Bear Mind

【EA Description】

Bear Mind is an MT4 exclusive automated trading system that operates on the USD/JPY 5-minute chart.

This EA has been developed as a grid trading averaging EA that properly implements stop-loss. Grid trading is a trading method that repeatedly places averaging orders within a certain price range. The biggest weakness of grid trading is the tendency to keep averaging down when a strong trend occurs in the opposite direction of the held positions. Bear Mind is equipped with a crisis avoidance mode based on multi-timeframe analysis, which helps to mitigate losses during market reversals. In higher timeframes (weekly, daily, 4-hour), it takes positions in the trend direction, while on the 5-minute chart, it takes positions in the opposite direction using RSI. If the market moves in the opposite direction, it will initiate averaging through grid trading. If the rate moves unfavorably without taking profits, it will implement a stop-loss.【About Crisis Avoidance Mode】During a market crash, prices tend to stick near the lows, so it will not hold long positions during sharp market declines. During crashes like the Lehman Shock or the COVID-19 pandemic, no long trades will be executed, and only short entries will be made. Conversely, when the market is in a strong upward trend, it will not hold short positions.【About Stop-Loss】In the default settings, the StopLossRequest is set at 1,000 pips, but typically it will be closed by the EA's logic before reaching that point. In cases where the rate moves instantly due to currency intervention or when MT4 is down, the stop-loss may not be executed correctly and could be closed at a stop-loss order. In a setting where averaging occurs 10 times, a stop-loss will be executed for each of the 10 times, leading to a maximum loss amount of Lots × 10,000 pips. For a lot size of 0.1 = 10,000 units, the loss would be 1,000,000 yen for 10 times. For a lot size of 0.01 = 1,000 units, the loss would be 100,000 yen for 10 times. The above is an example of calculating the maximum loss amount. Typically, the EA will execute stop-losses, so such large drawdowns do not usually occur. For a setting where averaging occurs 10 times, the required margin is as follows: For a lot size of 0.1 = 10,000 units, a margin of 1,000,000 yen is needed for 10 positions. For a lot size of 0.01 = 1,000 units, a margin of 100,000 yen is needed for 10 positions. Please adjust the leverage to remain within 10 to 15 times at most. High leverage trading exceeding 20 times is not recommended. The number of lots × the number of averaging instances will be the maximum number of held positions, so that amount of margin will be required.Operating Environment・Operates on the MT4 5-minute chart. ・Works with all currency pairs. ・Does not trade between 0:00 and 0:59 server time.【Compatible FX Companies】Compatible with brokers other than GMT+2 (winter)/+3 (summer)Property Settings (Japanese) Magic = 51278;// Magic number for EA identificationLots = 0.1;// Lot size 1.0=100,000 units 0.1=10,000 units 0.01=1,000 unitsMaxLots = 10;// Number of averaging instances (maximum held positions) (range 1-10)Nanpinrate = 20;// Averaging width 20=20 pips 100=100 pips (range 10-100)Profit_Taking = 5;// Take profit width from average price 5=5 pips 50=50 pips (range 5-50)StopLossRequest = 10.0;// Stop order 1.0=100 pips 10=1000 pips (range 1.0-10.0)RSI_highs = 75;// Enter the upper limit for RSI, e.g., short when RSI is above 70 (range 60-90)RSI_lows = 40;// Enter the lower limit for RSI, e.g., long when RSI is below 30 (range 10-40)RSI_Period = 6;// Enter the period for RSI, specify "6", "9", "14", etc. (range 3-28)Slippage = 1;// Allowed slippageMaxSpread = 30;// Allowed spread Enter the difference between Bid and Ask values, e.g., 30 pipsOnlyLong = false;// Only new entries for long = true, both long and short = falseManualMode = false;// Discretionary trading mode = true, automatic trading mode = falseMaxError = 50;// Limit on the number of consecutive entries (range 20-300)CommentOnOff = true; // Comment on the chart screen Display true, do not display falseProperty settings (English) Magic = 51278;// Magic numberdouble Lots = 0.1;// Position lot 1.0=100,000 0.1=10,000 0.01=1,000MaxLots = 10;// Maximum number of open positions (Min=1 Max=10)Nanpinrate = 20;// Reverse grid trading averaging up increment (Min=10 Max=100 pips)Profit_Taking = 5;// Take profit from average price 5=5 pips (Min=5 Max=50)StopLossRequest = 10.0;// StopLossRequest 1.0=100 pips 10=1000 pips (Min=1.0 Max=10.0)RSI_highs = 75;// RSI upper limit (Min=60 Max=90)RSI_lows = 40;// RSI lower limit (Min=10 Max=40)RSI_Period = 6;// RSI period "6", "9", "14" (Min=3 Max=28)Slippage = 1;// slippageMaxSpread = 30;// Max spread (50=5 pips)OnlyLong = false;// New entry only for long = true | not = falseManualMode = false;// No automatic trading = true | Automatic trading = falseMaxError = 50;// Continuous order count limit (Min=20 Max=300)CommentOnOff = true;// CommentOnOff = true or false【Version Update History】1. Reviewed the upper limit setting for the number of entries per day. Added the following item to the property: MaxError = 50; // Limit on the number of consecutive entries (range 20-300) This is a protection program in case orders fail due to insufficient margin or server errors, preventing an infinite loop of orders. The reset timing for the count in the program is three times: at server time 4:00 (Japan time 10:00-11:00), 11:00 (Japan time 17:00-18:00), and 18:00 (Japan time 24:00-1:00). If the limit is reached by manually closing positions, restarting MT4 will reset the count to zero. 2. Added a setting to not place orders when spreads widen. Enter the allowed spread as the difference between Bid and Ask values, e.g., 30 pips. 3. Enabled selection between discretionary mode and automatic trading mode. Added the following item to the property: ManualMode = false; // Discretionary mode = true, enable automatic trading = false. Previously, even if manual closure was performed, if signals continued, positions would be taken in the same direction again. A setting was added to prevent new orders without stopping the EA. By setting ManualMode to true, it enters discretionary mode, and no new or closing orders will be placed.