This tutorial shows how Parabolic SAR + EMA Expert Advisor can be used on charts of MT4 to Trade
Strategy Premise
The parabolic SAR is a technical indicator used to determine the price direction of an asset, as well as draw attention to when the price direction is changing. Sometimes known as the “stop and reversal system,”.
An exponential moving average (EMA) is a type of moving average (MA) that places a greater weight and significance on the most recent data points. The exponential moving average is also referred to as the exponentially weighted moving average. An exponentially weighted moving average reacts more significantly to recent price changes than a simple moving average (SMA), which applies an equal weight to all observations in the period.
Strategy Logic
Long Entry: When Candle is above Parabolic SAR and Fast EMA is above Slow EMA
Long Exit: Exit happens with Short Entry
Short Entry: When Candle is Below Parabolic SAR and Fast EMA is Below Slow EMA
Short Exit: Exit happens with Long Entry
MT4 Settings
To start Algo trading with Parabolic SAR + EMA on MT4, simply follow the steps given below.
- Make sure you have completed Jump Start setup
- Download zipped files from here and extract them. You will find three sub-folders: Experts, Indicators and Include. The files in these sub-folders should be copied in your MT4 directory in the same folders. In MT4 Click on File => Open Data Folder=> Click on MQL4 => Experts folder. Copy-paste the downloaded file to the Expert folder.
- (Optional, if indicator nor present in your MT4) In MT4 Click on File => Open Data Folder=> Click on MQL4 => Indicator folder. Download the Indicator file from here and copy-paste in your Indicator folder. Also paste files to your Include folder if not already present.
- In MT4 => Tools => Expert Advisor => Check all option available as shown below.
5. Go to navigator click on refresh to refresh indicator and expert advisor.
6. Now put Parabolic SAR + EMA Expert Advisor on chart
7. Change the Input Parameters as per your Requirement
8. Now put the Parabolic SAR and EMA Indicator on the chart and Change the Parameter as per the Inputs Set in EA.
Please note that the input parameters of EA and the indicator should be the same, or the signal generation will not match with the indicator.
Strategy Parameters
Strategy tag – use default STG1 unless trading in multiple strategies
Quantity- You Can also specify Qty in Bridge->Symbol Settings, it will override the Qty given here
Instrument – Set the instrument as per APIBridge
Magic Number- Leave at Default Value (1234567)
Slippage- Set Slippage value or Leave at Default
Volume- Lot Size
Step Value- Step Value for Parabolic SAR
Max value- Max Value for Parabolic SAR
Slow EMA- Period Value for Slow EMA
Fast EMA- Period Value for Fast EMA
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