other risky techniques are not used by Prado EA. The only available currency pair is USDJPY. There is no need to configure anything; you could simply use the default options. You may want to use accounts with a 0-3 spread to improve your profit. Prado EA is suitable for both novice and seasoned traders.

Prado EA
Prado EA

Prado EA Settings

  • Risk, % = 3.0; The maximum risk percentage of the size of the deposit per 1 order.
  • FixLot (Risk, % = 0) = 0.01; Fixed order volume. For this function to work, you need to disable the function Risk, % = 0.0 (set the value to “0”).
  • SpreadMax = 30; Maximum spread at which an order is placed.
  • TakeProfitCoef = 1.6; Coefficient affecting Take Profit installation.
  • StopLossCoef = 0.17; Coefficient affecting the Stop Loss setting.
  • OpenOrderCoef = 0.0; The coefficient taking into account the position of the price relative to the extremes of the previous trading day affects the placing of pending orders.
  • TimeBroker, (UTC +) = 2; The time zone of your broker’s server according to the UTC standard.
  • Magic = 2021; Unique number of advisor orders.
  • Comment = PRADO; Commentary on advisor orders.
  • TimeFrames = H1; Period of bars for which to count extremes.
  • BarCount = 28; The number of bars for which to count extremes.
  • Bar = 1; The index of the bar from which the extremum calculation starts (the current bar has index “0”).
  • OrderCoefLevel = 0.0; Coefficient affecting the placement of pending orders relative to the extremes of the previous trading day.
  • EveningCoef = 0.087; The coefficient changes the tactics of conducting open orders in the evening.
  • TralTF = H1; Bar period for trailing stop.
  • TralCoef = 4; Coefficient affecting the trailing stop.
  • BoomCoef = 0.03; Coefficient affecting the trailing stop.
  • BoomMinDistCoef = 0.29; Coefficient affecting the trailing stop.
  • BoomMaxPrc = 99; Coefficient affecting the trailing stop.
  • TralBoomStep = 20; Step Trailing stop.
  • StartTradeHour = 23; EA start time (UTC 0).
  • StartTradeMinute = 05; EA start time (UTC 0).
  • FinishTradeHour = 15; Pending orders deletion time (UTC 0).
  • EveningTacticsHour = 15; Time for changing the tactics of conducting open orders (UTC 0).
  • CloseAllHour = 20; Closing time of open orders (UTC 0).

Conclusion

Overall, Prado EA could be a beneficial trading robot worth trying out. The developer of this robot has also shared some backtests for you to get an idea of how this 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 Prado 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 Prado EA is also quite expensive compared to some other forex robots which I have previously reviewed.

Free Forex Robot