Forex EA Strategy for MT5 with Indicators

Create a forex EA code, for mt5, that combines the most accurate indicators, for the fastest biggest profits. With your full strategy

Creating a Forex Expert Advisor (EA) for MetaTrader 5 (MT5) involves a combination of technical indicators, risk management, and trading logic. Below is a simple example of an EA that combines several popular indicators: Moving Average (MA), Relative Strength Index (RSI), and Bollinger Bands. This strategy aims to identify potential buy and sell signals based on these indicators.

Strategy Overview

1. Indicators Used:

   • Moving Average (MA): To identify the trend direction.
   • Relative Strength Index (RSI): To identify overbought or oversold conditions.
   • Bollinger Bands: To identify volatility and potential reversal points.

2. Entry Conditions:

   • Buy Signal:
     • The price is above the Moving Average.
     • RSI is below 30 (oversold condition).
     • Price touches the lower Bollinger Band.
   • Sell Signal:
     • The price is below the Moving Average.
     • RSI is above 70 (overbought condition).
     • Price touches the upper Bollinger Band.

3. Exit Conditions:

   • Close the position when the opposite signal occurs.

4. Risk Management:

   • Use a fixed stop loss and take profit.

Example EA Code

//+------------------------------------------------------------------+
//|                                                      MyForexEA.mq5|
//|                        Copyright 2023, MetaQuotes Software Corp. |
//|                                       https://www.metaquotes.net/ |
//+------------------------------------------------------------------+
#property strict

input int maPeriod = 50;           // Moving Average period
input int rsiPeriod = 14;          // RSI period
input double rsiOverbought = 70;   // RSI overbought level
input double rsiOversold = 30;     // RSI oversold level
input double lotSize = 0.1;         // Lot size for trading
input double stopLoss = 50;         // Stop loss in points
input double takeProfit = 100;      // Take profit in points

double maValue, rsiValue, upperBand, lowerBand;

int OnInit()
{
    // Initialization code
    return INIT_SUCCEEDED;
}

void OnTick()
{
    // Calculate indicators
    maValue = iMA(NULL, 0, maPeriod, 0, MODE_SMA, PRICE_CLOSE, 0);
    rsiValue = iRSI(NULL, 0, rsiPeriod, PRICE_CLOSE, 0);
    upperBand = iBands(NULL, 0, 20, 2, 0, PRICE_CLOSE, 0);
    lowerBand = iBands(NULL, 0, 20, -2, 0, PRICE_CLOSE, 0);

    // Check for buy conditions
    if (Close[0] > maValue && rsiValue < rsiOversold && Close[0] <= lowerBand)
    {
        if (PositionSelect(Symbol()) == false) // No open position
        {
            double buyPrice = Ask;
            double sl = buyPrice - stopLoss * _Point;
            double tp = buyPrice + takeProfit * _Point;
            OrderSend(Symbol(), OP_BUY, lotSize, buyPrice, 3, sl, tp, "Buy Order", 0, 0, clrGreen);
        }
    }

    // Check for sell conditions
    if (Close[0] < maValue && rsiValue > rsiOverbought && Close[0] >= upperBand)
    {
        if (PositionSelect(Symbol()) == false) // No open position
        {
            double sellPrice = Bid;
            double sl = sellPrice + stopLoss * _Point;
            double tp = sellPrice - takeProfit * _Point;
            OrderSend(Symbol(), OP_SELL, lotSize, sellPrice, 3, sl, tp, "Sell Order", 0, 0, clrRed);
        }
    }
}

//+------------------------------------------------------------------+

Important Notes

1. Backtesting: Before using this EA on a live account, backtest it on historical data to evaluate its performance.
2. Optimization: Adjust the parameters (MA period, RSI period, stop loss, take profit) based on the currency pair and market conditions.
3. Risk Management: Always use proper risk management techniques. The lot size and stop loss should be adjusted according to your account balance and risk tolerance.
4. Market Conditions: This strategy may perform differently in various market conditions (trending vs. ranging markets). Monitor its performance and adjust as necessary.

Disclaimer

Trading in the Forex market involves significant risk and may not be suitable for all investors. Ensure you fully understand the risks involved and consider seeking advice from a financial advisor.