SmartStep Recovery Forex M4 EA

SmartStep Recovery EA ver 2.0 🤖📈Overview

Get ready to elevate your trading with the SmartStep Recovery EA ver 2.0! 🎉 Brought to you by Dove Forex Markets, this Expert Advisor uses an advanced Martingale-based approach designed to maximize trading potential while keeping risk management in focus. 🛡️ If you're seeking a highly customizable and robust automated Forex trading solution, this EA is tailored for you!

How It Works ⚙️

The SmartStep Recovery EA intelligently employs a Martingale strategy to navigate the markets and recover from trades that move unfavorably. Here’s the process:

1. Initial Trade: The EA opens an initial trade based on its internal programmed logic when conditions are met (operating on new bar confirmation).
2. Martingale Recovery 📉➡️📈: If the market moves against the initial trade by the defined PipStep distance, the EA opens a subsequent trade in the same direction but with an increased lot size (initial Lots multiplied by the Multiply factor). This process repeats if the market continues to move adversely.
3. Unified Profit Target 🎯: A key feature is its take-profit mechanism. All trades within a Martingale series (for a specific direction) are managed with a dynamically adjusted, common take-profit level. When this level is hit, the entire series aims to close for an overall profit defined by the Take_Profit setting relative to the latest entry.
4. Risk Management Controls 📊:
   • You control the starting Lots, the Multiply factor, and the PipStep.
   • Crucially, you set the MaxTrade limit – the maximum number of trades allowed in a single Martingale sequence.
   • Safety Close Option (CLOSEMAXORDERS) ✅: By default (true), if the number of trades hits the MaxTrade limit, the EA will automatically close all open orders for that sequence on that symbol. This acts as a safeguard against uncontrolled series expansion. (This can be disabled by setting CLOSEMAXORDERS to false).
5. New Bar Trading 🆕: Trades and Martingale steps are typically evaluated at the opening of new chart bars to ensure systematic execution.
6. Broker Compatibility 🌐: Smartly adapts! It automatically detects and works seamlessly with both 4-digit and 5-digit brokers.

Key Features ✨

• Highly Customizable Parameters 🔧: Fine-tune Take_Profit, PipStep, initial Lots, Multiply factor, and MaxTrade limit to match your strategy and risk tolerance.
• Advanced Risk Management 🛡️: Includes the vital MaxTrade limit and the CLOSEMAXORDERS feature for automatic closure when this limit is reached (default: enabled).
• New Bar Operation: Executes logic primarily on new bars for stable decision-making.
• Fully Automated Trading 🤖: Set it up, and let the EA handle trade execution and management 24/5.
• Broker Adaptability 🌐: No need to worry about 4 or 5-digit brokers – it adjusts automatically.
• Magic Number Control: Uses a unique EAMagicNumber (default: 8095) to manage its own trades distinctly.

How to Use 🛠️Initial Setup ➡️

1. Install: Place the EA file in your MetaTrader 4/5 Experts folder. Refresh or restart MT4/5.
2. Attach: Apply the EA to your desired currency pair chart and timeframe.
3. Configure Settings ⚙️:
   • Take_Profit (Default: 30 pips): Target profit for the entire series.
   • PipStep (Default: 30 pips): Distance between subsequent Martingale trades.
   • Lots (Default: 0.1): Initial trade size.
   • Multiply (Default: 2.0): Factor to increase lot size for next trade (e.g., 0.1, 0.2, 0.4...).
   • MaxTrade (Default: 4): Max trades in one sequence before CLOSEMAXORDERS triggers (if enabled).
   • CLOSEMAXORDERS (Default: true): Set to false if you don't want the EA to close all trades automatically when MaxTrade is hit.
   • EAMagicNumber (Default: 8095): Keep unique if running multiple EAs.
4. Enable Auto-Trading: Click the "AutoTrading" / "Algo Trading" button in your MT4/5 platform. ✅

Initial Deposit 💵

• The right deposit depends heavily on your settings (Lots, Multiply, MaxTrade) and leverage. Martingale EAs require sufficient margin to handle potential drawdowns.
  • Example: $1,000 might be a minimum starting point for 0.01 lots with conservative settings, but $1,000 for 0.1 lots (default) is EXTREMELY RISKY and not recommended without significant capital and risk understanding. Adjust based on thorough testing and risk tolerance.
• Always factor in leverage and margin requirements!

Recommendations 💡

• Currency Pairs 📊: Best suited for major pairs with low spreads (e.g., EURUSD, GBPUSD).
• Timeframes ⏱️: H1 or H4 are often preferred, but testing on your chosen timeframe is essential.
• Risk Management ⚠️: Start with minimal lots (e.g., 0.01) and a low MaxTrade limit (e.g., 4-6) on a DEMO account. Understand the drawdown potential before going live. The default settings might be aggressive for smaller accounts.

Unique Selling Points ⭐

• Precise Martingale Execution: Implements the Martingale recovery logic systematically.
• User Control & Flexibility 🔧: Extensive parameters allow tailoring to individual risk profiles.
• Broker Independence 🌐: Works flawlessly across different broker pricing formats.
• Built-in Safety Net 🔒: The CLOSEMAXORDERS feature (active by default) provides a crucial mechanism to cap a losing sequence.
• Automated Strategy 👍: Leverages a known automated approach with clear rules.

Disclaimer ⚠️📜

Forex trading involves substantial risk and is not suitable for everyone. The Martingale strategy, specifically, carries significant risk; a prolonged market move against your position sequence can lead to large drawdowns and potentially the loss of your entire investment. Past performance does not guarantee future results.

Use this EA responsibly. ALWAYS test thoroughly on a DEMO account using various settings and market conditions before considering live deployment. Understand the CLOSEMAXORDERS function and its implications. Never trade with money you cannot afford to lose.

👥 Dove Forex Markets Team
📩 Telegram: https://t.me/dovefxmarkets
🌐 Website: https://doveforexmarkets.com