XT Prop Firms EA

The XT Prop Firms EA is an Expert Advisor specifically designed for Prop Trading Firms, but it can also be used with any broker by making a few adjustments. The EA incorporates various indicators such as Price Action, Cycle Strength, SMA Strength, RSI, and two custom indicators that are built into the system to identify potential entry and exit points for trades, allowing it to make informed trading decisions.  In this comprehensive review, we will delve into the strategy, features, strengths, and weaknesses. Additionally, we will also delve into the settings and risk management aspects of the XT Prop Firms EA to help traders make an informed decision about its suitability for their trading endeavors.

XT Prop Firms EA Strategy

XT Prop Firms EA
XT Prop Firms EA

The XT Prop Firms EA is a MetaTrader 4 and MetaTrader 5 Expert Advisor specifically designed for Prop Trading Firms, but it can also be used with any broker by making a few adjustments. It is a multicurrency EA that focuses on three major currency pairs: EURUSD, GBPUSD, and USDJPY. The EA incorporates various indicators such as Price Action, Cycle Strength, SMA Strength, RSI, and two custom indicators that are built into the system to identify potential entry and exit points for trades, allowing it to make informed trading decisions. The EA also works on the H1 chart.

One of the key features of the XT Prop Firms EA is the use of a Pending system, which is visible in the tester. The developers have also included a second system as an option, anticipating situations where the first system may not generate any trade opportunities due to unfavorable market conditions. The XT Prop Firms EA offers three risk levels: Low, Medium, and High, allowing traders to choose the level that aligns with their risk tolerance. A Leverage of 1:20 up to 1:500 and Minimum deposit of 1000 USD is recommended by the Developer.

XT Prop Firms EA Strategy
XT Prop Firms EA Strategy

To further enhance the performance and risk management of the EA, several filters have been incorporated. These include a time filter that defines specific trading hours, a news filter that prevents the EA from opening positions 60 minutes before and after high-impact news releases, and a spread filter that provides additional protection during important news events. These filters help to avoid volatile market conditions and reduce the risk of unfavorable price movements.

However, there are some weaknesses to consider. One potential weakness of the XT Prop Firms EA lies in its use of a Pending system. While the Pending system allows for greater control over trade entries, it also relies on specific price levels being reached before triggering a trade. This means that there may be instances where the desired price level is not reached, resulting in missed trade opportunities. In highly volatile or fast-moving markets, the price may quickly surpass the desired entry level, causing the EA to miss potential winning trades. Additionally, The EA operates on the H1 timeframe, which may not suit all trading styles or capture shorter-term opportunities. To mitigate these risks, traders are advised to employ sound risk management techniques and thoroughly test the EA on a demo account before considering live account usage.

XT Prop Firms EA Features

  • Designed for Prop Trading Firms.
  • Compatible with any broker by adjusting parameters.
  • Multicurrency support: EURUSD, GBPUSD, and USDJPY.
  • Three risk levels: Low, Medium, and High.
  • Indicator-based strategy: Price Action, Cycle Strength, SMA Strength, RSI, and custom indicators.
  • Pending system for trade entries.
  • Optional second system for alternative trade opportunities.
  • Time filter for defined trading hours.
  • News filter to avoid trading around high-impact news.
  • Spread filter for additional protection during important events.
  • Adjustable parameters for trades and functions.
  • Available for MetaTrader 4 and MetaTrader 5 platforms.
  • Operates on the H1 Time Frame.
  • Minimum lot size of 0.01
  • A Leverage of 1:20 up to 1:500 and Minimum deposit of 1000 USD is recommended by the Developer.

XT Prop Firms EA Settings

  • Multicurrency – EURUSD, GBPUSD, USDJPY
  • Risk percent – Selecting the size of the lots based on the risk percentage
  • Select risk mode – Three modes to select the risk: low, medium, and high
  • Orders Step – Distance in points between trades
  • Trade Hours – Choose the days and hours that EA will work (Local time-PC)
  • MaxSpread – Maximum allowed spread for trading (spread filter)
  • Take Profit – Take profit in pips for individual trades with low mode
  • Stop Loss – Stop loss in pips for individual trades with low mode
  • Orders Profit – Profit in account currency for positions to be closed
  • Stop Loss – Trades loss as a percentage of the account balance
  • Closing all orders (true/false) – Activation of closing trades at the end of the day
  • Closing Time (text in format HH:MM) – Closing time for opened trades
  • Lots – Lot size of opened trades on signal
  • Lots Step – Additional lot size added to following trades
  • Filter news – Specify which currencies’ news to include in the filter (USD, EUR, GBP, CAD, AUD, JPY, CHF, CNY, NZD)
  • Magic No – Identification number for trades opened by the instance of the strategy
  • Show panel – The ability to hide the EA panel that is on the chart
  • Allow trading in holidays (true/false) – Allow opening new trades from new cycles during holidays when the news filter is active
  • Trade Comments – The ability to add your own comment that will be visible to each order in MT4-MT5
  • NewsFilter (true/false) – Activation of the news filter for blocking new trades
  • doNotTradeBefore/AfterInMinutes (number) – Minutes before and after the news during which EA cannot place new trades
  • ReportFor USD/EUR/GBP/CAD/AUD/JPY/CHF, CNY, NZD (true/false) – Choice of the currency for which the news is included in the filter
  • AllowTradingOnHolidays (true/false) – Allow opening new trades from new cycles during holidays when the news filter is active
  • FindKeyword (true/false) – Activation of function to detect only news with chosen keywords included in the name
  • FindKeywordList (text) – List of keywords to be included in high-impact news for the news filter signal
  • Additional automatic Stop Loss during important news (% of Balance) – Separate parameter to handle positions opened before important data
  • TPSLHidden – Option to hide take profit and stop loss levels from the broker’s view (visible only with Low mode)

XT Prop Firms EA Summary

The XT Prop Firms EA is a versatile trading tool designed for Prop Trading Firms, offering adaptability, multicurrency support, and customizable risk levels. It incorporates Price Action, Cycle Strength, SMA Strength, RSI, and custom indicators. The EA utilizes a Pending system, backup system, and filters for risk management. However, a weakness lies in the reliance on specific price levels being reached before triggering a trade as there may be instances where the desired price level is not reached, resulting in missed trade opportunities. Applying good risk management settings and Demo testing the Algotd EA before using it on a Live Account is crucial to minimize potential losses. The EA is suitable for traders associated with Prop Trading Firms and individual traders seeking customizable strategies.

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