Introduction

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.

Key Features

Fully automated trade execution
Developed specifically for MT4
Trend and momentum–based trading logic
Automatic stop-loss and take-profit placement
Adjustable lot sizing (fixed or percentage-based)
Spread filtering mechanism
Equity and drawdown protection settings
Multi-currency pair compatibility
Session-based trading control
VPS-ready for continuous 24/5 operation

Recommended Settings

Recommended configuration may vary depending on broker and account size, but general guidelines include:

Timeframe: M15 or H1
Preferred Pairs: Major currency pairs (e.g., EURUSD, GBPUSD, USDJPY)
Risk Per Trade: 1%–2% of account balance
Lot Mode: Auto lot based on risk percentage
Max Spread: Use a low-spread broker
VPS: Recommended for stable execution

Always test on a demo account before trading live.

Backtest Result

Backtesting may typically show:

Favorable performance during trending market conditions
Moderate drawdown under conservative risk settings
Sensitivity to spread and broker execution quality
Reduced efficiency during prolonged sideways markets

Actual live performance will depend on market volatility and broker conditions.

Advantages

Fully automated trading
Reduces emotional trading errors
Structured risk management
Adjustable parameters for flexibility
Compatible with most MT4 brokers
Suitable for medium-term traders

Disadvantages

Performance depends on market conditions
Drawdowns are possible
Sensitive to high spreads and slippage
Requires monitoring despite automation
VPS hosting may add additional cost
No guaranteed profitability

Installation & Setup Guide

Download the Red Eye EA V5.20 file (.ex4 or .mq4).
Open MetaTrader 4.
Click File → Open Data Folder.
Open the MQL4 folder and then the Experts folder.
Paste the EA file into the Experts folder.
Restart MT4.
Enable AutoTrading from the toolbar.
Open your preferred currency pair and recommended timeframe.
Drag the EA from the Navigator panel onto the chart.
Adjust input settings according to your risk preference and click OK.

Support & Disclaimer

Support

If you need help installing or configuring your EA, or face any kind of bug, feel free to reach out on:

WhatsApp: Click here

Telegram Group: Join our community

Disclaimer:

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.