ExpMartin Expert Advisor is a script that employs basic Martingale strategy to place and manage alternating trades.
Basic Concept of ExpMartin Expert Advisor
The idea behind this Expert Advisor is to employ a Martingale trading strategy with the expectation that the market will breakout from sideways to either direction. By using appropriate values for FACTOR and LIMIT, the Expert Advisor recovers all the losses incurred in the sideways markets and makes additional profits.
Trade Entry conditions for ExpMartin Expert Advisor
When the Expert Advisor starts, it checks if a trade is already opened. If there is no opened trade, then the initial BUY trade is opened for LOTS lot-size if START_TYPE is set to 0. If the START_TYPE is set to 1, then an initial SELL trade is opened for the LOTS lot-size.
Stop Loss and Take Profit Condition for ExpMartin Expert Advisor
The initial stop-loss is set to STOP_LOSS points, and the initial take-profit is set to TAKE_PROFIT points. If the initial trade closes at a loss, the next trade opened is of the opposite type and the lot-size is increased by FACTOR. For example, if the initial trade was a BUY trade for 0.1 lots, and the FACTOR is set to 2.0, then the next trade is a SELL trade for 0.20 lots.
This process is repeated till the trade is closed profitable, or when the number of trades in the sequence reaches LIMIT. For example, if LIMIT is set to 5, then after the 5th trade is closed at a loss, the Expert Advisor starts afresh with the original lot-size. However, the direction is reversed from that of the last trade.
Configurable Inputs for ExpMartin Expert Advisor
- LOTS– The lot-size of each trade opened by this Expert Advisor.
- STOP_LOSS– The initial stop-loss of each trade in points.
- TAKE_PROFIT – The take-profit of each trade in points.
- FACTOR – The multiplier to calculate for the lot-size of the subsequent trades.
- LIMIT – The maximum number of times the lot-size is multiplied by the lot-multiplier FACTOR.
- START_TYPE – Specifies whether the initial trade is a BUY trade or a SELL trade. If this parameter is set to 0, the initial trade is a BUY trade, else the initial trade is a SELL trade.