Description
<h3>Introduction</h3>
<p>Red Eye EA V5.20 MT4 is an automated trading system developed for the MetaTrader 4 platform. It is designed to analyze market conditions and execute trades automatically based on predefined algorithmic rules. The EA aims to provide consistent execution, disciplined risk management, and reduced emotional decision-making in Forex trading.</p>
<h3>Key Features</h3>
<ul>
<li>Fully automated trade execution</li>
<li>Developed specifically for MT4</li>
<li>Trend and momentum–based trading logic</li>
<li>Automatic stop-loss and take-profit placement</li>
<li>Adjustable lot sizing (fixed or percentage-based)</li>
<li>Spread filtering mechanism</li>
<li>Equity and drawdown protection settings</li>
<li>Multi-currency pair compatibility</li>
<li>Session-based trading control</li>
<li>VPS-ready for continuous 24/5 operation</li>
</ul>
<h3>Recommended Settings</h3>
<p>Recommended configuration may vary depending on broker and account size, but general guidelines include:</p>
<ul>
<li>Timeframe: M15 or H1</li>
<li>Preferred Pairs: Major currency pairs (e.g., EURUSD, GBPUSD, USDJPY)</li>
<li>Risk Per Trade: 1%–2% of account balance</li>
<li>Lot Mode: Auto lot based on risk percentage</li>
<li>Max Spread: Use a low-spread broker</li>
<li>VPS: Recommended for stable execution</li>
</ul>
<p>Always test on a demo account before trading live.</p>
<h3>Backtest Result</h3>
<p>Backtesting may typically show:</p>
<ul>
<li>Favorable performance during trending market conditions</li>
<li>Moderate drawdown under conservative risk settings</li>
<li>Sensitivity to spread and broker execution quality</li>
<li>Reduced efficiency during prolonged sideways markets</li>
</ul>
<p>Actual live performance will depend on market volatility and broker conditions.</p>
<h3>Advantages</h3>
<ul>
<li>Fully automated trading</li>
<li>Reduces emotional trading errors</li>
<li>Structured risk management</li>
<li>Adjustable parameters for flexibility</li>
<li>Compatible with most MT4 brokers</li>
<li>Suitable for medium-term traders</li>
</ul>
<h3>Disadvantages</h3>
<ul>
<li>Performance depends on market conditions</li>
<li>Drawdowns are possible</li>
<li>Sensitive to high spreads and slippage</li>
<li>Requires monitoring despite automation</li>
<li>VPS hosting may add additional cost</li>
<li>No guaranteed profitability</li>
</ul>
<h3>Installation & Setup Guide</h3>
<ol>
<li>
<p>Download the Red Eye EA V5.20 file (.ex4 or .mq4).</p>
</li>
<li>
<p>Open MetaTrader 4.</p>
</li>
<li>
<p>Click File → Open Data Folder.</p>
</li>
<li>
<p>Open the MQL4 folder and then the Experts folder.</p>
</li>
<li>
<p>Paste the EA file into the Experts folder.</p>
</li>
<li>
<p>Restart MT4.</p>
</li>
<li>
<p>Enable AutoTrading from the toolbar.</p>
</li>
<li>
<p>Open your preferred currency pair and recommended timeframe.</p>
</li>
<li>
<p>Drag the EA from the Navigator panel onto the chart.</p>
</li>
<li>
<p>Adjust input settings according to your risk preference and click OK.</p>
</li>
</ol>
<h3><strong>Support & Disclaimer</strong></h3>
<h4><strong>Support</strong></h4>
<p>If you need help installing or configuring your EA, or face any kind of bug, feel free to reach out on:</p>
<p><strong>WhatsApp: </strong><a href="https://wa.me/+443300272265" target="_new"><strong>Click here</strong></a><strong></strong></p>
<p><strong>Telegram Group: </strong><a href="https://t.me/yoforexrobot" target="_new"><strong>Join our community</strong></a><strong></strong></p>
<h4><strong>Disclaimer: </strong></h4>
<p>Forex and gold trading involve risk. Past performance doesn't guarantee future results. Always test robots on demo before live trading and use proper risk management.</p>
to write a review