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'RedHotChiliEA' Trading Robot (Expert Advisor) for MT5 trading platform

gandra | Published on the thu Feb 18, 2021 12:47 pm | 846 Views

Hello, dear fellow traders, visitors, and my dear forum members. If you are not yet a member of the forum, REGISTER, because we want our community to grow! Remember, we are the best and largest forum in Southeast Europe regarding foreign exchange trading. Maybe you want to learn something? No problem! We have more than 9000 topics and everything is free, don't forget that!

This review will not be too long and boring, at least I hope. Don't blame me if I miss something, because the complete user guide will be published in a few days on the MQL5 website. If you have any questions about this robot or any of my EAs, we can chat here on the forum or contact me via telegram channel: @ dragandrenjanin

This is going to be something like my general advice, how to use RHC. So, let's get started :).

If we want the robot to work for us, we must set certain inputs in the right way. To control the volume/lot, a robot has integrated the input "Set volume risk in percent ", and to control the losses, the input "Decrease factor" was integrated. For our profit goal we need to set the input "Take Profit", and for losses, we must set the input "Stop Loss". The robot also has the ability to open and close orders based on a signal. For this purpose, two inputs are integrated, namely: "Signal threshold value to open" and "Signal threshold value to close"

These two inputs can be used instead of SL and TP or in combination. If we use them independently, set our SL and TP to zero, and the robot will open and close orders at a given level. The Trailing Stop has three separate options. All three functions can be used, independently, or in combination.

Whit this EA you have the ability to trade on all available instruments, such as currency pairs, metals, CFDs, cryptocurrencies. The default robot settings are optimized for trading the EURUSD currency pair in the H1 time frame. If you want to trade with other currency pairs, you need to reoptimize EA again. How and in what way, see the picture below.

The main idea is the ability to choose between a large number of strategies. Which strategy or strategies we choose depend on ourselves. The default settings have two active strategies. The first is MACD, and the second is Williams Percent Range.

The total number of indicators-based strategies is fourteen. Each module can be used independently or in combination with other modules. Also, have the ability to activate all fourteen signals simultaneously.

Check all the strategies in the pictures below:

To see how RHC works, watch the promo video.

If you want to buy or try EA, visit the MQL5 store.

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