Expert Advisors (EAs) have revolutionized the world of Forex trading by automating complex strategies and reducing the emotional aspects of trading. One such EA that has been garnering attention is the XMaster Formula Expert Advisor for MetaTrader 4 (MT4).
The XMaster Formula Expert Advisor for MT4 offers a seamless and automated trading experience based on the well-regarded XMaster Formula MT4 indicator. With customizable features such as trading lot size and stop-loss/take-profit levels, it offers adaptability for traders with various risk appetites. While it shines in trending markets and on higher timeframes, caution should be exercised during ranging market conditions.
How It Works
The XMaster Formula EA uses color and arrow cues from the XMaster Formula MT4 indicator to execute trades. Specifically, when the indicator changes color from red to green and an upward arrow appears, the EA will automatically open a buy trade.
Conversely, when the indicator changes its color from green to red and a downward arrow is displayed, the EA will initiate a sell trade.
For both buy and sell trades, the EA will close the position either when the indicator changes color in the opposite direction or when a pre-set stop-loss or take-profit target is achieved.
Traders have the flexibility to customize various parameters for trading:
- Lot Size: Users can specify the trading lot size based on their risk tolerance and investment objectives.
- Stop-Loss and Take-Profit: These are protective features that traders can set to manage risks and lock in profits.
Recommendations for XMaster Formula Expert Advisor:
It is advised to use this EA on trending currency pairs, metals, or indices. This is because the XMaster Formula EA performs optimally in trending markets. One of the key limitations of the XMaster Formula EA is its subpar performance during flat or ranging market conditions. During such periods, the EA is likely to produce more losing trades.
Also higher timeframes such as H1 or above are recommended. These timeframes usually offer more reliable signals and a better overview of the market trend.
Please test XMaster Formula expert advisor on the strategy tester and on demo account before trading with real money.
- Broker: IC Markets
- Platform: Metatrader 4
- Currency pairs: any
- Timeframe: any, H1 or above are recommended
- Trading time: all day
- If you would like the expert advisor to trade 24 hours, 5 days a week, you should consider running it on a VPS server (Read more about what Forex VPS is and why you should use it)
Examples of performance:
It’s up to you to backtest the expert advisor and find the best currencies, timeframes, and settings for trading. Here are some examples of EA performance:
EUR/USD, H1 timeframe, stoploss 50, takeprofit 40. 2023.01.01-2023.09.05:
GBP/JPY, H1 timeframe, stoploss 180, takeprofit 180. 2022.01.01-2023.09.05:
Settings of XMaster Formula EA:
- Magic – magic number of expert advisor. Use a different number for every currency pair or timeframe.
- Lots – define the size of the lot you would like to trade.
- Stoploss – define the size of the stop loss in pips.
- Takeprofit – define the size of the take profit in pips.
- Maxspread – define maximum spread in points. If the spread is higher than set, the expert advisor will not open new trades.
How to Install and Run XMaster Formula EA:
- Download and unpack the zip archive with EA and indicator
- Copy the indicator file (Xmaster-Formula.ex4) to the MQL4 folder -> Indicators
- Copy the expert advisor file (XMaster-Formula-EA.ex4) to the MQL4 folder -> Experts
- Restart the Metatrader4 platform
- Open the chart of the required currency pair
- Make sure AutoTrading is enabled on MT4 platform
- Drag and drop XMaster Formula EA on a chart (make sure that EA face is smiling on the chart)
In XMaster-Formula-EA-test.zip file you will find:
Download XMaster Formula EA test version for free:
Important! The version you find above allows only testing of XMaster Formula EA on MT4 Strategy Tester. If you would like to use this expert advisor on demo or real account you may buy an unlimited version here:
After you make a secure payment, we will email you the unlimited XMaster Formula EA file as soon as possible (please also check your spam folder). You will be able to use EA on any account.
If you have any questions please Contact Us
Disclaimer: Forex trading is a risky activity! Past performance of an expert advisor does not guarantee good results in the future. Use all Forex indicators, strategies and expert advisors you find on dadforex.com at your own risk. Dadforex.com is not responsible for the loss you may incur trading with any expert advisor or other trading tool.