- January 15, 2023
- Posted by: Forex Wiki Team
- Category: Free Forex EA
Mean Reversion Range EA Review
Mean reversion range EA, or MRR EA is a powerful tool for traders looking to capitalize on the natural fluctuations of major and cross-currency pairs. This Mean Reversion Range EA, which works on a 15-minute timeframe, is specifically designed to trade on the GBPUSD, USDCAD, USDCAD demo, EURUSD, and EURGBP pairs.
Best Brokers List
The System Levels Trading Robot works with any broker and any type of account, but we recommend that our clients use one of the top forex brokers listed below:
|BROKER NAME||REGISTER||Year Founded||Headquartered||Leverage||Minimum Deposit||Regulating|
|1:1000||$5||ASIC, CySEC , IFSC|
🇧🇸 The Bahamas
|1:1000||$200||ASIC, SCB, FSA|
|1:Unlimited||$10||CySEC, FCA, FSCA, FSA, BVI|
|1:500||$200||FCA , ASIC, DFSA|
|1:500||$25||regulated by CySEC|
|1:400||$100||CBI, CSEC, PFSA, ASIC, BVIFSC, FFAJ, SAFSCA,ADGM, ISA|
System Levels Trading Robot Settings
One of the key features of MRR EA is its risk management settings. Users have the ability to set the volume of trades with inputs such as “Money management” and “Value for Money management.” This can be done using fixed lots, fixed risks per trade, or fixed volumes per 1000 equity. Additionally, the Mean Reversion Range EA is designed to hold a maximum of 2-3 trades at a time, which helps to limit risk explicitly.
Another important aspect of MRR EA is its spread control. If “Enable spread control” is turned on, the EA will not trade if the current spread exceeds the “Max allowed spread” value. This can be set in pips or as a percentage of the current price using the “Spread unit” input. The default settings for major currency pairs are typically sufficient, but users can adjust these as needed.
MRR EA also includes options for setting stop-loss and take-profit levels. These can be set in pips or as a percentage of the current price using the “Stop-loss and take-profit unit” input. While the Mean Reversion Range EA is optimized with default settings, it is possible to find other tradable settings through experimentation.
Another useful feature of MRR EA is the ability to enable breakeven and trailing stops. If “Enable breakeven” is turned on, the stop-loss will be moved to the trade open price level plus “Profit to save, pips” once a “Profit trigger, pips” profit is reached. Similarly, if “Enable trail” is turned on, the distance between the current price and stop-loss will be checked on “Profit trigger, pips” reach, and if the distance is higher than “Trail distance, pips” stop-loss will be dragged to a new level.
MRR EA also offers a range of time options to suit the needs of different traders. By default, the Mean Reversion Range EA trades 24/7, but users can further define the days of the week and hours of the day that are tradable. Additionally, the “Friday closing time” option allows traders to set a time to close all trades before the weekend.
Mean Reversion Range EA Backtest
It’s important to note that backtesting the EA using “Open prices only” mode is much faster than “Every tick” mode but the results are similar. However, it is important to remember that neither past tester nor live performance can ensure future results. Risk settings should not be based on backtests and lower risks mean higher possible returns. When live trading, a fixed risk within 0.3-3% per trade is fairly ok for live trading.
Download the Free Mean Reversion Range EA
We highly recommend trying Mean Reversion Range EA with ICMarket demo account. Also, familiarize yourself with and understand how this system works before using it on a live account.