Forex trading robots work excellently on all market currency pairs and five- and fifteen-minute charts. However, the best part about this trading strategy is that you can fully automate it and turn it into a robot that does all the work for you. No more wasting time waiting for opportunities. Trading, as it only takes a couple of minutes to create a robot once you have connected it, will automatically follow the signals the strategy provides and grow your account without you having to lift a finger in this step-by-step tutorial.
How do you create an artificial intelligence forex trading robot?
I will show you how to do this, but first, what are the indicators? This strategy uses the first tool, Edry Extreme Points buy and sell by Spudo. This tool uses the CCI Momentum and Relative Strength Index to generate entry and follow-up signals for trading. It is user-friendly and easy to buy or sell.
The second tool is the Exponential Moving Average with a length set at 100. That’s all for this trading algorithm. You do not need to set Take Profit or Stop Loss, as you buy the strategy when two conditions are met. First, buy the maximum points; the sell indicator gives a signal. A second buy, where the price is below the exponential moving average, is to buy the stock at the lowest possible price once a buy trade is opened, and the position continues until a sell signal is given.
These simple rules help you catch huge trends no matter what. It would help if you remembered that not using a stop loss may lead to declines, so I recommend using this strategy with a leverage of no more than five to one. The strategy is sold when the extreme points give a sell alert and the price is above the Moving Average (EMA). The position is closed when the buy signal goes well.
Combine two Forex indicators in one script.
Let me show you how I combine these two indicators in one script. This can be very useful for those without programming knowledge, so first, I opened and copied the code for Edury Extreme points buy and sell indicators. Then, I logged into Pionex and opened Pionexgpt, an alternative GPT Chat developed specifically for coding trading strategies. I asked him to write me a simple strategy in a Pine script using the following code with 100 EMA as a signal filter.
I copied and pasted the code in the pine editor and added it to the chart. To modify the strategy inputs, go to the strategy tester tool and click on the settings button in the input section. You can change the source of the entry signal from CCI to momentum. You can adjust the length of the RSI overbought and oversold levels to 15 in the Relative Strength Index (RSI).
Once you are done using the open strategy properties for inputs and setting the account size to 100, set the order size to 100. In addition to changing the order type, you can enable the pyramid option by increasing this number to 5, for example. Once you are done with the settings, click OK. “So we are on the Solana USDT price chart. The time frame is five minutes, and here are the backtest results, as the winning percentage is 75 percent.
Prove profit from a Forex trading robot.
We had 81 closed trades, the net profit was 143, and the maximum drawdown was 15. For such a simple strategy, the results were entirely satisfactory. As a side note, you can add a volume filter to the script to reduce the number of losing trades. Furthermore, let’s look at Ethereum on the five-minute chart; here, the winning percentage is slightly lower. By the way, the numbers remain constant if we go further in time. Sometimes, the strategy produces negative results, but the effective volume indicator can solve this problem again.
The only downside is the drawdown due to not using a stop loss. Still, the drawdown will decrease significantly if you find an exit indicator that gets you out of a losing trade much earlier than the strategy signals.
For example, you can implement the SAR Parabolic Indicator into your strategy to exit a losing trade. In this way, if the buy trade runs at a loss, instead of closing it when the extreme point indicator gives a sell signal, you can close it on a parabolic tarsal alert. With this trade management, you will keep your losses small and your winners large because this strategy works on some forex pairs.
How can we automate the algorithm into a Forex trading robot?
The process is straightforward:
- First, add this trading strategy to your favorites.
- Then go to Trading and View Indicators and open it.
- After that, register a free Pionex account.
- Go to the trading menu and click on the trading robot on the right side. You will find many trading robot options.
- The option you need to select is Signal Robot.
- This robot allows you to copy signals from your trading display strategy.
Add a Forex trading demo with a custom signal
Set the signal name and entry description.
Click Confirm.
Then, you will need to configure the script for your trading demo. You will need to set your account and order size.
If these numbers are the same, 100 of your robot’s funds will be used to open a position every time you receive an entry. The next step would be to create alerts:
Copy the webhook URL.
Then, return to the trading view.
Open and paste Strategy Alerts into this window.
Finally, copy and paste the message into your Strategy Alerts message.
Once finished, click Create.
Then, go back to Pionex and automate the signal.
Summary
It is highly recommended that you test this trading robot on a paper account first. If you are satisfied with the results, try it on a live account after a few weeks. There are several deposit bonuses offered by Pionex. As a long-time user of this platform.
ChatGPT AI has made me a profitable scalping Forex trading strategy.
If you have yet to hear, you must live in the shadow of rock chat. GBT has taken the internet by storm and is the fastest internet platform ever, growing to reach 1 million users who have done so faster than Facebook, Tick Tock, YouTube, and any other social media platform. AI is getting more intelligent and can do almost anything for you, but can you use GPT chat to write your code for a Forex robot that you can use to make money? I will show you the shocking results in this article you are about to discover.
ChatGPT AI for Forex trading
When I asked chat gbt to write me an expert advisor code to trade on Metatrader5, that’s precisely what I did; I came here to chat.openai.com and wrote this prompt that says, “Write me an mql5 code for a forex expert advisor to trade on Metatrader5 that uses Trend following strategy.
I clicked submit and then started typing the code. Within 30 seconds, I had an expert advisor coded for me, a trend-following strategy that blew my mind. So, all I did was copy this code and write it myself. I then headed over to the trading platform My Metatrader5 and tried to backtest to see how effective this strategy was. Unfortunately, it didn’t work.
Refrain from relying on your ChatGPT experience to trade Forex.
So I went to Fiverr and asked for someone I knew how to code an Expert Advisor. I typed this into the search bar and found someone for about $25 who was able to clean up this code a little bit just to get it up and running now with all the logic inside of it. That was the Expert Advisor code true. All I needed to do was cover this guy and complete it to make it able to work in a backtest environment on Metatrader5.
So once I got the code back from the guy on Fiverr, I came here to submit a file. I said to open the data folder, and then I went to mql5, clicked on experts, clicked on advisors, copied the file, and pasted it into the place that follows EA Corrected.ex5 This is the file I wanted to start testing.
Then what I did is I came here to view it, and I clicked on Test Strategy, which brought up this window so I could start testing this expert advisor and what I did is I just put the EUR and USD symbol on it, and I also put the one-hour chart, And I did it for the 2021 date range, and I gave it a 100,000 demo account to start with the inputs I set were the default inputs to see if it was bright with
Does GPTV chat give you good results in Forex trading?
Enough to get some excellent results, and I went ahead and ran the backtest. After a few minutes, I got results that looked pretty ugly, so I went in after that and said, okay, this is what it should be predicting that this is a straightforward EA. All it does is go in a buy trade with a risk-to-reward ratio of two to one when the candles are above the moving average or a sell trade if they are below the moving average. Also, the risk-to-reward ratio is one to two.
So I thought, okay, let’s try to do something a little more complicated to see if it comes in and starts working on any different pairs, so I clicked on all the market watch icons and did the clock once I did this over and over again from January 5th to December 28th of 2023. All these inputs are like this, and the results I got look like this, so this was improving on all the different currency codes that were available in Market Watch, and as you can see, none of these coins turned into a profit.
How to make a Forex trading strategy using artificial intelligence?
The best performer was the euro, with ninety-six thousand dollars. I noticed that the euro and the US dollar, one of the major currencies, were in the top five or so of the results, but still, in fact, it was down 47.96 percent and made no profit. I did optimize this a bit more when I came here for the moving average period.
So, I came here and picked the USD specialty, the best-performing niche. I did that over the same period, and then I came here. I did a quick algorithm based on genetics to get some results quickly; I came Here. I optimized the moving average period to see the best moving average value, and it might have worked better on a different moving average value, so I clicked on this box, and it started.
The Simple Forex Day Trading Strategy
Today’s topic is the simple daily trading strategy in Forex. Have you ever wondered about the secret sauce that makes some Forex traders successful? Today, we will reveal one of these secrets, Dan’s strategy in Forex trading. The Dan Strategy is a simple yet powerful tool that existed over 15 years ago, not from some ancient Chinese magician’s manuscript.
Forex daily trading strategy
The effectiveness of the DAN strategy lies in its simplicity. The widespread use of indicators associated with the DAN strategy is based on an interesting phenomenon whereby technical indicators such as Fibonacci retracement lines and moving averages often become self-fulfilling prophecies. These indicators are so widely used that they influence the course of trading. The market is at a price level in line with the 20-period moving average.
This can often be profitable because the sheer volume of orders placed at this level by traders worldwide can influence the market direction on which Dan’s strategy is based.
Technical indicators that are used in daily Forex trading
One of the most widely used technical indicators is the moving average. This strategy is traded on a 15-minute price chart. The three moving averages that will be plotted on the chart are the 5-period, 10-period, and 50-period moving averages. Personally, I prefer to move Exponentially.
Averages respond more quickly to recent price changes. However, simple moving averages can also work, and the choice between the two usually comes down to individual preference. Now, let’s delve into the mechanics of Dan’s strategy. A buy signal is generated under the following conditions first after. The market price trades below the 50-period EMA, the 15-minute candle closes above this second EMA, and the 5-period EMA is above the 10-period EMA.
A stronger buy signal is generated if the five-period and 10-period moving averages cross from the bottom to the top of the 50-period moving average. An alternative entry point is to wait until all these conditions are met and then until the price pulls back closer to the 50-period moving average, and the initial stop-loss order should be placed just below it.
Creating a buy signal in Forex trading
The most recent swing low occurs before the buy signal is generated on the other side. Short sell signals are generated in the opposite direction by price and moving averages from above the 50 period EMA to below at 15 minutes. The candle closes just above the 50 EMA, which is your signal to consider a buy entry as a stop-loss order. It then finds its place below the bottom of the large bearish candle that immediately preceded the sizeable bullish candle that signals buy after this signal.
The price often moves steadily higher. In such a scenario, traders can profit 10 to 15 pips in less than two hours. If the analysis indicates that the price could advance significantly, consider moving the stop loss to the breakeven price level or from Better instead of taking profits at half the price.
Raising stop loss in daily Forex trading
Exit the position and let the other half ride while raising the stop loss as the price increases. The 5 and 10 moving averages often act as ongoing support levels for the price, except for the occasional bounce back to the 50 moving average. This strategy is a short-term intraday trading strategy designed to make quick profits. It is expected to exit these trades within two to three hours, often within just half an hour, to protect against market reversals and raise your stop loss order aggressively.
Once a trade shows a profit break event or more, it should be moved to breakeven or better. As shown on the daily chart, a highly recommended trading filter only takes trades toward the overall market trend. Uptrends or downtrends can be identified by looking at a daily chart or using major moving averages, such as the 23-day or 60-day moving average.
Retracement to the moving average in trading
One key point to remember is that a retracement to the 50 EMA as an alternative trade entry point should only be done once a second retracement has occurred. It is likely to fail as a support level that causes the market price to decrease.
Forex trading is a low-risk strategy designed to prevent significant losses, as its simplicity does not require the trader to have extensive experience in technical trading. However, with any trading strategy, try paper trading in demo mode first to see how it goes and feel comfortable using it before taking the risk with real money in the market.
