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FREE Bar Mode 1.1

FREE Bar Mode 1.1

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MT5 Version here: https://www.mql5.com/en/market/product/56595

You can use or backtest using the default settings on a EURUSD chart using H4 timeframe. You can find more set files here. All set files are optimized from 01-01-2019 to date.


Bar Mode is an automated system that uses bar opening and closings to consider opening or closing trades. It uses a special algorithm to increase profits per trade and it uses grid to recover losing trades.


For monitoring signals please visit my profile:

https://www.mql5.com/en/signals/author/readytogolive

Minimum funds is $250 and a broker with 1:500 leverage recommended. 

HOW TO BACKTEST

  • Strategy has been back tested and optimized for the market moves in the last 2 years.  2 years should give you a good idea on what to expect, however you can optimize it for a longer period if you wish.
  • Make sure you have enough tick data for 2 years. If not, download the tick data from Meta Trader servers.  Go to Tools->History Center-> Click on EURUSD M5 and click Download.
  • If you are back testing with default settings please make sure you use the EURUSD symbol and  H4 timeframe.
  • Select spread as ‘2’ on Strategy Tester. 
  • Remember, the set files are optimized for 01-01-2019 to 22-02-2021 (2 years+). So, either back test for the last 2 years or optimize it for more than 2 years.

EA Parameters:

Do not open new trades: If -for any reason- you would like the EA to stop opening new trades, set this option as ‘True’. It will continue managing existing trades (closing them with tpl/sl) but it will not add any new trades. 

Trade direction: If -for any reason- you want the EA just consider buying or just selling, change this as required. Otherwise keep it as ‘Buy and sell’.

Number of bars, Number of opposite bars, Opposite bar position : The strategy works based on how bars open and close. These are where we set the values.

Minimum movement in pips: To avoid trading in very slow markets the EA will check minimum movement to consider opening a trade.

Maximum Spread(in pips): If the current spread is above this value, it does not open a new order.

Magic Number: If you are using this EA on multiple charts, make sure the Magic Number is different on each of them.

Comment: Comment you wish to see on the trade. If you are using the EA on multiple charts make sure to change the comment to something you can recognize. 

Auto Lot Per 1000: Enter here the lot size you wish the EA to open per $/£/Eur 1000. 

Auto lot TP (% from balance): EA takes profit when the difference between the last and the first order reaches this percentage.

Stop Loss: You can set a stop loss in percentage using this section. 

Close all trades if the global DD reaches(%): Global drawdown is the DD on your terminal, not necessarily only the trades opened by this EA.

Stop trading if the global DD reaches(%): If the drawdown on your terminal exceeds the defined value, it will stop opening new trades until drawdown improves.

Grid type:  Incremental: 0.01, 0.02, 0.03 etc, Fixed: 0.01, 0,01, 0,01, 0,01..etc..

Repeat trade when loss reaches, Number of closed bars : Set here when you would like to add a new trade.

Close all positions every time the equity goes down by %: Depending on your risk appetite you can choose to close all trades when there is a certain % of DD

Repeat trade when loss reaches multiples of (points): You can set here when you expect an additional trade to be opened when a trade goes in loss.

Level Limit per Magic Number: Maximum number of trades that can be opened per pair.

Recover mode starts on level: When there are this many trades open, it will start the recovery mode to close trades in break even instead of trying to turn profit. 

Trading starts/Trading ends: Time settings

Friday Settings: If activated, the EA can close all trades at a specific time on Fridays to avoid leaving trades open during the weekend.

Show panel: If you are using the EA on many charts, disable the panel to improve performance.


PLEASE NOTE THAT MARKETS CHANGE ALL THE TIME AND PAST PERFORMANCE IS NOT INDICATION OF FUTURE PERFORMANCE.  USE THIS EA AT YOUR OWN RISK AND TRADE RESPONSIBLY. 

Bar Mode
ZIP Password = getforexea.com (Lower Capital)ZIP Password = getforexea.com (Lower Capital)

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