Simple Trades EA is a robot created in April 2020 by developer Oluremi Oluyale, which premieres in the MQL market with the offer of this automated system. Simple Trades EA scalps with intraday price movements.
Time frame: The time frame to which this EA is set is irrelevant. It takes its calculations from three different time frames.
It can operate on any financial instrument, be it Forex, commodities, indices, or stocks.
Performance: This EA is a great tool for scalping in short and medium price directions. A position can remain open for 1-5 days.
Main parameters of Simple Trades EA:
- Start Hr: Time of day you want EA to start exploring the market for trading opportunities.
- Final hr: Time of day when you want EA to stop exploring the market for trading opportunities.
This EA can be configured to open new positions available only at certain times. To do EA trading for the whole day, set ‘Begin Hr’ to 0 and ‘End Hr’ to 23. The operations management side of the EA is not affected by this configuration.
Account type: “Standard account= true” is the default value. If we put it in false, this will mean mini = true account.
Lot size: Set lot size manually or default (0.0) for an optimized lot size. For a free margin of 1000 USD, the optimized lot size will start trading at 0.05 lots, which is 50 cents for each pip (for a standard account) if the Mm level is set by default. Optimized Lot size can be activated only if your available margin is less than 100 USD. For mini accounts, the optimized lot size will work if the free margin is not less than 20 USD. Otherwise, you have to enter your lot size manually.
Stop loss: The Stop loss is automatically calculated to be set to 10 pips + above the height of the last daily candle closed in a retail store and 10 pips below the low of the newly closed daily candle in a retail store. You can increase the default 10 pips, but it is not advisable to decrease them. For spot metals and other off-currency instruments, Stop loss must be increased considerably. i.e. for oil, Stop loss must be minimum: 20.
Take profit: Increase or decrease in take profit. EA also has a logic that closes operations when the bear/bull force is investing. Trade can close without touching the Stoploss.
Max open trades: Set the maximum number of open trades you want to allow in your account.
Mm level: This means “Money Management Level”. This option works for Optimized Lot size. The default is 200. If it increases, the optimized Lot size will decrease, but if it decreases, the optimized Lot size will increase.
In conclusion, we are talking about a scalper system that seems quite simple to operate. The creator provides some screenshots of the positive performance of this system. For example, in a simulation from 1 January 2020 to 30 March 2020, with a deposit of 1000 USD the yield was 607.79 USD, a 60.8% return in just 3 months. This performance is really good indeed.
We always recommend that to trade with an EA it is very convenient to use a VPS or virtual server, and if this tool is not available we will have to leave our computer on 24/7. It is also important to have an ECN account in a reliable broker with low latency so that our transactions run in the shortest time possible.
Because this tool has been on the market for a very short time, there are no user opinions that can tell us how your experience has been using this EA, so we recommend that you download the free demo version to check the operation of this robot and verify that the results are as good as it assures.
You can purchase this EA on the MQL market at a price of USD 500, and additionally, you have the option to rent it for a price of USD 30 for a month and USD 80 for 3 months.