Price Action EA Source Code V1.0 MQ4: Strategy Overview

The Price Action EA Source Code V1.0 MQ4 is designed for traders who want to take advantage of price action strategies, which focus on market movements rather than relying on indicators. This EA is specifically built to analyze market structure, candlestick patterns, and other price-driven factors to execute trades.

Key Aspects of the Strategy:

1. Minimum Deposit:
   • The EA does not specify a strict minimum deposit, but a suggested starting balance of at least $100-$300 is recommended to ensure proper risk management and smooth execution. This is because the EA may require multiple trades to build up a position, which could be challenging with insufficient funds.
2. Time Frame:
   • The EA performs best on H1 (1-hour) and H4 (4-hour) time frames. These time frames allow for adequate price action data, ensuring that the EA has enough information to analyze trends, patterns, and reversals effectively.
   • Recommended Time Frames:
     • H1 (1-hour): Ideal for short-term trades
     • H4 (4-hour): Best for medium-term trades
   • The EA can be adjusted to work on other time frames, but it may not provide the same accuracy.
3. Currency Pairs:
   • The EA works well with major forex currency pairs, where price action is most effective and the liquidity is high. It thrives on pairs with well-established trends and stable volatility.
     • Recommended Currency Pairs:
       • EUR/USD
       • GBP/USD
       • USD/JPY
   • These currency pairs are ideal for capturing price movements due to their high liquidity and regular patterns.
4. Trade Execution Strategy:
   • The EA takes trades based on price action patterns, specifically focusing on:
     • Support and Resistance Levels: Identifying key price zones where the market is likely to reverse or consolidate.
     • Candlestick Patterns: Analyzing specific formations like pin bars, engulfing patterns, and inside bars to determine entry signals.
     • Breakouts: The EA will look for price breaking through established support or resistance levels, indicating potential continuation or reversal of trends.
   • Entry Criteria:
     • When a significant candlestick pattern forms at key support or resistance levels, the EA executes a buy or sell order.
     • The EA also considers the strength of the breakout and the momentum of the price action.
   • Stop Loss and Take Profit:
     • The EA will place stop loss orders just beyond recent highs or lows to minimize risk.
     • Take profit levels are based on the expected market movement and previous price action zones.

Summary of the Trading Strategy

By utilizing the Price Action EA Source Code V1.0 MQ4, traders can take advantage of proven price action strategies to execute high-quality trades. The EA uses real-time market data and pattern recognition to identify ideal entry points with high potential for success.