Greedy Red

Overview of Greedy Red

Greedy Red is an Expert Advisor (EA) designed for MetaTrader 4, based on the Volume Profile FR indicator. This EA leverages volume at price levels to identify key areas for potential reversals, support, and resistance. Its unique approach sets it apart from other EAs, focusing on longer-term trades rather than quick scalping opportunities.

Key Features

Volume Profile FR: Calculates volume at price levels, helping to identify significant support and resistance areas.

RSI Divergence Indicator: Detects divergences and opens positions accordingly.

Trail Stop Mechanism: Ensures maximum possible profit by trailing stop-loss orders.

Minimal Drawdown: Designed to keep drawdown low, providing added confidence to traders.

User-Friendly Interface: Simplified property menu and detailed user manual for easy setup.

Recommended Settings

Trading Pairs: AUDNZD, NZDCHF, AUDJPY, EURNZD, CHFJPY, AUDCAD, EURUSD, CADJPY, EURAUD, NZDCAD, NZDJPY, EURJPY, USDCAD, XAUUSD.

Timeframes: M15, M30, H1, H4 (M15 is the best).

Minimum Deposit: $100 in Cent Account (10000 cents), $800 in Standard Accounts.

Leverage: Minimum 1:30.

Account Currency: USD, EUR.

Algorithm Explanation

The Greedy Red EA opens positions based on divergences detected by the RSI Divergence Indicator. If the market moves favorably, the EA trails the stop to lock in profits. In case of unfavorable market conditions, it uses a martingale method to add to the position volume, ensuring all positions have a stop-loss to protect against unexpected market fluctuations. Positions are closed using the trail stop mechanism to maximize profit.

User Reviews

Positive Feedback: Many users have praised the EA for its profitability and ease of use. One user reported making 12% profit in just three days of running the EA.

Negative Feedback: Some users have expressed concerns about the martingale strategy, warning that it can lead to significant losses if not managed properly.

Developer Support: The developer is noted for being responsive and helpful, providing excellent support to users.

Performance Tips

Use accounts with low spreads and commissions for better performance.

Utilize the time filter to avoid trading during high volatility news events.

Run the EA on multiple charts to diversify and overlap profits.

Trust the EA and avoid manual intervention for optimal results.

Final Thoughts

Greedy Red stands out for its unique approach, focusing on longer-term trades and maintaining low drawdown. While it has received positive feedback for its profitability and user-friendly interface, caution is advised due to its use of the martingale strategy. With proper settings and adherence to recommended practices, Greedy Red can be a valuable addition to a trader's toolkit. 🚀📈