1. Buy/Sell: the EA opens a Buy position on the attached chart, and a Sell position on the hedge currency pair.
2. Sell/Buy: the EA opens a Sell position on the attached chart, and a Buy position on the hedge currency pair.
3. Buy/Buy: the EA opens Buy positions on both currency pairs.
4. Sell/Sell: the EA opens Sell positions on both currency pairs.
and there are three buttons to close the basket manually. You can specify the net take profit (in money, not pips!) in the input settings of the EA.
Positively Correlated Symbols
For a pair of symbols that are positively correlated (such as AUDUSD and AUDCAD), use either Buy/Sell or Sell/Buy button.
Negatively Correlated Symbols
For a pair of symbols that are negatively correlated (such as EURUSD and USDJPY), use either Buy/Buy or Sell/Sell button.
Forex Correlation Table
Here is a website where you can find a Forex correlation table,
AUDCAD ~ EURAUD
AUDJPY ~ AUDNZD
CADJPY ~ AUDJPY
How I trade with this strategy:
1. Choose a high impact red news of a major currency, for example AUD.
2. Choose two other major currencies to pair with AUD such that the absolute correlation of two pairs is greater than 0.5, for example AUDUSD and AUDCAD.
3. A few minutes before the news release time, look at a currency strength meter to observe which of above two currencies (USD or CAD) is more powerful.
4. Select a trade button according to both the sign of correlation (this can be automatically done by the EA for you), and the strongest currency you identified in the previous step.
See an example here:
A Few Currency Strength Meter Indicators
1. csDash (currency strength meter)
2. Recent Strength indicator
3. Currency Strength Indicator
How to load history data for hedge symbols?
In order to load history data of hedge symbols, you can follow the steps below:
1. Hit <F2> key to bring up History Center window.
2. Select the symbol (for example, EURUSD).
3. Click on <Download> button.
4. Repeat 1 to 3 for all symbols you want to load history data.
1. In this thread we discuss only the strategy and the EA presented here. I will IGNORE anyone who writes any irrelevant post in this thread.
--- Update 2019-01-31 ---
Version 1.75 of the EA released. This version is compiled with MT4 build 1170 (bug fixes).
Input settings description:
1. Select Auto Time Based Action:
- Auto Trade Disabled (default), This option disables auto time based trading.
- Buy/Buy: This option makes the EA to open BUY/BUY positions at Auto Action Time.
- Sell/Sell: This option makes the EA to open SELL/SELL positions at Auto Action Time.
- Buy/Sell: This option makes the EA to open BUY/SELL positions at Auto Action Time.
- Sell/Buy: This option makes the EA to open SELL/BUY positions at Auto Action Time.
2. Enter Auto Action Time (broker time):
- yyyy.mm.dd hh:mm:ss, for example 2015.11.19 14:29:30
- The EA opens two positions at this time according to Select Auto Time Based Action setting.
3. Auto Button Selection?
- If enabled, the EA hides irrelevant trade buttons according to the correlation value between two symbols.
4. Hedge Symbol:
- Enter hedge symbol as exactly as it appears on the market watch of your MT4 platform.
5. Net Take Profit (money):
- When net profit becomes greater than this value, the EA automatically closes both positions.
6. Net Stop Loss (money):
- When net profit becomes less than negative of this value, the EA automatically closes both positions.
7. Equalize Pips? - If enabled, the lot size of trading two positions will be recalculated such that one pip of both symbols will be (approximately) worth equal (see Post 104). - If disabled, the EA opens two positions with the user specified lot size.
8.1 Lot Size: 0.1 (default)
8.2 Hedge Lot Size: 0.1 (default)
9. Slippage (points): 30 (default)
10. Magic Number: 1122 (default)
- If you want to use the EA on the same symbol twice or more, you have to assign different magic numbers. Otherwise, leave it default.
== Update 2019-02-27 ======================
Ver. 1.80: An Experimental Currency Strength Meter is added to the EA.
How to install this EA on your MetaTrader4 Platform
For newbies, here is a video on youtube that shows how to install any EA on MetaTrader 4 platform in 5 easy steps