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Using forex trading robots is an easy way to automate steps in your trading so you don't have to constantly be watching your charts. Using a forex trading robot like the Grandmaster Expert Advisor you can set your preferred parameters, have the bot watch charts that you're interested in and automatically enter trades based on your set parameters.

The Best Forex Trading Robot- The Grandmaster Forex Robot

The Grandmaster Forex Robot was developed by the founder of A1 Trading Company, Nick Syiek (also known as "Tradernick" on YouTube). Nick's motivation behind the Grandmaster EA is to create a system that builds and manages a position before taking profits if they come about. Additionally, the grandmaster is programmed with a focus on risk management.

The Forex Trading Robot is a grid based expert advisor built to adapt with market movements as per the operator’s set parameters. It is designed to work on the Metatrader 4 (MT4) platform only. The robot gives the user the option to set their own preferred grid, set their lot sizes, profit targets, and more.

The trading robot is NOT designed to be 100% automated and do all the work for you. However, it will help automate components of your trading to make your trading process less time consuming.

The Grandmaster Forex Trading Robot allows the user to customize parameters as they would like

Who should be using the Grandmaster Forex Robot?

How Does the Forex Trading Robot Work?

How You Can Use The Grandmaster to Automate your Trading

  • Buy or Sell: Using the botCanBuy and botCanSell variables traders can choose whether they are looking to buy or sell a specific pair
  • Lot size: Traders can choose what lot size to give the bot as well as if they would like the lot size to automatically multiple as the trade moves in a given direction
  • Grid Level in Distance in Points: Users can choose to program the grandmaster to add a small position every allotted points. In this case the pips was set to 2000 points. Therefore, the bot is set take a small position every 200 pips. (1 Pip=10 points)
  • Number of Levels: Choose how many different grid levels pending buy limits where the price will execute a buy if it hits that point.
  • Net Profit: Choose what profit you would like each trade to be at for the bot to automatically close out.
  • Max Drawdown: By turning this variable to true, you are telling your bot to stop out at the given max drawdown on your account.
The A1 Trading Forex Trading Robot allows the user to customize parameters as they would like

The Truth About Forex Trading Robots

Although forex trading robots are excellent tools to help automate components of your trading, the Grandmaster Forex Robot is NOT designed to be "set and forget". Unfortunately, forex trading robots are not a magical money machines and will require manual intervention from a trader who understands risk management and has an adequate understanding of trading.

In order to use the Grandmaster Forex Trading Robot you will need:

How to Get the Grandmaster Forex Trading Robot

Interested in trying out our forex trading robot? Purchase the Grandmaster Forex Robot here OR get the Grandmaster for FREE with your purchase of the Gold VIP Membership (along with 7 of our other awesome scanners, indicators, & bots!).

By the end of this article, you'll know how to use the currency strength meter in ways that will both save you time and help you find better trade setups!

What is a Currency Strength Meter?

The currency strength meter is a tool that helps trend traders determine what is moving in the foreign exchange market. Simply put, the currency strength meter acts as a currency heat map to show overall change in price. Instead of having to go chart to chart to find the best trends, the Currency Strength Meter will objectively tell you what currencies are strong and what currencies are weak.

The currency strength meter shows an overview of strongly trending pairs, sideways pairs and the direction of major pairs in different timeframes.
The currency strength meter shows an overview of strongly trending pairs, sideways pairs and the direction of major pairs in different timeframes.

How Does the Currency Strength Meter Work?

The currency strength meter uses a combination of price action, the relative strength index, and stochastic indicator. The tool will calculate and order the 8 major currency pairs from strongest to weakest (JPY, NZD, CHF, EUR, AUD, USD, CAD, & GBP). In addition, the strength meter will determine the best currency pairs for trend trading or range trading, and deliver them in real time to the user.

Further, the currency strength meter is configurable to any time frame. Therefore, users have the ability to use the tool from the 1 minute chart, all the way to the 1 month chart.

How to Use the Tool to Determine the Best Setups

Using the currency strength meter, traders can pay attention to the heavily trending markets to look for buying or selling opportunities. For example, if you pay attention the the image below you can tell that GBP/JPY is trending the strongest. This could offer an opportunity for pullback buys and setups on GBP/JPY pairs.

For traders who like trading sideways or choppy market environments, the "sideways pairs" section may help identify markets to trade. Traders could use this feature to easily find opportunities to sell across the tops or buy across the bottoms.

Using the Currency Strength Meter, traders can easily see the strongest trending pairs and see how major pairs are trending on different timeframes.

Additionally, the tool can be used to easily spot strong movements across different timeframes. In the image below, you can see that USDCAD is overall bullish on the monthly down to the 30 minute chart. This gives the user trade ideas to go look for based on the momentum scan.

The Currency Strength Meter will indicate which markets are trending the strongest and in which direction

Conclusion

The currency strength meter is perfect for trend traders who are looking for high probability opportunities. Whether you are looking to trade bullish markets, bearish markets or sideways trending markets this tool can help identify these trends so you don't to have to go looking for them! We have created a handfull of similar tools to help make your trading more efficient. Check out a list of our scanners, indicators and robots here. Looking to get your hands on this tool? Get more information:

Additional Resources:

The A1 Trading team has been developing another trading tool that we believe will be very helpful in finding extreme readings in the markets. The scanner is fundamentally volatility reader on multiple periods. The user has the choice to select 5 "lookback" periods, which basically read the volatility of each period set, and compute a total reading, -5 to 5. For example, if the 4 day lookback period, the 7 day lookback period, and the 14 day lookback period all show signs of overbought, the indicator may print a +3 reading on the indicator. A +5 would mean that all lookback periods are printing overbought.

The XMR Indicator 

The extreme mean reversion indicator (XMR) is a chart indicator used to identify potential reversals in a financial market. The XMR indicator specializes in scanning previous price action in order to signal potential overbought or oversold conditions in a market. The XMR is displayed as a bar chart, with a set range from -5 to +5. +5 is considered extremely overbought, and -5 being extremely oversold (dark gray)

The tool was built with the concept of mean reversion in mind, meaning that markets often return to historical means. With this in mind, this tool can be utilized to look for markets that have significantly moved away from their historical means and may be due for a reversal.

The extreme mean reversion indicator (XMR) is a MT4 chart indicator used to identify potential reversal signals in a financial market.

Range

The available range for the XMR Indicator is -5 to +5. A reading of -5 is considered extremely oversold, while a reading of +5 is considered extremely overbought. However, these readings are rare, and are not the only levels to consider.

Usability

The XMR indicator has a wide range of potential uses. It can be a great tool for both trading range bound markets, or finding pullback setups in a trending market condition. 

A reading on the XMR indicator of +1 to +5 is considered a market in which price is overbought, with +5 being more overbought than a reading of +1. Inversely, a reading of -1 to -5 is considered a market in which price is oversold, with -5 being more oversold than a reading of -1. 

With this information, the XMR indicator can help spot a potential reversal in a market. Combining this information with other signals, such as a price action patterns, a fundamental bias, or other technical pattern could be useful in finding profitable trading setups.

Example 1 - Trading Ranges:

The XMR indicator usually excels in a range bound market. The XMR indicator does a decent job at finding tops and bottoms in the range. A trader using the tool could look for readings indicating that markets may be stretched, combine it with additional technical signals, and take trades accordingly.

Example 2 - Trading Trends:

When a market is trending strongly, looking for reversals may be less profitable. However, the XMR indicator may be a great way to spot and time pullbacks that have a strong likelihood of failing in favor of the dominant trend.

How to Customize the Scanner

The scanner already has lookback periods built in to the input, but you can choose whatever time periods as well as whatever design you want.

Once the indicator is running, you can right click on the indicator and click 'Indicator Properties'.

There, you can change the lookback periods or design of the chart.

Conclusion

The purpose in making this scanner was to help traders see one of the strategies our team uses. We believe this to be very helpful and accurate for traders of all levels, who like to trade on mean reversions or reversals. Not every indicator is perfect, but they can be used as tools for insight on any kind of market you want to trade. This scanner is meant to help the user gauge their trade or alert them when prices enter a new territory of overbought or oversold. Overall, it's a great tool and hopefully our users will find it helpful as well.

Hope you all enjoy it! We will be using this tool in action for more of our trades so stay tuned!

How to Get A Copy of the XMR Indicator

To get a copy of the XMR indicator, you can purchase the software here OR you can get a copy of the XMR indicator for free with a purchase of the Gold Membership!


A1 Trading Company

A1 Trading Company is a financial services and media business founded in Atlanta, USA.
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