The Correlates EA Free is an expert advisor that can be found within the MQL5 marketplace, we have added a link below so you can see exactly which expert advisor we are looking at. The expert advisor was uploaded by Evgeniy Machok on the 22nd of December 2018, it has recently been updated on the 29th of March 2019 and this brought it up to version 1.24.
Correlates EA Free is an expert advisor that has been created to be used with the MetaTrader 4 trading platform. The expert advisor uses the idea of a correlation between the EURUSD and USDCHF currency pairs, by doing this, it allows the expert advisor to protect itself by opening a trade on the main pair and the correlated pair at the same time, this helps to avoid potential large drawdowns.
There are some recommended settings for the expert advisor, of course, you are able to sue your own settings too:
- TimeFrame – H1
- Trading terminal – MetaTrader4
- Minimal recommended deposit – $500 for 0.01 lot
- Minimal recommended account leverage – 1:500
- Parameters – default
There are a number of parameters that can be altered to change the way that the expert advisor functions, these include things like auto lot sizes, lots, risk, drawdown, correlation periods, take profit percentage, minimum correlation, correlation step size, lot multiplier, broker prefix, broker suffix, and magic numbers.
There is a limitation to this version as the following message is available on the site: “It is necessary to understand that testing this strategy in the MetaTrader4 tester is impossible since the work is carried out simultaneously on several instruments, while the tester makes it possible to test only one trading instrument at a time.”
The expert advisor is completely free to download and use, so there is no purchase price or rental price required, due to it being free to download and use, there is no demo version available or required.
There are currently 12 reviews available, the overall rating of these reviews has given the Correlates EA Free a rating of 4.5 out of 5 stars.
“I’m using Correlates EA Free from few weeks on a demo account and I like it. Low DD thanks to the correlation and so far always earnings. This EA can be used only with EURUSD/USDCHF, I hope will be possible to have it also for other correlated currency pairs (Evgeniy told me that for other correlated pairs results are not so stable). Thanks to Evgeniy for the great support via PM and for making these EAs available for free. Keep up the great work!” – A 5-star review.
“Good free EA! Nice help from the creator” – A 5-star review.
“Interesting trading using correlation! DD under control. Not a lot of trades but winning trades for the three last months. Until now one of the best free ea and better than almost expensive ea sold here! Negative point is that you will earn each time just a few pips! No risk, no gain. This is the Forex rule! This ea can open several baskets so be careful to have enough deposit. Can become dangerous for deposit.” – A 3-star review.
So the overall reviews are very positive, there are also 88 comments, the creator seems to be replying to comments on a regular basis which seems to show that the expert advisor is till being supported which is good to see. As it is completely free to download and use, you could always test it out on a demo account just to see that it is working correctly and that it functions as planned for you.
This Forex Indicator is currently available in the MQL5 marketplace: https://www.mql5.com/en/market/product/34135