FXMower EA of finds entry points for trading using its unique algorithm by recognize trends or fast movements beginning and end, then decide the best direction to open each order.
The EA uses Trailing Stop for the first order with no Take Profit, and quickly alters the Stop Loss. That first order can take the whole profit from a spike or fast movement in any direction.
The EA opens the second and third orders after the first order Stop Loss in the favorable direction detected by the EA either following or against the trend. It never opens orders in one direction giving a chance to get a rollback.
By default, the first lot for Session 1 is set to 0.02, and for Session 2 is set to 0.01. These values can be left as is, or according to the desired risk, the first lot can be modified manually.
This formula can be used to calculate which lot should be set:
(Deposit x Risk / 100) / Max DD1 of Session x 0.01
1 With lot 0.01 the maximal possible drawdown equals to $107 (in Session 1) and $230 (in Session 2).
For example; if the deposit is $3,000, and desired risk is 25% of the deposit, then the following should be set:
Using the default settings, the recommended minimal deposit $250 while risk that exceeds 35% is not recommended.
Other parameters should be left as default, while advanced users who exactly know their effects on trading can modify them. These parameters include:
Trailing stop (enable/disable) – Only for the first order! When enabled, TP (Take Profit) won't be set so the profitability should be higher, but the risk is slightly higher too. The changes in SL (Stop Loss) will depend on the price, that provides a profitability. Trades are always closed by SL.
Session 1, Session 2 (enable/disable) – The EA trades using two independent trading sessions differing from each other by the entry points, minimum deposits and other parameters. For the following parameters, they have index 1s for Session 1 and index 2s for Session 2.
Lot 1 – The first order's lot size, if set to 0.01, the maximal possible drawdown (loss) will equal to $107 (in Session 1) and $230 (in Session 2).
Moving – The lower the value, the faster the reaction of the EA will be to the price movements, for placing the second and third orders (buy or sell).
Take profit 1 order – TP for the first order. If “Trailing stop” parameter is enabled, this parameter is the value of the “Trailing stop” itself, and TP will be ignored.
Stop loss 1 order – SL for the first order. After the value of this parameter is reached, the EA will open the second order.
Take profit 2 order – TP for the second order. No matter if the “Trailing stop” parameter is enabled or not, TP will be set anyway.
Stop loss 2 order – SL for the second order. The EA will open the third order after reaching this parameter's value.
Take profit 3 order – TP for the third order. No matter if the “Trailing stop” parameter is enabled or not, TP will be set anyway.
Stop loss 3 order – SL for the third order.