Just had an email from 1minutedaily announcing the release of an EA (expert advisor) for their system. Apologies to those of you who know what ‘expert advisors’ do but for those that don’t this basically means that you can attach a piece of software to your MT4 charts and it will trade those charts (GBP/USD & USD/JPY in my case) automatically for you following your set criteria.
The number of options you have is pretty impressive ie trailing stop levels, money management ie risk a % of your balance on each trade to allow for compounding to work, set number of pips above the breakout to enter the trade etc etc – the full list is below.
This is currently being offered as a free download to existing customers and they haven’t increased the price of the whole package for new customers yet from $86. They may not increase the price but at the moment this is looking amazing value & i wouldn’t be surprised if they do increase it.
There is no mention of it on the site yet but it was only launched today so i presume it will be at some stage. The whole system including the EA can be downloaded from here
• The Daily EA trades the breakouts from the range defined by the Range_Start and
Range_Hours. The trade executes at the market price right after breaking out of the range.
• The range is considered to be broken if the price exceeds the upper or lower band at a small
amount of pips defined by the Breakout_Pips (it can be 1 pip).
• For every order, Take Profit and Stop Loss are placed.
Note: For compatibility with all brokers, the order is executed first and then the Take Profit and Stop Loss are
• A certain amount of pips or the range height can be used for Take Profit.
• A certain amount of pips or the range height can be used for Stop Loss.
• There exists a better Stop Loss level just below the lowest low, or above the highest high of the
latest few bars.
• To protect the profits, a Trailing Stop feature can be implemented. When the trade moves a
certain amount of pips in your favor, the Stop Loss will be automatically modified.
• The Trailing Stop feature can also be configured so that the Stop Loss always moves to the
lowest low or the highest high of the latest few bars.
• Using the Range Filter, you can set up the maximum range. If the range is too wide, the trade
won’t be triggered.
• Set up the time interval when trading is allowed.
• Day of the week trading edge.
• Money Management.