Legend EA - combination of two extraordinary strategies
Legend EA trades pending orders in the channel using secure strategies without scalping, martingale and grid. The EA opens positions only at the close of the bar, which protects orders from market noise and the hunt for Stop Loss. Has complex exits using Trailing Stop with break-even and partial closure on several targets.
Сharacteristics of the Legend EA
- Platform: Metatrader4
- EA version: 1.3
- Currency pairs: Any, recommended EURAUD, EURUSD, USDJPY, XAUUSD
- Trading Time: Around the clock
- Timeframe: Any, recommended M15
- Recommended broker: Roboforex, XM, FTMO
Legend EA trading algorithm
The author does not disclose the EA's trading strategy. We can only assume that this is trading pending orders at the borders of a channel or support/resistance levels.
Back Testing
The EA comes with presets for 4 currency pairs. It was on these pairs with these pre-settings that I performed testing:
EURAUD M15 | 2010-2020
EURUSD M15 | 2010-2020
USDJPY M15 | 2010-2020
XAUUSD M15 | 2010-2020
Despite the fact that the presets are designed for a later version 2.0, they came up perfectly for our version 1.3.
As you can see, the Expert Advisor confidently passes the 10-year test with an initial deposit of only 1000 USD. But the maximum drawdown in this case reaches from 11.29% on XAUUSD to 45.44% on EURUSD, which is not very small.
Expert Advisor settings
Legend has an automatic MM with a given risk level. Applies virtual Stop Loss and Take Profit that are slightly different from those seen by the broker (Broker Stop Loss, Broker Target Profit). There is a setting for trading hours, the possibility of scheduled closing of positions.
You can see the full list of settings below:
Strategy 1 Inputs
- Enable Strategy 1 - Use or not strategy 1
- Use Money Management - Select true to use automated lot sizing
- MM Risk Settings 1 - Risk Setting for Money Management
- Lot Size - Fixed Lot size
- Max Open Positions - Max Positions for strategy 1
- Fast Period - Period of bars for fast measurement
- Slow Period - Period of bars for slow measurement
- Volatility Factor - Factor for volatility calculation
- MA 1 Period - Moving average 1
- MA2Period - Moving average 2
- MA 3 Period - Moving average 1
- Target Profit - Virtual (Hidden) Target Profit pips
- Stop Loss - Virtual (Hidden) Stop Loss pips
- Trailing Stop - Virtual (Hidden) Trailing Stop pips
- Break Even Activation Pips - Price must be this far into profit for breakeven activation
- Pips to Lock In - Pips to lock-in
- Broker Target Profit - Set to a number slightly larger than Virtual Target Profit. Sending hard exits to the broker serves a dual purpose as both a decoy and safety mechanism
- Broker Stop Loss - Set to a number slightly larger than Virtual Stop Loss
- Use Partial Close - Set to true to close positions at multiple exit targets
- Position Percentage to Close - Percentage to close at each target
- Min Profit Pips - Minimum amount of pip before the first exit
- Pips Between Closings - Number of pips into profit between closings
- Max Gap Allowed (Pips) - If Price Gap exceeds this number of pips trading will be paused
- Hours to Pause After Gap - Trading will be paused this many hours after the price gap
- Magic Number S1 - Use a unique number for each strategy on every instance of Legend
Strategy 2 Inputs
- Enable Strategy 2 - Use or not strategy 2
- Use Money Management - Select true to use automated lot sizing
- MM Risk Settings 2 - Risk Setting for Money management
- Lot Size - Fixed Lot size
- Sample Period - Number of bars for support/resistance algorithm
- Look Back Period - Number of bars scanned
- Order Offset (Pips) - Entry orders offset
- Target Profit - Virtual (Hidden) Target Profit pips
- Stop Loss - Virtual (Hidden) Stop Loss pips
- Trailing Stop - Virtual (Hidden) Trailing Stop pips
- Break-Even Activation Pips - Price must be this far into profit for breakeven activation
- Pips to Lock In - Pips to lock in with breakeven activation
- Broker Target Profit S2 - Set to a number slightly larger than Virtual Target Profit. Sending hard exits to the broker serves a dual purpose as both s a decoy and safety mechanism.
- Broker Stop-Loss S2 - Set to a number slightly larger than Virtual Stop Loss.
- Use Partial Close - Set to true to close positions at multiple exit targets
- Position Percentage to Close - Percentage of the original position to close at each target
- Min Profit Pips - Minimum amount of pip before the first exit
- Pips Between Closings - Number of pips into profit between closings
- Magic Number S2 - Use a unique number for each strategy on every instance of Legend
Universal Variables
- Use Trading Hours - Set true to use trading hours
- An hour to Start Trading - Hour to start (GMT time)
- Hour To Stop Trading - Hour to stop (GMT time)
- Friday Exit Hour - Hour to stop trading on Friday and exit trades. (broker time)
- Transparent Display - Set true for transparent display
- Trade Comment - Comment to be sent with trades
- Order Expiration Minutes - Pending Order Expiration Minutes 0 = Never expires
As you can see, now we have in our arsenal an Expert Advisor with a very well thought-out trading algorithm and strategically competent one with many options for trade management. But so that this mechanism does not fail and is not subject to disconnection from the network, we need uninterrupted trading, which only a VPS server can guarantee.
In the archive Legend_EA.rar (104.0 kb):
- Legend.ex4
- Legend v1.11 EURUSD M15.set
- Legend v1.11 S2 XAUUSD M15.set
- Legend v1.11 USDJPY M15.set
- Legend v2.0 EURAUD M15.set
- Legend v2.0 EURUSD M15 default.set
- Legend v2.0 USDJPY M15.set
- Legend v2.0 XAUUSD M15 S2.set
Free Download Legend EA
