When it comes to expert advisors, most traders immediately imagine a fully automated tool that will regularly earn money without human intervention. But there is another type of robots that is used as an adjunct to manual trading.
Trade Predator falls into this category of the bots. It won’t trade by itself, nor the robot is involved into market analysis. The main purpose of using the "predator" is to minimize the time at the conclusion of the deal, i.e. it is one of the versions of "trading in 1 click". However, in addition to saving time, the MM is implemented in the EA, and you can even manage orders from the keyboard without using the mouse.
Any transaction is concluded in a certain order: first you need to go to the "New Order", then indicate the levels of SL and TP, lot size, the direction of the transaction and confirm your decision. It takes about 10-20 seconds, which is quite a lot for trading on small timeframes.
Using the expert advisor will reduce the time of concluding the transaction down to 2-5 seconds. As for other benefits, some of the features of the EA are available in the MT4, for example, a change of SL or TP simply by dragging the order with the mouse.
Preparation of Trade Predator to work
To install the EA, you need to copy the file with .ex4 extension to the Experts folder and restart the terminal. Configuration of the bot is not very different from the majority of expert advisors:
- Buy_Order – “true” default value says that EA will open a long position. You can leave it unchanged, the direction of the transaction can be changed directly on the window with the chart;
- Lotsize – specifies the working lot;
- Slippage – if allowable slippage is exceeded, the EA will not allow to open a deal. Useful when trading on the news;
- MagicNumber – the bot assigns a code to each order to avoid confusion with other orders;
- RewardFactor – indicates the ratio of the SL and TP sizes. For example, value of 2 indicates that the TP is twice that SL;
- RiskPercent – will suit lovers of increasing the lot with the growth of the deposit. You need to specify a working lot as a percentage of the deposit. To trade with a dynamic lot, you need to specify Lotsize as "00";
- TP/SL – SL and TP value in points.
Other settings are responsible for the appearance of the text and lines indicating the SL and TP. If desired, you can change their color, it's useful at the abundance of additional constructions on the chart. Custom styles are disabled by default, the settings in this group allow you to change the thickness of the lines on the chart.
Managing the EA
One of the interesting features of the Trade Predator EA is control from the keyboard. By pressing the «D», the direction of the proposed transaction (Buy/Sell) is changed, the value of SL and TP can also be edited directly on the chart. This can be done by simply dragging order to the desired distance from the price.
To make the EA take the changes into account, click “W” – value of the Status field in a text box changes to Change. Double-clicking the “W” sets new values of SL and TP orders. You can do this operation in a different order as well: first drag an order to the desired position, and then double-click “W”.
Trading is conducted directly with buttons "X" (responsible for the opening of the transaction) and "C" (position closing). Moreover, these buttons will only work if the trader is currently in the terminal. If the terminal is minimized, you can safely do your business without fear of random conclusion of transactions.
Features of the Trade Predator
After setting up and running the EA on the chart, the lower left corner shows some basic information:
- in what direction the deal Buy/Sell Order will be concluded;
- Status – the value of “Change” says that the parameters are being edited;
- values of TP and SL orders are specified. Moreover, the estimated values are given both in points and currency, based on the settings of the lot;
- values of RewardFactor and working lot (Lots) are specified.
It is very convenient that the level of SL and TP is displayed on the chart even before the conclusion of the transaction. If you do not have time to calculate the value of SL up to a point, you can simply drag the order behind the nearest extreme and save time.
Not very comfortable moment about the EA is that after installing it on the chart, you can’t enter the settings of the EA anymore. That is, you must first remove it and then re-install the trading robot on the chart. It is also important that the robot can operate with only one warrant, so to work with 2 or more orders you need to open a new window for each and run the EA.
Trade Predator should be viewed as an effective addition to the already used trading system, as the "trading predator" does not trade by itself. It should also be understood that the benefits of using the bot won’t suit all traders.
As it was already mentioned, the main advantage of EA is a multiple decrease in the time required for the deal. Just as in ordinary trading, the SL and TP are used, i.e. the speed is increased without compromising the quality of trading. But only fans of trading on small timeframes will take advantage of the "predator".
If the trader trades on h4, for example, then saving a few seconds will not play absolutely any role. This EA is also recommended for people who are trying to catch the movement after the news, in such situations seconds matter, and the price “flies” dozens of points in a few minutes.
Trade Predator definitely deserves attention as a good alternative to "trading in 1 click" implemented in many terminals. But don’t expect a multiple increase in income, because the main factor affecting the profitability is the trading strategy.