Free Grid EA Ikarus - From zero to hero (Free Grid EA Ikarus - From zero to hero)

Attached pictures

1. 0 = disabled, all orders will have the same distance
2. 1 = The distance between orders will be increased by 1/2/3/4/5... (d'Alembert)
3. 2 = The distance between orders will be increased by 1/2/4/8/16…(Martinale)
4. 3 = The distance between orders will grow by 1/1/2/3/5… (Fibonacci)

Profit taking : The setting of trailing stops to ensure periodic profits.
Affinity Lock : The percentage of profit gained by trailing the stop loss.
Minimum lot size : the volume at which to start a new cycle.
Equity Alert : Retracement alert, which when activated will stop automatic position opening.
Account risk : Account basic stop loss, when reached, all orders will be closed and EA will stop trading.
Progression : Setting of volume progression within a cycle.

1. 0 = disabled, all orders will have the same quantity
2. 1 = Volume will grow according to min_lot in periods 1/2/3/4/5... (d'Alembert)
3. 2 = Volume will grow according to min_lot in periods 1/2/4/8/16... (Martinale)
4. 3 = Volume will grow according to min_lot in periods 1/1/2/3/5... (Fibonacci)

Maximum Positions : Set the maximum number of positions per cycle.
Imbalance Control : Hedging Function

1. 3. The last volume of an unclosed period (e.g. sell) will open a new period (e.g. buy).
2. This results in extreme risk and can easily drain your account.

Maximum Spread : Set to avoid large spreads when opening a position. Enter MT4 pips here, 1 pip = 10.
Show Forecast : Enables graphical elements in the chart.

How it will trade:

The EA is looking at Forex currency pairs, I personally trade on the major pairs (EURUSD, USDCHF, GBPUSD % USDJPY) and the larger minor pairs such as EUGBP or EURJPY. All orders will be executed as market orders, with trailing stops handled by the EA. Therefore, I highly recommend running it on MT4 hosted on a remote server.

The time frame is not relevant because this version does not use indicators.

Upon launch, the EA will immediately open two periods with one buy order and one sell order. If the market goes north, the buy cycle will be locked and the sell cycle will open the next order at the average sell cycle price. Once the trailing stop is hit and the profit cycle ends, a new cycle will begin. The EA includes commissions and swaps in the take profit calculation.

Take Profit and the next price at which the order will be added are shown on the chart as an indication. On the right side of the chart you have an information panel that gives you an overview about spreads, accounts and both periods. On the left side of the chart you will see information about the two periods and settings. You can hide this information and button when you click Show/Hide Comments.

EA has some hot buttons so you can manage actions with one click:

1. Stop the next cycle : After a cycle ends with profit, a new cycle will not start.
2. Rest & Realization : The EA will not add any new positions, when the take profit is reached, it will use the trailing stop to ensure and realize the profit of the cycle
3. Stop and close : all positions will be closed immediately and the EA will not start a new cycle

When a loop reaches the number of positions you set in max_possition, the manual mode hot button will be activated (button will display yellow, yellow alert). This mode will also be activated when the equity retracement is higher than the setting under Equity_warning (the button will show red, Alert).

Attached picture (click to enlarge)

1. Buy/Sell : Open manual order, the trading volume is set according to EA
2. Clay. Last B/Cl. Last S : The last order of the loop will be closed.
3. Clay. All Bs/Cl. All stainless steel : close all orders for one cycle

When the EA is in Alert Yellow or Red, it will not automatically open new positions to the period in which it is in loss, but will close the period via the Trailing Stop function when Take Profit is reached.

1. Maximum during alert mode. Equity and current retracement will be displayed on the left side of the screen.
2. During alert mode, when adding a position manually using the Buy/Sell buttons, a line indicates the new Take Profit location.
3. In alert mode, a line in the chart indicates where the account will trigger a margin call.

I trade using EA on a real account (1:200). I consider this a "fun" account, so it's much smaller than my regular account. So I’ve been working hard and this year has been pretty good so far. On the account I am using the Beta version of Ikarus, which unfortunately I cannot publish here, the main difference is that the opening of the cycle will be done on the basis of the indicator, the rest of the cycle is handled in the same way as the EA you can download here. For entries, I use a combination of Bollinger Bands and Stochastik or RSI indicators.

I have many ideas how to improve the EA further, unfortunately my old coder is very busy now and I am not a coder but a trader. So if anyone is interested and has MQL4 skills, I will be more than happy to use this thread to improve this EA with you.

Programmers, please check out post 213 for my current thoughts on improving Icarus, thank you very much for your support!

If you're unfamiliar with the story of Icarus and his father Daedalus, you can improve your knowledge of Greek mythology with this YouTube video.