This free ATR Expert Advisor (EA) is designed for automated forex trading on the MetaTrader 4/MetaTrader 5 platform. The robot uses the Average True Range (ATR) and Bollinger Bands for trade entries. It is optimized for the M30 timeframe based on its strategy configuration.
Trading Parameters:
- Initial Lot Size: 0.1 lots
- Stop Loss: 16 pips
- Take Profit: Adjustable, disabled by default
Indicators Used:
- Average True Range (ATR): Measures market volatility (Period: 31, Sensitivity: 0.0025)
- Bollinger Bands: Identifies overbought/oversold levels (Period: 16, Deviation: 3.30)
Risk Management Features:
- Max Spread: Limits trade execution
- Max Open Positions/Lots: Prevents excessive exposure
- Max Daily Loss & Drawdown: Stops trading after set limits
- Min Equity Threshold: Ensures account protection
- News Filter: Avoids trading during high-impact events
For optimal performance, it’s advisable to use brokers with low spreads, like Eightcap. The robot is designed to work effectively with default settings, but users can apply custom set files to align with individual trading preferences. Always test on a demo account first. Robots are used entirely at your own risk.
For instructions, you can download our Free Expert Advisors Startup Guide before trading with the robot.
Disclaimer: Trading forex carries high risks and may result in total capital loss. Only risk capital should be used. Test the EA extensively on a demo account before live trading.
