The Mercury Forex robot is an expert advisor, written for Metatrader 4 that captures intraday price breakouts by calculating the last local high/low prices.
The expert advisor makes use of what it terms a local high/low.
The Mercury EA’s algorithm initiates a breakout trade if the price exceeds a local high or low and a trend is registered if the lows are surging or the highs falling.
The EA is able to define within its code how it can spot a local high/low, using three candles price action.
The Forex robot utilizes an coded system that counts the number of times price has been tested and shows this count in a color scheme from white to red.
The EA made a $5908.64 profit on the EUR/USD pair 15-minute chart from an initial deposit of $10000.
It’s recommended to test the Mercury EA on the lower spread major currency pairs for best performance.
Default EA settings:
Max. Trades; 1, level; 2, distance; 11, lots; 1, slippage; 20, stop loss; 30, take profit; 0, trailing stop loss; true, break even; 20, min. money; 20, magic; 12345
The default EA settings can be modified directly by editing the source code or changing the Forex robot’s input values.
It’s highly advised to test the expert advisor for MT4 on a practice account first before running it on a real Forex account.
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Strategy Tester Performance Report
Find below the strategy tester performance report for the Mercury Intraday expert advisor attached to the EUR/USD 15-minute trading chart.
Strategy Tester Performance Highlights
The expert advisor made a total profit of $5908.64 ($10000 initial deposit) from 4 trades during the initial testing period.
The largest winning trade generated $5241.31 in profit, while the largest losing trade lost -$120.00.
See the test results report above for all details.
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Max. Trades, level, distance, lots, slipage, stop loss, take profit, trailing stop loss, breakeven, min. money, magic number
More Info About This Expert Advisor
Recommended Currency pairs: Majors
Trading Platform: MT4
Time frames: M15, M30, H1
Expert Advisor Type: Intraday
Copy and paste the expert advisor in the MT4 experts data folder.
Then restart the MT4 terminal and attach it to any chart.