Mt4: ZR3 Trend EA
The ZR3 Trend ea (MT4 only) can be used for short term trend reversals as well as long term trades involving specific targets. It works best on the 1 minute time frame, especially when it’s set to look for trend reversals, though it can operate on any time frame.
The first setting, range levels from spread, is defined in points and automatically sets up 2 price levels that make up your reference price range. The higher price is labeled Range-high and is represented on a chart with a blue horizontal line. The lower price is labeled Range-low and is represented on a chart with a gold horizontal line. The default value is 30 and it can be changed to any practical number you want as well as being changed to zero. When the ea is activated, using the default value of 30 would set Range-high at a price level that is 30 points below the current Bid. If for example the spread at that time is 5, the Range-low value would be set at a price 5 points below Range-high. If the range levels value is set to 0, either Range-high and/or Range-low must be defined in order for this ea to work. In that case the blue and gold lines will appear at the level(s) defined.
The long and short trade take profit settings can be defined or left at 0. Besides having the option to set both, one of the two can be set and the other left at 0, or both can be 0. Pending T/P orders will not be used. If the long take profit setting is set and the Bid reaches or passes that price, the ea will close the trade. The same will occur if the short take profit setting is set and the Ask reaches or drops below that price. In either case ZR3 Trend will be removed from the chart when a profit target is reached. The user will be alerted that this has happened and this is why this ea is meant for semi-automated trading styles.
The stop value is defined in points and will set a level for the ea to close the trade at if the market is going the wrong way. This level will not be represented on the chart and it will not be a pending order or listed as an S/L value.
The volume setting will automatically adjust to a maximum or minimum value if the user-defined amount is unavailable to trade with.
In the case that a long trade is open and a long trade take profit setting is not defined, the ZR3 Trend will watch for trend reversals and the value, if any, of the minimum profit distance setting. As stated above, this ea works best on a 1 minute time frame. ZR3 Trend identifies trend reversals by spotting certain bar/candlestick patterns. When these occur at a minimum distance (defined by this setting) away from the order’s entry price, the ea will close the trade. ZR3 Trend will also be removed from the chart. For the long trade example, if the minimum profit distance setting is 300 and a trend reversal occurs at a price that is at least 300 points away from the entry price, the trade will be closed at a profit and the ea will be removed. In cases where both the long trade take profit setting and the minimum profit distance setting are 0, and a long trade is open when a reversal occurs, the ea will close the trade as long as the Bid is 1 point away from the entry price. A corresponding situation will occur when a short trade is open and the short trade take profit setting and the minimum profit distance settings are 0.
The final setting is labeled as maximum trades allowed. By default the value is zero. If for example the value is set to 5, and trades are stopped out 5 times before a profit is made, ZR3 Trend will be removed from the chart. This setting allows for a degree of control in the total amount of losses incurred, especially during price consolidation.
There are three cases that can be initialized with this ea. The first is where both Range-high and Range-low are defined. The second is where only Range-high is defined and the third is where only Range-low is defined. In the first case, the Bid has to touch the range defined between Range-high and Range-low before breaking above or below that range. A corresponding Buy or Sell follows. In the second case, the Bid has to be below Range-high at first. After passing above Range-high, a Buy trade is placed. In the third case, the Bid has to be above Range-low at first. After passing below Range-low, a Sell trade is placed. If stopped out, the Bid has to reach the areas again before the next trade is opened. This usually happens almost immediately if Range-high and Range-low are not adjusted. These processes are repeated until:
– A long trade is open and the Bid hits or exceeds the long trade take profit price (if defined)
– A short trade is open and the Ask hits or drops below the short trade take profit price (if defined)
– A long trade is open and the trend reverses, with or without the minimum profit distance being defined, and the long trade take profit is undefined.
– A short trade is open and the trend reverses, with or without the minimum profit distance being defined, and the short trade take profit is undefined.
– The maximum number of trades is defined and that number of trades is/are closed.
ZR3 Trend is automatically removed in each of these scenarios. It will have to be reattached to a chart and the settings defined again for further trading.
A wide range of indicators and setup parameters (sometimes on separate charts) can be used to determine where to set the range. Price action, support and resistance levels, order flow, etc.
Here’s an example of using the ea on a AUDJPY chart. Mt4 strategy tester with Coinexx starting at 2025.01.16. I changed the first setting, range levels, to 0 and set range-high to 97.650 and range-low to 97.580, based on the previous day’s levels. Long and short profit targets left at 0 with a stop distance of 20 points. Volume is 3.00 lots, minimum profit distance is 500 points, and no maximum number of trades is set.
Order 1 is a buy trade placed at 2:30 and closed soon after during the same bar. Order 2 is almost identical, differing by 2 points on the exit price. Order 3 is a sell trade also placed at 2:30 and closed at the next bar. Order 4 is another sell order placed at 2:31 and closed at 2:32. The final sell order is placed at 2:32 and is closed at a trend reversal that is at least the 500 point minimum profit distance away from the entry price. The first four trades were stopped out very quickly due to a tight stop distance, taking into account the spread of 8-9 points. The ea was removed after the fifth, profitable trade.
