Hammer and MFI EA

Considered trading with bullish and bearish indicators, but you are not sure what strategy to go with? Well, if you prefer MT5, know that you can make yourself a robot to implement such a strategy using two patterns that will help you take advantage of the ups and downs of the FX market without much trouble.

Hammer and MFI robot for MT5 works just like this, and you can put up an EA using these patterns with the help of the MQL5 Wizard. Now, to put aside the wizard, just follow the instructions for generating the EA.

Features of Hammer and MFI Expert Advisor

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The Hammer candlestick pattern will tell when bearish ends, and the higher potential of the bullish. In its turn, the Hanging Man will signal the end of the bullish trend and the higher potential of the bearish.

In its turn, the MFI indicator will let the robot know when to open short or long positions, in two cases:

  • Critical levels – 30 for short and 70 for long
  • Reversal signal, not confirmed

Need another MT5 robot? Pick one from the table!

Dark Cloud Cover and Piercing LineEngulfing and MFIExp_Fast2LeManTrendHammer and MFI
LibCustomChartLines CrossOverMultik EAPuria MethodStars and RSI

Long/short positions

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MFI indicator confirms trade signals

The EA will open long when Hammer confirmed by MFI when the MFI is below 40, and will close short when MFI crosses 70 or 30 upwards. With Hangman, MFI needs to be above 60, and it will close long when the indicator crosses 70 or 30 upwards.

This MFI-based EA is easy to install, just make sure you use two things: in terms of trailing, the developers recommend “trailing stop not used” and “trading with fixed trade volume”. However, this is not a mandatory solution. You may want to experiment and use other trailing type or trading volumes. Just make sure you test it before letting it trade in the real market.