Simplicity EA is an automated trading system that operates on the MT4 platform and utilizes pure price action strategies, namely YWY (Yesterday’s High, Yesterday’s Low) and YYB (Yesterday’s Close, Today’s Open, Breakout) to generate entry signals in the Forex market. Unlike other trading robots that rely on complex indicators and algorithms, Simplicity EA’s approach is simple and straightforward.
In this review, we will take an in-depth look at Simplicity EA, exploring its features, settings, and trading strategy. By the end of this article, you will have a clear understanding of how this trading tool operates and whether it is suitable for your trading needs.
Simplicity EA Strategy
The Simplicity EA is a trading tool designed to operate on the MT4 platform. It uses a pure price action strategy to generate trades, specifically the YWY and YYB strategies. It can also trade on various currency pairs and time frames. The EA follows FIFO (First In, First Out) rules, which ensures that trades are executed in the order they were opened.
One of the notable features of the Simplicity EA is its exclusive use of price action strategies to generate trades. This approach is based on the analysis of raw price movements and patterns without relying on indicators or other technical analysis tools. By using price action as the primary trading signal, the EA aims to capture market trends and reversals.
The YWY (Yesterday’s High, Yesterday’s Low) and YYB (Yesterday’s Close, Today’s Open, Breakout) strategies are pure price action strategies used by the Simplicity EA to place trades. The YWY strategy involves placing buy and sell orders above and below the previous day’s high and low levels, respectively, in anticipation of a breakout. The YYB strategy involves placing buy and sell orders above and below the previous day’s close and the current day’s open, respectively, in anticipation of a breakout. Both strategies rely on the assumption that price tends to break out of the previous day’s range and can be effective in trending markets with high volatility.
However, a potential weakness of the EA is that it uses the YWY and YYB price action strategies is that they are based on historical price levels and do not take into account fundamental factors that can impact market movements. This can result in the EA generating false signals or entering trades at the wrong time, leading to losses. Additionally, these strategies may not work well in markets that are range-bound or experiencing low volatility, as breakouts may be less likely to occur. Therefore, it is important for traders to apply good risk management practices and regularly monitor the EA’s performance to ensure it is still generating profitable signals.
Simplicity EA Features
- The EA uses a pure price action strategy based on the YWY and YYB methods to generate trades.
- Each trade is taken with proper stop-loss and take-profit levels to manage risk.
- The Simplicity EA adheres to the FIFO rules, ensuring that trades are executed in the order they were opened.
- The EA can trade on various currency pairs and time frames.
- The Simplicity EA is fully automated, which means it can execute trades on behalf of the trader without manual intervention.
- The EA operates on the MT4 platform, which traders widely use.
- The EA comes with dedicated technical support, available 24/7 to assist traders with any questions or issues they may encounter.
Simplicity EA Settings
- Lot Size – Determines the lot size used for each trade.
- Auto Lot Size – Automatically calculates the lot size based on account balance or equity.
- Max Lot Size – Sets the maximum lot size allowed for a single trade.
- Number of Trades – Sets the maximum number of trades that can be opened at the same time.
- Trade Start Time – Sets the start hour to open trades.
- Trade End Time – Sets the end hour to open trades.
- Comments – Allows the trader to add comments to the trades.
- Magic Number – Assigns a unique identifier to each trade.
- Allow Opposite Trades – Allows the EA to open trades in the opposite direction.
- Max Spread – Filters out trades with spreads higher than a specified value.
- Trailing Stop – Activates the trailing stop function.
- Trailing Start – Sets the distance from the current price at which the trailing stop starts.
- Trailing Distance – Sets the trailing stop distance from the current price.
- Trailing Step – Sets the trailing step value.
- Breakeven – Enables the breakeven function, which moves the stop loss to the entry price when a certain profit level is reached.
- Take Profit – Sets the take profit level for each trade-in point.
- Stop Loss – Sets the stop loss level for each trade-in point.
Simplicity EA Summary
Simplicity EA is a trading tool that uses pure price action strategies, specifically the YWY and YYB strategies, to identify and generate entry points in the Forex Market. The EA operates on the MT4 platform and provides users with a simple strategy. Its reliance on pure price action strategies may limit its effectiveness in certain market conditions, such as during periods of low volatility. However, the use of these strategies can be effective in trending markets with high volatility.
As with any trading tool, it is important for traders to thoroughly demo-test the EA and apply a good risk management strategy before deploying it on a live account. Overall, Simplicity EA provides a straightforward approach to trading the Forex market using pure price action strategies.
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.
