Ikurus is an Expert Advisor for the Metatrader 4 terminal, working on a grid strategy. The authorship is attributed to a trader who has been trading in the market since 2000, count 20 years in the market.
The history of the Ikarus Expert Advisor
Here is how the author himself describes the history of the appearance of the adviser:
A few years ago, the idea of grid trading caught my attention. Of course, I know, and I hope you know, that such trading involves great risks. If you try like me to achieve profitability of 100+ % per annum, then at some point you may exceed the risk and lose the account. However, thinking about grid trading made my heart beat faster and I spent many nights without sleep, devoting them to testing.
A few years ago, I also found the Super Money Grid Expert Advisor on the Internet. I started testing it, and after a while I made some money for the real money test. After two years of trading, I have a lot of ideas for optimizing the strategy. A programmer I know wanted to learn the MQL4 language. We formed a team, and I explained my ideas to him, and he implemented them in code. Six months later, we got a new independent brand of grid Expert Advisor with a lot of chips, we called it BlackMamba Ikarus.
If you are curious about the reason for this name, then remember the legend of Icarus, which I think everyone who trades on a grid strategy should remember: you will fly, but do not climb too high, otherwise the sun will scorch your wings and your account will be covered with a copper basin.
When using it, I strongly recommend starting on a demo account, and switching to real only when you get comfortable with the Expert Advisor, and keep in mind the high risks associated with this trading style.
Magic Number if you want to run EA on different instruments on in one account br /
grid_size: Distance between the order of one cycle
grid_size: Distance between the order of one cycle
gs_progession: Factor to expand grid_size
0 = Disabled, all orders will have the same distance
1 = Distance between orders will grow 1/2/3/4/5… (D’Alembert)
2 = Distance between orders will grow 1/2/4/8/16…(Martingale)
3 = Distance between orders will grow 1/1/2/3/5…(Fibonacci)
take_profit: Setting for securing profit of the cycle with a trailing stop.
profit_lock: Percentage of profit secured by trailing stop.
min_lot: Volume to start a new cycle.
equity_warning: Drawdown alert, when active will stop auto opening of orders.
account_risk: Stop Loss on account base, when reached all orders will be closed an EA will stop trading.
progression: Setting for volume progression within one cycle.
0 = Disabled, all orders will have the same volume
1 = Volume will grow within a cycle 1/2/3/4/5 based on min_lot… (D’Alembert)
2 = Volume will grow within a cycle 1/2/4/8/16 based on min_lot …(Martingale)
3 = Volume will grow within a cycle 1/1/2/3/5 based on min_lot …(Fibonacci)
max_possitions: Setting for maximal positions per cycle.
unbalance_control: Hedging function
1. A new cycle (e.g. buy) will be opened with the 3. Last volume of the unclosed cycle (e.g. sell)
2. This will cause ETREME RISK and can blow your account easily.
max_spread: Setting to avoid big spreads when opening positions. Enter MT4 points here, 1 pip = 10
show_forecast: Enables graphic elements in the chart
How it will trade:
The EA is working on FX Pairs, I personally trade it on majors (EURUSD, USDCHF, GBPUSD % USDJPY) and bigger minors (e.g.EURGBP or EURJPY). All orders will be executed as market order, the trailing stop is handled by the EA. Therefore I highly recommend running it on MT4 hosted on a remote server.
Timeframe is not relevant because this version is using no indicators.
When started the EA will open immediately two cycles with one buy and one sell order. If the market goes north, the buy cycle will be locked with a trailing stop while the sell cycle will open the next order to average the sell cycle price. As soon as the trailing stop is hit and a cycle is closed in profits, a new cycle will be started. The EA is including commissions and swaps in the take profit calculation.
Take profit and the next price where orders will be added are shown in the chart as indication. On the right side of the chart, you have an info panel giving you an overview on spread, account and both cycles. On the left side of the chart, you will see information on both cycles and your settings. You can hide this information and the button when clicking “Show/Hide Comments”.
The EA has some hot buttons so you can manage the action with one click:
Stop Next Cycle: After a cycle is closed in profit the new cycle will not be started.
Rest Realize: The EA will not add any new positions, when the take profit is reached it will use the trailing stop to secure and realize the cycle profit
Stop Close: All positions will be closed immediately, and the EA will not open new cycles
When a cycle has reached the number of positions you set in max_possition the manual mode hot buttons will be activated (Buttons will show yellow colour, Yellow Alert). The modus is also activated when equity drawdown is higher than the setting under equity_warning (Buttons will show red colour, Red Alert).
Hot buttons while in Alter Yellow or Red:
Buy / Sell: Open manual the next order, volume will be based on EA setting
Cl. Last B / Cl. Last S: The last order of the cycle will be closed.
Cl. All Bs / Cl. All Ss: Close all order of a cycle
When the EA is in Alarm Yellow or Red, it will not automatically open new position to the cycle which is in drawdown, but will close a cycle with the trailing stop function when take profit is reached.

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