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myRandom Expert Advisor
myRandom Forex expert advisor is my own experimental
MT4/MT5 EA inspired by the seeming randomness of financial trading in general
and the Forex trading. Of course, such approach goes astray with the dominant
technical and fundamental analyses approach. But it can be considered as the
only acceptable method for the believers in the random walk hypothesis.
This EA is very simple; it doesn't use any market indicators. The only
condition it checks to decide the direction of the next position (buy or sell)
is the random number - if it's an odd number EA goes short, if it's an even
number EA goes long.
There are 6 input parameters to tune this expert advisor. Their default
settings should be OK for the test GBP/JPY H1 chart, but you can toggle them
as you wish to test your money management strategy as it is the only strategy
that is applied to such random trading. Here is the list of the input
parameters:
- Lots — the number of standard Forex lots to open positions for.
- Slippage — the acceptable price slippage.
- RandomEntryPeriod — the number of bars the EA will wait to open a new position.
- StopLoss — the stop-loss value in pips.
- TakePorfit — the take-profit value in pips.
- MaxPositions — the maximum number of the open positions at the same
time. In MT5 version, this is used as the maximum volume of the position measured
in Lots.
Despite its seeming uselessness the random Forex trading proved to be
profitable on the backtesting performed in the strategy tester. So, if you want
to try something new and original myRandom EA is a good choice.
This EA is using a Magic number to track the number of currently open
orders for the selected currency pair. So it's safe to trade with it on multiple
currency pairs/timeframes in one account. You should be advised that this isn't
true for the MT5 version. Not only it's slightly different from the MT4 one
but it also may interfere with other EAs trading the same currency pair in the
same terminal instance.
Testing myRandom expert advisor over a one year period
showed almost $1,650 of profit on the GBP/JPY H1 pair/timeframe combination.
The maximum drawdown was as low as $29. Testing its performance over the last
three years also confirmed its stability.
MiniFAQ
What are the stop-loss and take-profit used by this EA?
It uses 90 pip stop-loss and 600 pip take-profit, without the trailing stop-loss.
How often does it trade?
On hourly GBP/JPY chart (the optimum settings) this EA will trade 6-7 times a month
on average.
What's the difference between the versions for MT4 and for MT5?
Unlike the version for MT4, the one for MT5 trades without hedging and monitors
only the maximum volume of the position, it also uses only one stop-loss and
take-profit level for the whole such position.
Downloads
Download myRandom expert advisor for MT
Download zipped myRandom expert advisor for MT4
Download myRandom expert advisor for MT5
Download zipped myRandom expert advisor for MT5
Discussion
Warning! Before you ask any basic questions regarding installation of
the expert advisors, please, read this
MT4 Expert Advisors Tutorial
to get the elementary knowledge on handling them.
Do you have your own trading results or any other remarks regarding this
expert advisor? Discuss myRandom with other traders and MQL programmers on the experts forums.
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