EA Generator
On the right select the components you would like in your custom template. If you have any questions in regards to the components you can find more info below.
Find information regarding the template components below.
Platform
Pinescript is TradingView's proprietary trading language. It can be used to create custom indicators or fully functional expert advisors. Pinescript is perfect for novices at algorithmic trading. As it is created specifically for trading, it abstracts away a lot of the technical, unnecessary coding. This allows traders to get their robots started quicker and minimizes potential mistakes.
MT4 supports MQL4. Like Pinescript MQL4 is a language developed specifically for trading. However, where Pinescript is only supported by TradingView, MT4 is supported by nearly all Forex brokers. MQL4 is another great option for novice traders. It is widely popular within the Forex community and offers very detailed documentation. It is also great for advanced traders as it offers fine control of all aspects of the trading process. In addition, it offers built-in backtesting and optimization functionality.
QuantConnect combines the advanced packages and flexibility of Python and C# with the built-in data pipeline of MT4. QuantConnect has data for nearly every asset and offers a top-tier backtesting framework. If you are a Python or C# trader QuantConnect should be your go-to platform. Its' data pipeline and backtesting framework will save months of work. In addition, it offers many trading specific functions that simplify the EA creation process.
Risk Management Rules
All trading strategies should have a set risk percentage per trade. Select your desired risk percentage by percent. We offer 1%-100%; however, our recommendation is 2%. Be very cautious about exceeding 5%. More advanced traders can use this to build custom functions to calculate the ideal risk percentage.
For the majority of strategies you should aim for a Risk:Reward ratio greater than 1. Ideally it will be 2:1 or 3:1 but it depends on the strategy. Most strategies will want to set a minimum Risk:Reward. This ensures that if your entry conditions are met but the Risk:Reward ratio is poor the trade will not be triggered.
Every strategy should have a max drawdown. This max drawdown should be established through backtesting. If your backtesting produces a max drawdown of 15% then setting your strategy's max drawdown at 20% would be a good idea. This max drawdown ensures that if you have any made any errors in your trading algorithm, if there is a black swan event, or if your strategy is simply no longer profitable that your expert advisor will not lose all of your capital.
One of the most popular trading techniques is to sell part of your position at a certain take profit level, move the stoploss to your entry price, and then attempt to sell the remainder of your position at a more profitabl take profit level. By moving your stoploss to your entry price you ensure that if the trade turns against you that your profits from the first half of your position are protected. The remainder of your position will be exited at your entry price for no loss.
Entry Rules
This entry rule uses a slow and fast moving average crossover to initiate trades. While this is a basic entry rule that we do not recommend using by itself, it provides a very good example and starting point for your strategies. In this stategy you will select the periods for the two moving averages.
This is a more complicated entry strategy using Bollinger Bands and chart patterns. If price action breaks the upper or lower band of the Bollinger Bands and is then followed by an engulfing bar the system will initiate a trade signal. It also uses a second Bollinger Band at 1 STD to filter out entry signals that have a poor risk:reward.
This is a very advanced strategy. Cointegration strategies track two assets that move very similarly. The average standard deviation for the two assets is calculated. If the assets spread further apart than this calculated average it is a good bet that they will return back to the mean. In this case the strategy will send a buy signal for the cheaper asset and a sell signal for the more expensive asset. In this strategy you will select the assets being tracked and the standard deviation you would like trades to be triggered at.
Exit Rules
Average True Range (ATR) is a common way to automatically set stoplosses and takeprofits dynamically based on volatility. Using a set dollar amount or set pips amount for stoplosses and takeprofits can become an issue when volatility is very high or very low. Using ATR your stoplosses and takeprofits will adjust to volatility to ensure that they are set at a reasonable level and that your trades have plenty of room to breathe.
This exit rule demonstrates how to use indicators as an exit condition. You can use Donchain lines to exit a trade at a trend reversal. Indicator exit strategies allow very dynamic and technical exit conditions that adapt to the market better than just stoplosses and takeprofits. The notorious Turtle Traders used a Donchain like indicator as one exit rule.
Many strategies can benefit from a trailing stop. A trailing stop follows behind the high-water mark of price. A trailing stop offers a more dynamic method of creating a stoploss. Trailing stops can be used to ensure you do not exit a trade too early.
Select the components below that you want included in your custom template. If you want more info on the different components you can click on the component to the left.
Select the components below that you want included in your custom template.