rAlgo Pivot EA
Advanced Trading Algorithms Unleashed
"90% of traders lose 90% of their money in 90 days"
It's our one-and-only goal to build trading robots to overcome such eventual fate for 90% of the traders out there. Our uncompromising ethos on developing honest, genuine and profitable EA products sets us apart from the rest. With more EAs planned in the pipeline, we invite you to join us to make a difference.
Latest MT4 EA version: v0.8.4 (Mar 2019)
Please note that v0.8.4 Pivot Trading EA is still in development, it has bugs, but you can use it to backtest or try it on a Demo account.
Important: Before you start, you have to register a rAlgo membership account to activate the EA.
REMEMBER TO CREATE A MEMBERSHIP ACCOUNT:
It goes without saying you should have a Metatrader 4 (MT4) Demo account created with your preferred Forex Broker, and you have installed the MT4 desktop client on your PC, before you proceed to Step 2.
Register for an account at http://member.ralgo-ea.com, one account per person.
Please check your mailbox for a verification email from us, to activate the account.
Next, add your MT4 trading account number (eg. 30005061) to your rAlgo Member Profile, you can add as many MT4 accounts as you need.
Please note that if the broker account number is not found on your member profile, the EA will fail to work.
Please follow the Installation Guide in the next section, below.
These are the steps you need to CAREFULLY follow to set up the rAlgo Pivot Trading EA v0.84:
THE EA FILES:
Download the 3 EA files, then
Run your Metatrader 4 Terminal
Save the rAlgo_pivot_trading_v0.8.4.ex4 in MQL4\Experts folder (this is the EA file)
Save the socket-library-mt4-mt5.mqh in MQL4\Include folder (this is the Socket file)
Save the TDI-RT-Clone-rAlgo_v0.8.ex4 file in MQL4\Indicators folder (this is the TDI Indi file)
Remember to right-click and Refresh the "Expert Advisor" and "Indicators" header in MT4 Navigator pane, so the Pivot EA and TDI Indicator could appear on the MT4 Navigator pane.
Lastly, and importantly, go to Tools -> Options -> Expert Advisors tab, tick the "Allow WebRequest for listed URL:" checkboxes, then add http://api.ralgo-ea.com in the URL box, and click OK.
Please note that without completing Step 7, the EA will fail to work, and you will encounter the "Program Terminated Itself" error.
LOADING THE EA TO CHART (ONE EA PER CHART):
Open a chart (eg. EURUSD) and set the chart Timeframe to H1
Drag-and-drop the rAlgo_pivot_trading_v0.8.4 EA from the Navigator pane to the EURUSD chart, the EA configuration will show up - ensure you tick the "Allow live trading", "Allow DLL imports" and "Allow import of external experts" checkboxes in the Common tab, leave the rest of the settings as default and click OK. Once the EA is loaded, you will see the Smiley Face icon on the top-right corner of the chart. You will also see the Red/Blue/Green pivot lines drawn on the chart.
Please note that if you see a Sad Face icon on top-right corner of the chart, you should ensure the "AutoTrading" button is pressed. Reload the EA if you can't see the pivot lines drawn on the chart.
You can find the EA Configuration Guide PDF file in the Download folder, it will help you to understand how to customize the EA settings.
Optionally, you can choose to drag-and-drop the TDI-RT-Clone-rAlgo_v0.8.4 indicator to the chart, however, since TDI indicator is embedded inside the EA code, it's not compulsory to load this Indi.
The steps above should get you to the point where your EA could start to operate.
The Pivot Levels
The Fibonacci Pivots Trading Concept
The rAlgo Pivot Trading Expert Advisor (EA) trades the weekly Fibonacci pivots. As the price of a currency pair moves progressively away from weekly pivot it becomes more likely to go into correction. 61%, 78%, 100% S/R are key zones where price reversal is likely. When the price hits major pivot levels the EA waits for the Traders Dynamic Index (TDI) indicator to cross to confirm the retracement. The EA then triggers buy/sell trades based on pre-defined settings. It then closes the trades once target profits are hit, or when Stop Loss is triggered. Depending on the trade expiry setting, the EA closes trades before the end of the week so that it will trade a new set of pivots the following week, or it allows opened trades to carry over into the following week.
The above is a simplified description of of how the EA operates. Of course, the actual EA operation is much more sophisticated, as it’s coded to be highly configurable, to allow users to adjust Trade Management, Money Management, Risk Management, Stop Loss, Profit Taking, Entry/Exit, Time, Spread settings, etc.