The Slingshot Forex Robot is an automated trading software for Metatrader 4 that deploys moving averages to smoothen out price by separating ‘noise’ from the usual price fluctuations.
It uses two moving averages i.e. a high and low.
The algorithm uses a logic that allows it trigger a long position when the “Ask” is greater than the MA (moving average) high and a short is triggered when the “Bid” is less than the MA (moving average) low.
Users can deploy the Slingshot Moving Average EA’s own money management system.
It’s an automated algorithm that maintains a healthy equity for its users to constantly stay afloat in the market.
The EA made $6252.53 profit on the EUR/USD pair 15-minute chart from an initial deposit of $10000.
Feel free to tryout the robot on any currency pair of your preference.
Default EA settings:
maPeriod_1; 7, mamethod_1; 0, maappprice_1; 2, maperiod_2; 5, mamethod_2; 0, maappprice_2; 3, prof; 25.0, tp; 50, sl; 550, usemm; false, percentmm; 2.0, lots; 0.1.
The default Slingshot Moving Average 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 Slingshot robot on a demo account first before running it on a live Forex account.
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Strategy Tester Performance Report
Find below the strategy tester performance report for the Slingshot Moving Average expert advisor attached to the EUR/USD 15-minute trading chart.
Strategy Tester Performance Highlights
The Slingshot expert advisor made a total profit of $6252.53 ($10000 initial deposit) from 262 trades during the initial testing period.
The largest winning trade generated $34.50 in profit, while the largest losing trade lost -$536.00.
See the test results report above for all details.
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maPeriod_1, mamethod_1, maappprice_1, maperiod_2, mamethod_2, maappprice_2, prof, tp, sl, usemm, percentmm, lots.
More Info About This Expert Advisor
Recommended Currency pairs: Majors & Minors
Trading Platform: MT4
Time frames: M5 – 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.