The Snowballed EA is a full-automatic short-term trading EA built on advanced technology that sells out when the market is overbought and buys in when the market is oversold, and profits while the market is rolling back. This trading robot does not use Martingale, Grid, Hedging, or Averaging, and all trades have a minimal stop loss (defaults from 30 pips to 100 pips).
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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 Snowballed EA works. Hopefully, that will help you to decide if this is a trading robot that you would consider using on your trading account.
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Trading Overbought and Oversold Levels with Snowballed EA
Trading overbought and oversold levels is a popular strategy among traders who use technical analysis to make investment decisions. The basic idea behind this strategy is that when a security’s price reaches extreme levels, such as overbought or oversold levels, it is likely to experience a reversal in its trend. The Snowballed EA tries to take advantage of this possibility, hence opening trades automatically when such overbought and oversold levels occur.
The Snowballed EA is specifically designed to avoid slippage; there is no Breakout, no Night Scalper, and it can handle a big volume of trades. By using preset values and built-in technical parameters, no tedious adjustment work is required. The average duration spent in a position is about 3 hours, with a maximum of 15 hours.
Snowballed EA Parameters
- Magic: EA magic.
- FixLots: Fixed trading lot.
- AutoLots: If select ‘true’, EA will automatically calculate trading lot base on ‘BalancePerLot’; if select ‘false’, EA will work on fixing lot.
- MaxLots: Maximum trading lot.
- BalancePerLot: Needed account balance per opening one standard lot (trading lots = AccountBalance / BalancePerLot).
- AccountEquityMaxDrawdown (percentage, 0-100): Maximum drawdown percentage of account floating loss, all trades will be closed while the account floating loss drop below the setting value.
- PortfolioMaxOpenPositions: Maximum open positions.
- EAComments: EA comments.
- UseSymbol: The symbol will work if select ‘true’, it will not work if select ‘false’.
- Symbol: Symbol name, including of suffix. Eg, input ‘EURUSD.r’ if broker has suffix ‘.r’.
- MaxSpreads: Maximum spread in pips.
- TakeProfit: Take profit in pips.
- StopLoss: Stop loss in pips.
Conclusion
Snowballed EA could be a beneficial trading robot for traders of all levels of experience. The developer of this robot has also shared some backtests for you to get an idea of how the Snowballed 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 Snowballed 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 Snowballed EA is also an expensive EA compared to some other forex robots which I have previously reviewed.
I’m a self-confessed Forex geek who spends countless hours researching, testing, and reviewing everything related to trading. With many years of experience in the Forex industry—and thousands of robots, brokers, strategies, and courses put to the test—I’ve seen what works and what doesn’t. My goal is simple: to share that knowledge with you for free, so you can navigate the exciting (and sometimes crazy) world of Forex trading with more confidence.
