This is the code for the EA Rainbow MT5, developed by the Forex Robot Easy Team. This code is provided as a sample and can be used to implement the trading strategy described in the product review on Forex Robot Easy's website.
For detailed reviews and trading results of this product, please visit this link.
Please note that ForexRobotEasy is not the official developer of this product. We only provide the sample code that can work as described in the product. To find the official developer of this product, please refer to MQL5.
The EA Rainbow MT5 is a trading robot that uses the Rainbow indicator to generate buy and sell signals. It is designed to trade on the MetaTrader 5 platform.
The input parameters for the EA include:
- RainbowPeriod: Period for the Rainbow indicator.
- LotSize: Base lot size for trading.
- DynamicLot: Enable dynamic lot size calculation based on account balance and stop loss.
- LotIncreaseCoefficient: Coefficient for increasing lot size.
- GridDistance: Grid distance for order placement.
- MaxLotSize: Maximum allowed lot size.
- TakeProfit: Take profit level in points.
- StopLoss: Stop loss level in points.
- StopLossPercentage: Stop loss percentage of the deposit.
The EA places buy and sell orders based on the signals generated by the Rainbow indicator. It checks if there are open orders and if the maximum number of orders has not been reached. If a buy signal is generated, a buy order is placed at the current market price. If a sell signal is generated, a sell order is placed at the current market price.
The lot size for each order can be calculated dynamically based on the account balance and stop loss level. If the DynamicLot parameter is enabled, the lot size is calculated as the account balance multiplied by the stop loss percentage divided by the stop loss level. The lot size is then normalized and capped at the maximum allowed lot size.
To use the EA Rainbow MT5, follow these steps:
- Install the EA on the MetaTrader 5 platform.
- Set the desired input parameters.
- Enable auto-trading and ensure that the expert advisor is allowed to trade.
- Monitor the EA's performance and adjust the input parameters as necessary.
Please note that trading involves risks, and past performance is not indicative of future results. It is recommended to test the EA on a demo account before using it on a live account.
This code is provided as a sample and is not the official implementation of the EA Rainbow MT5. ForexRobotEasy is not the official developer of this product. To find the official developer of this product, please refer to MQL5.
Trading in the forex market involves risks, and it is important to carefully consider your investment objectives, level of experience, and risk appetite before trading. The information provided in this ReadMe file and the associated product review is for educational purposes only and does not constitute financial advice. ForexRobotEasy and the Forex Robot Easy Team are not liable for any losses incurred from using this code or the EA Rainbow MT5.
Please conduct your own research and seek the advice of a qualified financial advisor before making any investment decisions.