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FX MarketProfile EA Review
In the dynamic world of forex trading, staying ahead of the curve is essential for success. One innovative solution to capture the moves of banks and hedge funds is the FX MarketProfile EA. This expert advisor is designed to follow their directional plays, aiming for a modest but consistent profit of around 20 pips. In this article, we delve into the functionalities, benefits, and settings of the FX MarketProfile EA, along with recommendations for a low drawdown (DD) scalper EA that aims for a 20% monthly profit.
Understanding the FX MarketProfile EA
The primary goal of the FX MarketProfile EA is to capitalize on the movements of financial giants. It strategically opens positions based on critical support and resistance areas identified using the Volume Profile. To ensure profitability, the EA relies on market movement indicators to dictate subsequent actions.
Key Features:
- Algorithm Sophistication:
- The core algorithm of the EA utilizes the Volume Profile to detect crucial support and resistance areas.
- Divergence Detection:
- Trail-Stop Strategy:
- If the market moves favorably following an open position, the EA employs a trail-stop strategy. Conversely, if the market moves against the position, the EA waits for a new divergence before adding to the position volume.
- Risk Management:
- All positions are secured with stop-loss orders to guard against unpredictable market fluctuations.
- Dynamic Profit Capture:
- Instead of predefined take-profit levels, positions are closed using a trail-stop mechanism, aiming to capture the maximum possible profit.
Technical Specifications
Version: 1.4
Terminal: MT4
Year of issue: 2023
Working pairs: ANY
Recommended timeframe: M15, M30, H1, H4 TimeFrames. (M15 is the best)
Minimum Deposit: $800
Best Brokers List
FX MarketProfile EA works with any broker and any type of account, but we recommend our clients use one of the top forex brokers listed below:
FX MarketProfile EA Settings
Setting Up the FX MarketProfile EA
To optimize the performance of the FX MarketProfile EA, careful consideration must be given to its settings. Here are the key parameters to configure:
- Symbol: Enter the symbol name for trading.
- Timeframe: Select the desired timeframe (M15 recommended).
- Positions: Define the number of positions to be opened.
- Risk Level: Choose a risk level, with lower numbers indicating lower risk.
- First Step Volume Mode: Select the volume mode, especially relevant if using the martingale method.
- Lot Size: If Volume Mode is fixed, set the lot size.
- Maximum Position Allowed: Define the maximum number of positions allowed (0 = unlimited).
- Magic Number: Choose a different magic number for each chart to avoid interference.
- Positions Comment: Add a comment for better tracking.
- No Trading Hours (Start and End): Set the hours during which trading is allowed.
- RSI Period: Define the RSI period for divergence detection.
- Info Panel Width, Height, Color, Fontsize, and Fontcolor: Customize the info panel to suit preferences.
The Low Drawdown Scalper EA
In addition to the FX MarketProfile EA, traders often seek a low drawdown scalper EA that can deliver consistent profits with minimal risk.
Key Criteria:
- Low DD:
- The EA should maintain a low drawdown, ensuring preservation of capital during adverse market conditions.
- 20% Monthly Profit:
- Aim for an EA that has a proven track record of achieving a 20% monthly profit.
- Recommendations:
- Optimal performance is observed on specific currency pairs (AUDNZD, NZDCHF, etc.) and timeframes (M15 recommended).
- Account Balance:
- To ensure safe use, a minimum account balance of $100 for cent accounts or $800 for standard accounts is recommended.
- Volatile Market Considerations:
- Be vigilant during volatile market conditions, especially around news events, and consider closing trades to mitigate risks.
Conclusion
In conclusion, the FX MarketProfile EA presents a unique approach to forex trading, focusing on capturing the moves of institutional players. With its sophisticated algorithm and strategic use of indicators, it aims to provide consistent profits while minimizing risks. Additionally, the low drawdown scalper EA offers an alternative for traders seeking steady gains with prudent risk management. As with any trading strategy, thorough understanding and careful implementation are crucial for success. Remember, the forex market is dynamic, and adaptability is key to navigating its complexities.
Download FX MarketProfile EA
Please try for at least a week an ICMarket demo account. Also, familiarize yourself with and understand how this free forex Tool works before using it on a live account.
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