Forex robot “Generic TLP”: created by traders for traders

Hello, dear colleagues, forex traders!

As it is known, the most attractive trading robots are commercial advisers. They have nice tests, developers promise you millions per cent profit and a yacht with babes. Usually, it is a blatant lie, but sometimes some really interesting ideas come across, a good implementation of the classical approaches. Such an example is the Asia EA, where we met a fresh look at the night scalping, which sofa experts are “burying” since 2009.

Traders from one Russian forum have taken an idea of a commercial robot as a basis, completely reworked, improved and expanded - in the end we got a great robot, created by ordinary traders like you and me to make a profit from trading (not from EA sales to the public) having a completely open source, with a jeweler’s precision selected settings and, of course, absolutely free.

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Advisor characteristics

Platform: Metatrader 4
Advisor version: 9.0
Currency pairs: GBPUSD, USDJPY, GBPCAD, GBPCHF, EURGBP, EURCHF, USDCAD, USDCHF
Timeframe: M15
Working time: Asian session
Recommended brokers: Roboforex (ECN accounts), Alpari

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Installation information

We install the advisor as usual. If you are new to Forex robots and you have a lot of questions - read this article.

Attention! In this Advisor settings significantly affect the trading results, use the recommended set-files (see archive at the end of this article).

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Advisor strategy

Advisor is a trend scalper. Entrance to the transaction occurs in rebounds from the main trend. The trend and at the same time channel is the “Bollinger Bands” indicator. Orders are opened at the rebound from the channel boundaries for a certain specified number of points. Closing orders can take place by stop-loss, take-profit, also exiting from the borders of Bollinger Bands.

The expert does not use Martingale and orders grid. It is possible to set a time limit of the advisor for each day separately.

Expert is a highly reliable and profitable robot, which is confirmed as by tests, and the results in real accounts.

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Advisor backtests

Using EA Analyzer program will make a consolidated statement tests on all pairs with a proportional lot.

Conclusion: Generic TLP advisor when using a proportional lot on 8 pairs shows a steady profit growth.

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Real account monitoring

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Settings description

• Comments - comments on the orders
• Max_Spread - the maximum spread, is not limited to the value of -1.0
• Slippage – Slippage
• Stop_Loss - Stop Loss
• Take_Profit – take profit
• Use dynamic TP – turns on dynamic take profit (calculated from the width of the channel)
• %% TP of channel width - see the previous item.
• min_TP - Minimum take profit
• Use the transition to breakeven - the switch of breakeven function
• If the current price is the best entry price of X points - sets the indent of the price of X points
• Move the SL on Y points to profit - the value of Stop Loss adjustment in points
• Channel_Period - channel period indicator based on volatility
• Entry_Break - the size of the indentation of the walls of the channel at the entrance to the pips
• Exit_Distance - the size of the indentation from the walls of the channel in order to close the pips
• MaxDailyRange - the value of the filter at maximum daily values affecting the input frequency
• Lots - the fixed lot size
• Auto_Risk - Dynamic lot size
• Min_Volatility - minimum volatility
• Exit_Profit_Pips - the value of the floating profit, is used in the output filter №2
• Reverse_Profit - the value of the floating profit, is used in the output filter №3
• Exit_Minutes - time of an open order existence, is used in the output filter №1
• Time_Profit_Pips - the value of the floating profit, is used in the output filter №1
• Filter №1 (to exit from the transaction) –Turning on output filter №1: if the order is opened more than Exit_Minutes and floating profit more than Time_Profit_Pips
• Filter №2 (to exit from the transaction) - Turning on output filter №2: if the price has gone beyond the upper boundary of the channel and the floating profit is more than Exit_Profit_Pips
• Filter №3 (to exit from the transaction) - Turning on output filter №3: if the moving average is reduced and the floating profit is more than Exit_Profit_Pips
• Info panel color - sets the color of the dashboard

DayOfWeek Filter - Filters by the operating time by days of week

*on an example of Monday

Trading on Monday? – YES/NO

• monday_open - the opening of trading on Monday (new orders can be opened)
• monday_pause_start - the beginning of a pause in trade
• monday_pause_stop - the end of a pause in trade
• monday_close - end of trading on Monday (no new orders are opened)

*Similarly parameters in the remaining days of the week are set

Roll Over Filter - rollover filter

• close the transaction in the rollover - YES/NO
• Rollover Start Time - sets the end of the trading hours during the day, at a value of “-1” does not work
• Rollover End Time - the value of the filter at maximum daily values affects the input frequency

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It is recommended to use the sets given at the end of the article.

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Attention! Do not change anything in the EA settings and use only the recommended values, if you don’t exactly understand what you are doing!

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Recommended money management

Recommended risk on the transaction in the amount of 2 percent of the deposit for each pair. A lot can be calculated using a special calculator, or just set the level of risk in the EA settings, and everything is calculated automatically.

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Conclusions

Generic A-TLP advisor - is a truly people’s development. When not involved in the self-interest and greed, when there are enthusiasm and a sincere love of your work, masterpieces are born.

The stability and profitability of trade confirmed by tests and monitoring on real accounts. In the long-term profitability might be sometime in the neutral zone. Also, note that the adviser does not trade often.

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Important !

To work correctly, advisor trading platform should be turned on with the opening of the market on Sunday night before it closed on Friday evening. If you are unable to keep the computer working 24/5, it is recommended to use the VPS service.

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