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Trading Resources & Education for Forex Traders

Pip Strike MT4 Robot

September 22, 2024
firestormodin

Pip Strike MT4 Robot

 

Pip Strike is a highly sophisticated MT4 trading robot designed to automate forex trading by executing high-probability trades based on advanced algorithms. Whether you’re a seasoned trader or a beginner, Pip Strike offers a seamless trading experience with precise trade execution, minimizing emotional decision-making while maximizing profit potential. This robot is suitable for various forex pairs and comes equipped with customizable settings to meet individual trading styles.

Installation Guide

Download the Pip Strike Robot: Ensure you have the latest version of the robot. Download the .ex4 or .mq4 file.

Open MT4: Launch your MetaTrader 4 platform.

Navigate to the ‘Experts’ Folder:

    1. Go to File > Open Data Folder.
    2. In the new window, click on MQL4 and then open the Experts folder.

Copy the Pip Strike File: Paste the Pip Strike .ex4 or .mq4 file into the Experts folder.

Restart MT4: Close and reopen MetaTrader 4 to activate the robot.

Attach the Robot to a Chart:

    1. Go to the Navigator panel.
    2. Under Expert Advisors, find Pip Strike, drag it to your preferred chart.
    3. Enable live trading by checking “Allow live trading.”

Set Parameters: Adjust the robot settings according to your trading strategy. These settings include lot size, trading pairs, risk level, etc.

User Manual

  1. Trading Strategy: Pip Strike uses a combination of technical indicators such as Moving Averages, RSI, and Price Action analysis. It automatically scans the market for high-probability entry points and places trades based on preset criteria.
  2. Risk Management: Risk control is a key feature of Pip Strike. The robot allows you to set Stop Loss, Take Profit, and trailing stops based on your preferences, ensuring the account balance is protected.
  3. Timeframes: Pip Strike works efficiently on M15, H1, and H4 timeframes. Choose the timeframe based on your preferred trading style.
  4. Customizable Settings:
  • Lot Size: Adjust lot size based on account equity and risk tolerance.
  • Trading Sessions: Set specific trading hours or run it 24/5.
  • Pair Setting: Optimize performance by choosing pairs like EUR/USD, GBP/USD, or USD/JPY.

Pair Setting

Pip Strike works best with the following pairs:

  • EUR/USD: Optimal performance due to its liquidity.
  • GBP/USD: High volatility provides more trading opportunities.
  • USD/JPY: Known for its stable trends, making it suitable for both day traders and swing traders.

You can also backtest other pairs, but the above pairs are recommended for optimal results.

Lot Setting

Fixed Lot: Use a constant lot size regardless of account equity. Recommended for traders who prefer fixed-risk levels.

Percentage of Equity: Automatically adjust the lot size based on a percentage of your account balance (e.g., 1% or 2%). This dynamic approach helps manage risk as your account grows or declines.

  • Suggested: Start with 0.01 lots per $1000 equity.

Risk Per Trade: Set risk per trade as a percentage of your balance, typically 1%-3%, ensuring that you maintain a steady risk profile.

 

FAQ

1. Can Pip Strike work on any timeframe?
Pip Strike is designed to work best on M15, H1, and H4 timeframes, but you can experiment with other timeframes based on your strategy.

2. What currency pairs does Pip Strike work with?
Pip Strike has been optimized for major pairs like EUR/USD, GBP/USD, and USD/JPY, but it can work with other forex pairs with proper testing.

3. Can I customize the risk settings?
Yes, you can set fixed lot sizes, percentage-based lot sizing, and adjust stop loss and take profit settings according to your risk management strategy.

4. How often does Pip Strike trade?
Pip Strike trades based on market conditions and identified trade setups. It may trade frequently in volatile markets but less so in quiet market periods.

5. Does Pip Strike support news filtering?
Currently, Pip Strike does not filter news events. It is recommended to monitor news manually or use an external indicator to avoid trading during high-impact events.

6. Is there a minimum deposit required?
For optimal performance, it is recommended to start with at least $500 for micro accounts, but PipStrike can work with lower amounts on cent accounts.

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