Like Fishing started as a Trailing Stop tool that extends the methods on how the asset price trailing is conducted by the MetaTrader 4 client. At the end of development, this Expert Advisor became a fully automatic trading solution. Initially published by Hamed Dehghani from Iran in late 2017 on the MQL5 market, the latest 2.2 version has been upgraded with trading decision-making algorithms and Auto Lot management.
Even though very interesting, this EA has not received much attention from mql5.com users for several reasons. For now, this EA may be a diamond in the rough for Price Action protagonists, and for those looking for a Trailing Stop EA that only manages how the Stop Loss moves with the asset price.
The Overview page does not present the EA very well, there is just one screenshot without any pointers. The video attached is a bit confusing, English is not clear enough, and the presentation is amateurish. Now all this aside, the EA is interesting for several reasons. Like Fishing’s main purpose is Trailing Stop management using the Moving Average, Fractals, Parabolic Support and Resistance (SAR), High Low or Zig Zag, and using the custom indicator of your choice.
Simple Trail method may be the least interesting since it uses a fixed range for trailing measured points, similar to what the MT4 already has. The MA method will use a Simple MA for trailing the asset price. The MA can be adjusted for the periods thus making it adjustable for different strategies on any timeframe.
Similar is for the Parabolic SAR and other methods, they are good for different trading strategies. The main purpose of every Trailing Stop is the better exit moment without the need to watch the charts and adjust manually. Once the Trailins Stop threshold is reached, Stop Loss will follow the price and lock down the profits at optimal levels. This EA has demonstrated that when the trend is losing momentum, the Trailing Stop line moves tighter and tighter to capture most of the waning trend. This is a very handy feature that is very hard to replicate manually on lower timeframes.
If you plan to add your custom indicator as a trailing method, the name of the indicator must match the one typed in the settings panel of Like Fishing EA. Also, 2 indicator buffer numbers that make the signals need to be inserted, one for Buy signal and one for Sell.
As of late, Like Fishing EA can manage trading on its own, making decisions based on the “amazing random strategy”. We have found out this strategy is pattern recognition for the Price Action technical analysis although the exact means are obscured. Most likely, the EA is using some other indicator specializing in pattern recognition. Even though the EA is fully automatic, the developer has not published the performance charts as other developers usually do when presenting their product. Auto lot trading is also recently added in the settings so traders can set their preferred level of risk per trade.
Risk Management is one of the most important parts of trading and this EA partly does it very well with the Trailing Stop positioning. Trailing EAs are probably the best trade exit solutions once they have enough options to adapt them for different strategies. Like Fishing has enough of them given the relatively low price. This EA is testable in the Strategy Tester module of the MT4.
Aside from the mentioned Trailing Stop methods, there are few other settings available in the panel. Separately manage trades by magic number or manage all of them, select specifics for each trailing method, adjust the dashboard positioning, and set the trading lot limit. The settings panel could appear long but is neatly organized, it is easy to understand once it is understood how the EA operates. Unfortunately, this is not the case at first sight and many will turn away given the bad presentation. There are a few videos posted in the Comments page not visible in the Overview that is in higher resolution and better demonstrate the EA.
The price of Like Fishing EA is $30 to buy with 5 activations and $10 to rent for one month. A demo is available and critical to test your strategy first. Since the EA features custom indicator import and other abilities, it will give you enough variety to optimize for the best results.
There are only 4 reviews out of which only one is one star, averaging a total of 4 stars for this product. This one bad review could also be irrelevant to the quality, it seems the user was not able to understand how the EA works. Still, even with the lower price range, the EA popularity is low because of the benchmark results are not presented and a bad representation of its abilities.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/26348