Exp_ColorSchaffMFITrendCycle
This EA trades based on the ColorSchaffMFITrendCycle custom indicator, which applies a Schaff trend cycle to MFI (Market Facilitation Index). It opens buy positions when the cycle crosses above the high level and sell positions when it crosses below the low level, with configurable position sizing and stop loss/take profit.
Open the interactive view (equity curve, symbol switch)Key facts
Backtest results (H1, about 1 year)
Not backtested yet — this EA could not be converted automatically.
Strategy analysis
The strategy concept is based on applying a Schaff Trend Cycle oscillator to the MFI indicator, identifying trend momentum shifts through the crossover and cyclic smoothing of fast and slow MFI periods. Entry conditions: a buy is triggered when the Color buffer value exceeds 5 (high zone) and the previous value was below 6; a sell is triggered when the value drops below 2 (low zone) and the previous value was above 1. Exit conditions rely on reverse signal triggers for position closing along with fixed stop loss and take profit levels. Position sizing is managed through the MM parameter and MMMode enumeration, supporting multiple modes including fixed lots, balance-based percentage, and free margin-based percentage. Money management is handled by the TradeAlgorithms.mqh library functions (BuyPositionOpen/SellPositionOpen), which support 5 money management modes ranging from free margin to fixed lot sizing. The strategy uses an IsNewBar mechanism to ensure signal detection only occurs on new bar formation, preventing repeated per-tick trading.
Strengths
- Uses IsNewBar mechanism to prevent per-tick duplicate signals, reducing unnecessary trade frequency
- Provides 5 money management mode options with high flexibility for different risk preferences
- Configurable stop loss and take profit with default 1:2 risk-reward ratio (1000 SL / 2000 TP)
- Buy/sell open and close can be independently toggled, enabling directional or close-only modes
- Checks BarsCalculated before processing to ensure indicator data sufficiency
Weaknesses
- Depends on external custom indicator ColorSchaffMFITrendCycle which must be installed separately and source is unavailable
- Signal logic relies on magic number thresholds (5/6/1/2) in the Color buffer, lacking intuitive explanation and difficult to optimize
- No trailing stop mechanism; fixed SL/TP cannot adapt to changing market volatility
- No check for existing position count, potentially opening duplicate positions in the same direction
- No spread filter, which may cause excessive slippage during news events or low liquidity sessions
Possible improvements
- Add position count check to prevent duplicate same-direction entries leading to overexposure
- Implement trailing stop functionality to lock in more profit during trend continuation
- Add spread filter and trading session filter to avoid high-slippage and low-liquidity periods
Risk assessment
Overall risk: Medium
- No position count check may lead to excessive directional exposure through duplicate entries
- Dependency on external custom indicator means EA fails to initialize if indicator is missing
- 1000-point stop loss is relatively large and can still result in significant losses in volatile markets
Evaluation scores
Parameters
| Parameter | Default | Description |
|---|---|---|
MM | 0.1 | Risk management ratio or fixed lot size |
MMMode | LOT | Position sizing mode: fixed lots/by margin/by balance |
StopLoss_ | 1000 | Stop loss in points |
TakeProfit_ | 2000 | Take profit in points |
Deviation_ | 10 | Maximum allowed slippage |
BuyPosOpen | true | Allow opening long positions |
SellPosOpen | true | Allow opening short positions |
BuyPosClose | true | Allow closing long positions |
SellPosClose | true | Allow closing short positions |
InpInd_Timeframe | PERIOD_H1 | Indicator timeframe |
Fast_MFI | 23 | MFI fast line period |
Slow_MFI | 50 | MFI slow line period |
VolumeType | VOLUME_TICK | Volume type: tick volume or real volume |
Cycle | 10 | Schaff trend cycle period |
HighLevel | +60 | Overbought threshold level |
LowLevel | -60 | Oversold threshold level |
SignalBar | 1 | Signal bar index |
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Backtests are historical simulations and do not guarantee future results. Not financial advice.