Welcome to the “Easy Correlations” EA – Trading Strategies – 18 November 2023

Welcome to Your New Trading Companion

Hello and thank you for choosing our trading bot! We’ve designed this tool with a focus on simplicity and efficiency, aiming to make your trading journey smoother and more intuitive. Whether you’re an experienced trader or just beginning, our bot is here to assist you in making informed decisions without overwhelming you with complexity. It’s all about enhancing your trading experience, giving you more control, and providing insights that help you navigate the markets with confidence. Let’s get started on making your trading process more straightforward and effective.

Product link: https://www.mql5.com/en/market/product/108631

Inputs Description

Symbol Selection

• Correlated Symbol: Choose the second symbol for trading. The first symbol is the one you apply the EA (Expert Advisor) to.
• Reverse Correlation: Enable this if the two symbols have a negative correlation.
• RSI Period: Set the RSI (Relative Strength Index) period for both symbols.

Lot Size Configuration

• Lot Size for Current Symbol: Specify the lot size for the primary symbol.
• Lot Size for Correlated Symbol: Specify the lot size for the correlated symbol.
• Fixed or Dynamic Lot Size: Choose between a fixed lot size for both symbols or a dynamic lot size based on each $1000 of account balance.

RSI Distance Calculation

• Calculation Mode: Choose between fixed distance, previous close price, or buffer on every tick.
• Fixed RSI Distance: Set the required distance between the two RSI indicators for the bot to place orders.
• Dynamic Distance Calculation: Specify buffer size or period for ‘Previous close price’ or ‘Buffer on every tick’. The bot calculates the standard deviation of RSI distances.

Account Management

• Profit and Loss Settings: Choose between absolute value or percentage for trade exit criteria.
• Profits to Close a Pair of Trades: Set a specific amount or percentage of account balance to close open positions.
• Losses to Close a Pair of Trades: Similar to profits, define the threshold for losses.
• Close Trades on Opposite Signal: Enable this to close trades when an opposite signal is detected.
• Emergency Exit: Set a specific amount to stop the bot as a safety measure.

General Inputs

• Magic Number: Unique identifier for the bot, especially important if running multiple bots.
• Trading Hours: Define starting and ending hours for trading.
• Close All Positions Post Trading Hours: Enable to automatically close all positions after the ending hour.
• Position Comment: Add a comment for each position for easier identification.