Tag: Forex Service Review

ICap Forex EA Review

ICap is an EA created in July 2019 by developer Supun Sameera Manasinghe. It was first published in July of 2019 and is still being offered in 2021, which is an excellent sign. The software is at version 1.9 as of this review. This Expert Advisor can act in 3 different ways: Fully auto trader […]

This Expert Advisor can act in 3 different ways:

Fully auto trader

Once you have set the parameter “Self Start” in “On”, the EA will start operating automatically without human intervention. As a regular EA. For this EA to open operations, it uses a trend tracking mechanism. You can work with this EA in M1 time frames and the EA will be stable even during news release moments. The EA will only be negotiated when closing the candle. Not with tick data.

Note: ICap is using Grid and Martingale mechanisms to recover lost positions. But you can control the increase in position size with the parameter “Sizing Control”. The ideal value will be 0.25.

Semi-auto trader

You can open an operation manually and then the EA will continue to monitor running operations. If trade is profitable and the market is trying to reverse, EA will close down its trade and remain inactive until the next manual trade is opened. If your business is at a loss, the EA will use a network and martingale (With minimum risk) to close your trade at the break-even point or at the profit percentage set out in the “Cover Profit” section.

Trend line operator

This EA can open operations with trend lines. We know that trend lines are vital points for opening operations and placing the “limit of sale” or “limit of purchase” at the right point with the conventional trading system is difficult. You can now run this EA with “Self Start”, set it to “Off”, and draw its trend lines so that EA will open operations with those trend lines. For this to work, you must write some parameters in the trend line description section.

Parameters of the Trend Line

Enter these parameters in the description section of the trend line so that those trend lines will act as described below. Write all letters in the upper case. Use the semicolon (;) to close each parameter unless otherwise specified.

SLMT; The trend line will act as a selling limit.

BLMT; The trend line will act as a purchasing limit.

FL; Fixed lots; If you specify FL=0.1; the EA will open 0.1 trade size on the trend line.

Example: SLMT; FL=0.1; In this line which is a sales limit, the EA will open a sales order with lots of 0.1.

SL; You can specify the loss of Stop for your trade so that the EA will place the loss of Stop at the time of the opening of trade.

Example:

SLMT; FL=0.1; SL=100;

In this line which is a limit of sale, the EA will open a sales order with 0.1 lots and loss of stop of 100 points.

SLMT; FL=0.1; [email protected];

In this line which is a limit of sale, the EA will open a sales order with 0.1 lots and with the loss of stop will be put at the price 1.2547.

RC; Specifies the risk capital for your operations. With this parameter, EA will calculate the risk capital with SL you specify.

Eg: SLMT; RC=2; SL=100;

The EA shall calculate the batch size according to the parameters SL and RC. If you did not specify the SL parameter (Stop loss) then the FL parameter will be used and if the FL parameter is not present, then the minimum allowable batch size will be opened. (Ex: 0.01)

TP; Specifies the take benefit for your orders.

Example: SLMT; RC=2; SL=100;TP=200;

A 200-point loss stop order will open when the price reaches the line. As with Stop Loss, you can use the parameters @C and @P as TP=@C; or [email protected]

BTP Take Profit for purchase orders. If you have purchase orders then this line will close those purchase orders if the price reaches this line.

STP Make profit on sales orders. If you have sales orders on your chart then EA will close any sales order if the price reaches this line.

The developer gives us the following notes:

This EA has been shown to bring about 15% growth per month. It is advisable to use the default parameters.

Home Page: EN
Start size: 0.03 percent
Size of control: 0.25
Benefit of coverage: 0.1

Service Cost

The selling price of this EA on the MQL market is 10 USD, which will allow you to use it for 1 year. A free demo version is available for download at this time.

Conclusion

In short, we are talking about a robot that appears to be quite complete and profitable. We lack comments from users who have tested the system to see their ratings, but there are none. Another issue we never like, the systems that work with Martingale, as is the case with ICap.

We recommend downloading the trial version to get to know this robot better and to become familiar with all the parameters that it offers and that have been mentioned here.

Tags Forex Broker Review, Forex Service Review, ICAP, ICap EA, ICAP Review

Pin Bar Indicator (Free Version) Review

Post author By Forex Academy
Post date 28 October, 2020
No Comments on Pin Bar Indicator (Free Version) Review

Pin Bar Indicator Free is a free indicator created in March 2019 by developer Luca Pulito. The MT4 Pin Bar Indicator Free identifies Pin Bars, and will even give you sound or email alerts if you want them. The pin bars are based purely on the price action reflected by the candle formations created by […]

The main parameters of the Pin Bar Indicator are:

The maximum permitted body/length ratio for nose bar.
The body of the nose should be the position on the top of the nose bar.
Left eye bar should be bearish for the bullish Pinbar, bullish for the bassist Pinbar.
Nose bar should be in the same direction as the pattern itself.
It indicates that the body of the nose must be inside the body of the left eye.
The minimum size of the body of the left eye in relation to the length of the bar.
Minimal protrusion of the nose bar relative to the length of the bar.
Maximum size of the body of the nose in relation to the body of the left eye.
The minimum length of the nose relative to the length of the left eye.
Minimum depth of the left eye relative to its length. Depth is the length of the part of the bar behind the nose.

How to use the Pin Bar Indicator

The best way to use the pin bar pattern as an indicator of early investment in conjunction with support/resistance or relative maximum or minimum. The pin bar should be used to identify a strong supply/demand zone. It is best to use the pin bar in M15 or higher time frames (M30, H1, or H4). Avoid trading on any pin bar if not in conjunction with support/ resistance.

The stop loss is placed 10 to 15 pips above the pin bar. To take advantage of a final stop can be used as this type of pattern can identify long movements. Transfer pairs like EUR/USD or USD/JPY are generally a good choice for the pin bar pattern.

In short, we are talking about a very simple and easy to understand indicator, which can be suitable for all types of traders, even beginners. This would be a tool to be combined with other indicators and thus try to have better-filtered inputs and outputs.

Despite being a free tool, we can see that its users, in general, convey very positive opinions of this indicator, and even the developer himself is very active in the comments giving advice and answering all the doubts and questions that any user asks him. As a free indicator, it can be downloaded and tested directly.

Tags Forex Service Review, Indicator Review, Pin Bar Indictor

Forex Service Review

Grid Stability Plus Semi Automatic EA Review

Post author By Forex Academy
Post date 7 October, 2020
No Comments on Grid Stability Plus Semi Automatic EA Review

Grid Stability Plus Semi-Automatic EA is a robot created in March 2020 by developer Oleg Papkov. Oleg Papkov is a prolific creator of trading tools and has many of them available on the MQL market. The stability of the grid plus the semi-automatic expert advisor operates on the signals of the RSI indicator. Operations are […]

Grid Stability Plus Semi-Automatic EA is a robot created in March 2020 by developer Oleg Papkov. Oleg Papkov is a prolific creator of trading tools and has many of them available on the MQL market.

The stability of the grid plus the semi-automatic expert advisor operates on the signals of the RSI indicator. Operations are carried out in different directions when the indicator reaches values of 30 or 70. If the indicator exceeds the value 70, the sales address is selected for initial operations, and if the indicator decreases to the zone 30, the purchasing address is selected.

Profitable operations are closed by profit-taking. The unprofitable ones are processed by the expert advisor using the averaging method, a network of transactions is constructed in the same direction, the equilibrium level is calculated, and when the price reaches this level, the network is closed for taking a profit. The robot is based on the technology of the Greed Master, but it is much more advanced and accurate. The tool is easily optimized in the tester if the Report parameter is disabled (false).

The expert consultant has everything to analyze the state. There is also everything for manual work in parallel (semi-automatic mode).

Settings for Startup

-Section ” Hours of Negotiation”

-Hours to GMT offset – time compensation clock GMT known from broker server.

-Hours – if true, the EA operates from the time set by the Begin hour parameter (GMT) to the time End hour (GMT). If it is false, it is constantly negotiated.

-Start time (we are talking about initial transactions);

-End hour – end time (we are talking about initial transactions).

Tools for Money Management

-Offers – number of initial offers at a time;

-Maximum risk – starting batch of initial transactions. The batch of initial transactions depends on the balance of funds in the deposit;

-Lot stop-lot limiter in the Minlot range for the selected account to Max lot. This limits the growth of the batch of initial network transactions, which occurs depending on the deposit and the value of the parameter Maximum risk.

-Lot for manual – initial batch value for manually set transactions. This parameter can be modified using the corresponding buttons in the Expert Advisor tool window.

-Decrease parameter-factor to reduce the batch of initial offers;

-TP-take advantage in points of the open price or level of equilibrium;

-RSI-period of the RSI indicator. If the indicator is above the level of 70, the Short direction is selected, if it is less than 30, – Length;

-Step-by-step points between the knees of the averaging network;

-On-off unline-if it is true, the unequal increase mode of the average network pass is activated.

-Coefficient of increase of the average network.

Forced choice of direction modes.

SELL – if true, SELL address is allowed.
BUY – if true, the address BUY is allowed.

Parameters of the Restriction

Lot max-limit maximum lot that the consultant can use in the network building process.

On-off lock, if true, means the constraint mode for the margin level is enabled. If the margin level is below the Lock level value during the advisor’s operation, the consultant calculates the total batches per address. It calculates the difference up to the lot parity and establishes the agreement in the direction of the smallest total lot with a much equal difference, thus establishing the status of batch parity, the so-called block. That is, the loss of one direction is balanced with the benefit of the other. The expert advisor stops any action, leaving the trader to handle this potentially dangerous situation on his own;

Blocking level limit level for margin level value.
Delobj – By removing the advisor in the window, all the advisor objects are deleted.
Trailing stop and step-trailing parameters.

The stability of the grid plus the semi-automatic Expert Advisor can be adjusted to different modes with these parameters according to the wishes of the operator. The default parameters are in the currency pair EURUSD and a time frame of H1 and are considered moderately aggressive.

In short, we are talking about a robot that trades following the signals of the RSI. There are many Eas in the market that is governed by this popular indicator. And in the case of Grid Stability Plus Semi-Automatic EA we do not have references from users who have tried it and given their opinions, as it is a tool of very recent creation.

Remember that we always advise using a dedicated virtual server to avoid losing any transaction made by the EA, if we do not have a server, we will have to leave our computer on 24/7. Equally important is having an ECN account at a reliable, low latency broker so that orders are executed in the shortest time possible.

It is advisable to download the demo version of this EA and know how it works, as well as verify what results we can obtain with its use. Grid Stability Plus Semi-Automatic EA is for sale on the MQL market at a price of 50 USD. You can also rent for 11 USD per month, 25 USD for 3 months, and 30 USD for 6 months.

Tags Forex Service Review, Grid Stability, Semi Automatic EA

Forex Service Review

RSI Trend Line Alert Indicator Review

Post author By Forex Academy
Post date 7 October, 2020
No Comments on RSI Trend Line Alert Indicator Review

Before talking about the indicator, it is important to remember that it is the RSI. The RSI measures the ratio of upward movements to downward movements and makes the calculation so that the index develops in a range of 0-100. It was developed by J.Welles Wilder. If the RSI is equal to or greater than 70, the instrument is assumed to be over-bought (a situation in which prices have risen more than expected on the market). An RSI equal to or less than 30 is considered to be a sign of asset overbooking (a time when prices have fallen more than expected on the market).

Contrary to popular opinion, the RSI is a primary indicator. The formula for the RSI indicator takes two equations that are involved in the formula solution. The first equation of the component obtains the initial value of the Relative Strength (RS), which is the ratio of the mean ‘Up’, is closed to the mean of ‘Down’, is closed during the periods ‘N’ represented in the following formula:

RS = Average of day closures ‘N’/ Average of day closures ‘N’

The real value of RSI is calculated by indexing the indicator to 100, using the following formula:

RSI = 100 – (100 /1 + RS)

After reviewing the operation of the RSI, we will say that this indicator is a traditional RSI update in MT4. You can alert and send notifications (if configured) when :

-RSI line crosses its MA line

-RSI Enter and Exit Overbought and Oversold Zone. These zones can be set by the entrance.

-RSI cross line for trend line and horizontal line.

It has two working modes: in Closed candle and Running candle. With Closed candle mode, it only alerts when a candle is closed. The trader will only have to draw a line (trend line) in the RSI indicator window, and the indicator will automatically find that line and check if it is crossed.

It is a straightforward and useful indicator. The line alert (trend line and horizontal line) is activated by default. The trader only decides to use or not the alert for MA cross or Overbought/Oversold zone enter/exit. It is so simple to jump to trading using the Forex RSI indicator, that novice traders often start trading without trying other parameters, or educate themselves on the proper interpretation of an indicator, due to the desire to earn money quickly.

As a result, the RSI has become one of the most poorly used MT4 indicators. Once correctly understood and applied, the RSI has the ability to indicate whether prices are trending, when a market is over-bought or oversold, and the best price to enter or exit a transaction.

It can also indicate which trading period is most active, and provides information to determine key price levels for support and endurance. The RSI can provide you with trend technical information as well as RSI buying and selling signals. It is crucial that you practice RSI trading strategies in a demo account first, and then apply them to a live account. In addition, RSI strategies can complement any Forex trading strategy you have already been using.

In short, we are talking about a primary and classic indicator, as many traders have started trading with its use. This indicator can help us in making buying or selling decisions and can be very useful in the beginning. This version of the indicator is available on the MQL market, in the indicators section, at a price of 30USD, or for rent at a price of 10 USD per month. It is an economic indicator as there are multiple versions of the RSI available on the market.

Tags forex indicator, Forex Service Review, RSI Trend Line Alert

Forex Service Review

CloneIt4 Trade Copier Review

Post author By Forex Academy
Post date 6 October, 2020
No Comments on CloneIt4 Trade Copier Review

In this review we will talk about a replicator of operations, it is not the first that we have analyzed in this section. Clonelt4 Trade Copier can transfer the power MT5 has to your MT4 account. The Cloneit4 trade copier will copy the large trades you perform on your Metatrader 5 account to your Metatrader […]

In this review we will talk about a replicator of operations, it is not the first that we have analyzed in this section. Clonelt4 Trade Copier can transfer the power MT5 has to your MT4 account.

The Cloneit4 trade copier will copy the large trades you perform on your Metatrader 5 account to your Metatrader 4 account. Cloneit4 is a simple Expert Advisor (EA) that is attached to a chart on Metatrader 4. When a trade is started, modified, or closed in MT5, Cloneit5 sends real-time data to Cloneit4 in its MT4 account to copy the same trade for the same symbol. The user must have the current version of Cloneit5 running on your Metatrader 5 and on the same computer. Cloneit5 is also available on the MQL market.

In your MT4 account, copy Cloneit4 to the chart and symbol you want to trade. Enter the MT5 account code in the Clone Link Input section. The volume of each trade can be scaled with the volume indicator multiplier at the source.

Cloneit4 will perform all processes and customize batch sizes, take the gain levels, and stop the Cloneit5 loss levels. Any transaction you make at Metatrader 5 will be reflected in your Metatrader 4 account. You can try the free demo versions of these tools.

Descriptions of the entries:

System name – you can name the system as you like if you wish.

Clone Link (MT5 Account Number) – this is the MT5 account number where Cloneit5 EA is running.

Source volume multiplier – Value can be reported in order to multiply the volume of the position sent by Cloneit5. For example, if you want Metatrader 4 volume to be half of Metatrader 5 volume, enter 0.5.

Delay time between closing and opening (in seconds) – There may be a delay time between different brokers for MT4 and MT5. This entry in seconds will be delayed between the last closing and the next opening.

Update rate (in seconds) 0= Each Tick – specify how often to check. Enter 0 to check only the incoming ticks.

Limitations

Cloneit4 is not a trading robot. It only receives information about transactions that you or another EA has made on your Metatrader 5 account.

Cloneit4 does not set outstanding order details, only opens, closes, and modifies position information.

Cloneit4 only trades with the symbol of the card to which it is attached.

Cloneit5 and Cloneit4 must be installed on the same computer.

In short, it is a very simple copying program. We have seen copiers with more possibilities in the market and much more complete. In this copy we detect several limitations; the most important is that you have to install 2 Eas and on the same computer.

Although the cost of this copier is very cheap, 10 USD, we do not recommend it because there are better options in the MQL market. Anyway, if you want to try it for free, there is a demo version so you can try it out and see if it fits your needs.

Tags CloneIt4 Trade Copier, Forex Service Review, Trade Copiers

Forex Service Review

REV Trader Pro FX Trading System Review

Post author By Forex Academy
Post date 17 August, 2020
No Comments on REV Trader Pro FX Trading System Review

REV Trader Pro is an automated trading robot that was created by money manager and trading system developer Doug Price. The product works with the MetaTrader 4 trading platform. Overview REV Trader Pro is an automated system that uses trend reversal technology while avoiding false trading signals. It detects potential market reversals with high accuracy, […]

REV Trader Pro is an automated trading robot that was created by money manager and trading system developer Doug Price. The product works with the MetaTrader 4 trading platform.

Overview

REV Trader Pro is an automated system that uses trend reversal technology while avoiding false trading signals. It detects potential market reversals with high accuracy, according to the developer. Loss-prevention settings reduce losses from broker commission, spread, and slippage. The bot comes with default settings that have been adjusted to offer superior performance, although traders can change several settings if they prefer to. Traders can also set a certain percentage for the risk factor they would like to take on each trade. The system works with any type of broker (STP, NDD, etc.) on the H1 timeframe with the major pairs AUDUSD, GBPUSD, EURUSD, and NZDUSD. Alert popups and email notifications can be enabled for important updates as well.