SnowRoller Free EA for Metatrader! Expert Advisor!
SnowRoller is a fully automated forex trading strategy (Expert Advisor, forex robot or MT4 EA for MetaTrader 4 automated trading platform) built on a simple concept. The idea of this MT4 expert advisor's strategy is to add to winning trades and to subtract from losing trades. Rather than expecting a single roller to turn into a gargantuan snow ball, this MT4 expert advisor banks profits when a single forex pair or a forex currency basket reaches a desired profit or breaches the preset loss level. This is an interpretation of the old cliche to cut your losers and let your winners run. In theory, this MT4 expert advisor should lead to a gradual decline in the balance with large jumps upward in the equity when market conditions start to trend for a particular forex pair as a basket of favorable trades is closed. In its application, this MT4 EA bases its buy and sell decisions on a simple pattern that allows only buys or sells to be taken at one time, preventing trouble when dealing through U.S. forex brokers or ECNs. Essentially the strategy is a TWAP method of scaling into a market exposure one trade at a time on a forex pair.
TWAP is an acronym for Time Weighted Average Price and in this case is a strategy for scaling into a market exposure over a period of time to attempt to get a better overall price. When an opposing trend signal is given by this pattern, opposing trades are closed out so that a new position can be entered.
Just as nature's snow rollers are rare and only occur under the right circumstances, so too this MT4 expert advisor's trades are formed by an anti-grid of trades placed just so. An anti-grid is akin to a set of buy stop orders placed above the starting point, and sell stop orders placed below the starting point. The trades are laddered at given intervals and due to the high frequency of trades this expert advisor can be classified as a forex scalper. This MT4 expert advisor uses a flexible grid methodology that more closely follows the TWAP philosophy. The natural market trends push the price in one direction or other and if conditions are right, one or more forex pair will trend and profits will pile up. But just as the natural snow rollers have physical limits (they may grow to two feet in diameter), so too traders who follow this MT4 EA's strategy need to bank profits at regular intervals lest their profits collapse in a sudden market reversal while market exposure (risk) is high.
The bar length you choose for this MT4 expert advisor will determine the trend for placing buy and sell trades, in conjunction with the step value (buysellstep). Only one trade per bar is allowed, so the bar length will also determine how frequently this MT4 expert advisor can place trades. In theory this MT4 expert advisor will work its way out of losing trades over a period of time, so the global or individual symbol stop may never be needed, though it is suggested. A stoploss and takeprofit can be individually set for each trade, which will make this MT4 expert advisor match more closely the trading behavior found in an anti-grid. For more discussion of the Snow Roller expert advisor, please see this ForexFactory.com thread.
The MQL4 code is attached in both viewable MQ4 and executable EX4 format below by version for free download and use. Download the free MT4 expert advisor now! You may post this MT4 expert advisor to other sites, but if you do, you must post a link to this page directly and you may not sell it or the source code. You are otherwise free to copy, use and distribute this MT4 expert advisor for non-commercial use. Place the SnowRoller MT4 expert advisor and/or the .EX4 file in your experts folder. Please see the MQL4 code for additional licensing information. The currently recommended version is 1.005.
Two companion tool MT4 indicators called Basket Stats and its sequel, Basket_Stats_Time have been created to help identify which forex currency cross is adding to the profits and losses from the strategy, and what time of day provides the best opportunity for trading your expert advisor. It is intended that you add Basket Stats and Basket_Stats_Time to two of your charts for easy monitoring of the profit and loss and time of day statistics. Basket Stats and Basket_Stats_Time MQL4 code is available.
SnowRoller's inputs are listed on a separate page along with comments. MQL4 code is available.
If objects are accumulating on your trading charts, try a simple MT4 script called CleanupAll_Objects.mq4.
Find out what's new with Snow Roller by tracking Snow Roller Expert Advisor Updates.
MQL4 code samples and tutorials are available discussing some of the most asked questions by MetaTrader traders. How do you place only one trade per bar? How do you write a close all routine within MQL4? How do you delete all objects from an Metatrader 4 chart?
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