The Straddle EA is an automated trading robot which tries to take advantage of significant market movements. This forex expert advisor is compatible with the MetaTrader 4 platform and utilizes a complex system of trade entry and exit filters across various timeframes to try that trades are made in the direction of the market trend. The Straddle EA works by automatically placing buy or sell orders when specific conditions are met, allowing EA to identify potential trades from large price movements that occur during market opening times.
Straddle EA Strategy
The Straddle EA’s primary strategy is to trade during significant fundamental news events. It achieves this by opening two pending orders – a Buy Stop and Sell Stop – in an attempt to capture the market’s single-directional movements at the time of the news. The EA is designed to run from “News Time – Seconds before News Time” to “Expiration Time,” during which it undergoes three states:
- Waiting: This is the state the EA is in before “News Time – Seconds before News Time.” The EA remains idle, waiting to begin trading.
- Passed: The EA starts and executes the trades during this state. This is when the Buy Stop or Sell Stop order is triggered based on the direction of the market’s movement.
- Expired: The EA enters this state after the expiration time. It indicates that the Straddle EA has finished executing its trades and has completed its trading strategy.
Straddle EA Features
- Risk Management: The EA automatically applies 5 different types of stop-loss functions and 3 different types of take-profit functions. The different stop-loss types include trailing stop loss, jumping stop loss, break-even, ATR-based stop loss, and pip-based stop loss. The 3 types of take-profit functions are pip-based, ATR-based, and rolling take-profit. The tool also has various trade point entry and exit filters.
- Automated News Avoidance: The Straddle EA can automatically close trades before the release of any major economic news events that could affect the currency pair being traded. The user inputs the news events they want to avoid into a spreadsheet, and the EA will avoid them.
- Automated Market Volatility Adjustment: The tool uses an ATR multiplier in many of its essential functions to stay aligned with current market volatility.
- Drawdown Protection: The EA will close all trades and exit the chart at a user-defined amount of drawdown (based on equity). It also has a maximum daily drawdown function.
- Alerts and Push Notifications: The Straddle EA provides real-time alerts and push notifications to the user, informing them of what is happening.
- Auto DST & Broker Server Time Adjustment: The EA automatically adjusts to daylight saving time once the broker server time is chosen.
Straddle EA Settings
- Trade Type: Type of order open at news time.
- Buy Trade: Open only buy stop order.
- Sell Trade: Open only sell stop order.
- Both: Open both type of orders (buy stop and sell stop).
- Lot Size: Lot size of the trade.
- Buy Gap (in points): Gap for the buy stop trade.
- Sell Gap (in points): Gap for the sell stop trade.
- Take Profit (in points): Take profit in points.
- Stop Loss (in points): Stop loss in points.
- Comment: Comment in all the trades.
- Magic Number: Magic number of the trade.
- Enable Trailing: It enables the trailing
- Trail Only Profit: If enabled, it trails only when trades comes to profit
- Trailing Start (in Points): It is the window of the trailing. When Trail Only Profit is enabled it tells the starting point.
- Trailing Step (in Points): It the forward step of the trailing.
- News Time: The EA will wait for this time to start trading.
- Expiration Time: The EA will expire and not open any pending orders after this time.
- Seconds before News Time: It tells at how many seconds before the news, start trading. At the news time there is more volatility, so it is better to open trades few seconds before the news come.
- Trade Only Once: If true, open pending order only once. In other case, open pending order again as soon as all the orders are closed.
- Cancel Opposite Order: As soon as one pending order gets executed, close the other one.
- Close Pending Order on Expire: After the expiration, close all pending orders.
- Close Live order on Expire: After the expiration, close all the live orders.
Straddle EA Summary
Overall, the Straddle EA employs a system of trade entry and exit filters over multiple timeframes and places buy or sell orders when certain conditions are met. Moreover, the Straddle EA’s operates in three states, including Waiting, Passed, and Expired. However, the Straddle EA includes risk management features, such as stop-loss and take-profit functions, but there is no guarantee of profits or protection against losses. Therefore, traders are advised to use a demo account before using it in a live trading environment.
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