- January 28, 2024
- Posted by: Forex Wiki Team
- Category: Free Forex EA
Introduction to GOLD EAGLE EA
In the dynamic world of Forex trading, having a robust strategy is crucial for success. GOLD EAGLE EA is a cutting-edge Expert Advisor designed for the XAUUSD (GOLD) pair. Employing a swing strategy, it capitalizes on market flats, which account for 80-90% of the time.
Strategy Unveiled
GOLD EAGLE EA utilizes a unique approach to trading. It opens the initial order based on signals from an indicator and sets a Take Profit (TP) level. However, if the price fails to reach the TP and retraces, an additional order is automatically initiated, averaging the TP level and bringing it closer to the entry point.
The trading panel empowers users to manually open orders, seamlessly integrating them into the series of orders managed by the EA. This innovative feature allows traders greater flexibility in executing their strategies.
Technical Specifications
Version: 0.0
Year of issue: 2023
Working pairs: GOLD, XAUUSD
Recommended timeframe: M1,M5
Minimum Deposit: $500
Average of account: 1:30 To 1:1000
Best Brokers List
Gold Eagle EA works with any broker and any type of account, but we recommend our clients use one of the top forex brokers listed below:
Gold Eagle EA Settings
- Trade_BySignal:
- Determines the criteria or conditions for executing trades based on signals from the indicator.
- Order_Distance:
- Manages the distance in pips between the entry points of consecutive orders, preventing them from being too close.
- LotMultiply:
- Multiplier that adjusts the lot size of trades, allowing users to scale positions based on market conditions or risk preferences.
- Close_BySignal:
- Dictates how the EA closes trades, specifying conditions such as reaching a target profit level or encountering a predefined market scenario.
- MagiciD:
- Unique identifier assigned to the EA's trades, helping differentiate them from other trades in the account, especially in multi-EA or manual trading scenarios.
- LOTS:
- Specifies the lot size for each trade, representing the quantity of the underlying asset being traded.
- Risk:
- Controls the level of risk per trade, determining the percentage of the trading capital that is at risk in a single transaction.
- Max_Order:
- Sets the maximum number of open orders allowed by the EA at any given time.
- SL_Pip:
- Defines the stop-loss level in pips, limiting potential losses by automatically closing a trade when the market moves against it.
- TP_Pip:
- Sets the take-profit level in pips, specifying the target profit for a trade before it is automatically closed.
- TPLinier:
- Linearly adjusts the take-profit level, providing a dynamic approach to locking in profits based on market conditions.
- UseTralling_Stop:
- Enables or disables the trailing stop feature, allowing the EA to adjust the stop-loss level as the market moves in favor of the trade.
- TrallingStart:
- Determines the distance in pips from the entry point at which the trailing stop function starts to activate.
- LockProfit:
- Manages the locking of profits by setting specific conditions under which the EA will secure gains in a trade.
- UseTimeFilter:
- Activates or deactivates a time-based filter, allowing the EA to consider specific time periods for trading.
- Start:
- Specifies the start time for the time filter, indicating when the EA should begin trading.
- End:
- Specifies the end time for the time filter, indicating when the EA should cease trading during a specific time period.
- Ordercomment:
- Allows users to add comments or labels to the orders placed by the EA, aiding in tracking and analysis.
Advantages of GOLD EAGLE EA
- Daily Trading: The Expert Advisor actively engages in trading almost every day, providing consistent opportunities for profit.
- Compatibility: GOLD EAGLE is compatible with other Expert Advisors and trading systems, allowing traders to diversify their portfolio effortlessly.
- Manual Control: The trading panel enables users to manually close all trades, providing an additional layer of control.
Setting Up GOLD EAGLE EA
Setting up GOLD EAGLE is a straightforward process:
- Add the Expert Advisor to the XAUUSD M15 and M1 charts.
- Activate the auto-trading function in both the Expert Advisor and the Meta Trader terminal.
For optimal performance:
- Maintain a permanent Internet connection and use a Virtual Private Server (VPS).
- Utilize a hedge account with leverage of 1:200 or higher.
- Opt for brokers with low spreads.
- Recommended minimum deposit: $1,000 or equivalent in cents for micro accounts.
Testing GOLD EAGLE EA
To ensure accurate testing:
- Verify the presence of quote history for the XAUUSD symbol.
- Use opening prices or 1M OCHL, as the EA trades at opening prices.
- Disable certain functions (Show Panel, Calculate Profit, Show BreakEven line) to expedite tests.
- Use default settings for the M15 - M1 chart.
Managing Market Fluctuations
GOLD EAGLE EA employs Higher Time Frame filters to filter out strong trend price fluctuations. This ensures that new deals are opened only if the signal of the current period aligns with the trend of the older period.
Words of Caution
- Historical data does not guarantee similar future results.
- Applying prudent money management rules and hedging strategies is essential for a stable result in the Forex market.
In conclusion,
GOLD EAGLE EA stands as a powerful tool for Forex traders, offering a unique swing strategy, advanced features, and a user-friendly interface. By following the guidelines provided, traders can unlock the full potential of this Expert Advisor and navigate the complexities of the Forex market with confidence.
Download Gold Eagle 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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