EA Price Action MT4 v1.0 MQ4 Source Code

Introduction

The Price Action EA Source Code V1.0 MQ4 is a robust algorithmic trading solution tailored for traders seeking a simplified yet effective trading strategy based on price action principles. Below, we break down the minimum deposit, recommended time frame, currency pairs, and a deep dive into how the EA executes trades using its strategy.

Key Details at a Glance

Minimum Deposit: $100-$300

Time Frame to Run: H1, H4

Recommended Currency: EUR/USD, GBP/USD, USD/JPY

Trading Strategy: Price Action-Based Decision Making

Minimum Deposit

• The EA is designed for traders with varying capital sizes.
• Low Deposit-Friendly: You can start with as little as $100, but for optimal performance and risk management, $300 is recommended.
• Works effectively with micro and standard accounts.

Recommended Time Frame

• The EA is fine-tuned to work best on the H1 (Hourly) chart.
• This time frame balances trade frequency and signal reliability, ensuring fewer false signals while capturing significant price movements.

Currency Pairs to Run

The EA specializes in major currency pairs with low spreads and high liquidity:

• EUR/USD: Ideal for consistent price action behavior.
• GBP/USD: For capturing sharp movements and trends.
• USD/JPY: Reliable for steady trends and volatility.

How the Price Action EA Executes Trades

The Price Action EA Source Code V1.0 MQ4 leverages core principles of price action to identify high-probability trade setups. Here’s how it works:

1. Candlestick Patterns Recognition

• The EA scans for key candlestick patterns such as pin bars, engulfing candles, and inside bars that signal potential market reversals or continuations.
• These patterns are analyzed in the context of nearby support and resistance levels.

2. Dynamic Support and Resistance Zones

• It identifies dynamic zones where price frequently reacts (pivot points, trendlines, or moving averages).
• Trades are only triggered when price approaches these zones with a valid candlestick signal.

3. Trend Analysis

• The EA uses moving averages or other trend-following indicators to determine the overall market direction.
• Long trades are taken in an uptrend, and short trades in a downtrend, ensuring alignment with the prevailing market momentum.

4. Entry and Exit Logic

• Entry Criteria:
  • The EA waits for a confirmation signal like a breakout or a retest of the support/resistance zone.
  • Additional filters (e.g., relative strength or market volume) may be applied to reduce false signals.
• Exit Criteria:
  • Trades are closed based on fixed take profit and stop loss levels, trailing stops, or when a reversal signal appears.

5. Risk Management

• The EA includes built-in risk management settings:
  • Maximum drawdown limits.
  • Adjustable lot sizes based on account balance.
  • Spread and slippage protection to avoid unfavorable trades during volatile conditions.

Why Use Price Action EA Source Code V1.0 MQ4?

• Simplicity: No reliance on lagging indicators; purely price action-driven.
• Flexibility: Can be customized to suit different trading styles.
• Proven Strategy: Utilizes well-established price action techniques for decision-making.