Center EA v 4.1 is a free forex expert advisor that works based on price action. Center EA v 4.1 can be downloaded on the social trading MQL5 market.
Forex trading offers flexible hours, where traders can have trading opportunities five days a week. Forex trading with expert advisors has grown, many forex traders choose to use Expert advisors which allow receiving trading signal alerts or EA’s automated trading.
However, not all expert advisors can work with good performance to generate profits. Traders will usually do a test run, or read the performance of a forex robot offered through a password investor.
Besides the amount of capital, the expert advisor settings also determine the final result of the automated trade.
Then do free forex robots always give worse results than paid robots? Now we will try to review the free robot Center EA v .41. A little or a lot may be able to give an image of the performance of this forex robot.
Contents
What is Center EA?
Center EA is a free forex robot that works not based on indicators, it works based on price action. Trading Center EA v 4.1 is based on highs and lows and adverse correction of price candles in a continuation trend pattern.
Center EA does not show profit-taking to prevent possible price manipulation from the broker. Objective-based on currency, not based on pips.
To adjust the account balance, the user can set the lot size settings to be used for trade execution. By default the ea is not martingale based, however, traders can adjust the settings in the EA properties.
How does Center EA work
EA Center is currently updated to version 4.1, the first version is 1.40, which allows it to continue to receive updates from the developer.
The way the EA works is based on price action with a simple method. If the opening price is higher than the closing price of the bar then it is an open buy. On the contrary, if the opening price is lower than the closing price of the bar then open sell.
However, the criteria still get a filter called Higher TimeFrame Price Action (HTFPA). So that not all of the first conditions are met, EA will open an order if HTFPA does not support it.
Center EA also gets news filters that allow disabled trading on high-impact news release conditions which can cause the ea’s performance to harm the trading account. A trader needs to set up an address news filter from Tool–>>Options–>>Expert advisor–>>Allow WebRequest for the listed URL. Filled add new URL with economic calendar address, like https://www.fxstreet.com/economic-calendar.
The user can also set the trading time to two days a week. So they can limit the working time of the ea by selecting the best day market.
Timeframe recommendation
The author’s recommendation to use Center EA v 4.1 is on the M1 timeframe. However, traders can choose settings to use this EA on other timeframes.
Because each timeframe will form a different closing price and open price. This can be for trial and error choosing the best timeframe for the best trading results.
Currency pair recommendation
The author recommends using this Center EA on currency pairs such as EURUSD, GBPUSD, AUDUSD, USDCAD, USDJPY, and USDCHF.
The choice of currency pairs is important to use an EA because of the difference in volatility, which can have an influence the final trading result.
However, the user can choose which pair is suitable because maybe the trader wants to try it on gold trading. Gold characters with higher spreads and high volatility are only possible by optimizing the settings.
Minimum deposit recommendation
For a minimum deposit, the author does not provide recommendations. However suggest using only 1:500 leverage, because the trade turnaround will have a higher chance of ea being able to open trades to complete one trading round.
The choice of 1:500 leverage is because the ea works on the basis of averaging which allows for high trading operations. Before determining the deposit amount to use Center EA, users can backtest and set the deposit amount according to what they will spend.
About Author
Author Robot Trading Center EA v 4.1 is a developer of automated trading system expert advisor from Spain under the name Enrique Enguix.
Enrique’s profile on MQL5 has 212 subscribers with 577 demo versions and 6 trading signals. All trading signal-based expert advisors.
Enrique has a year of experience and built a Telegram group at https://t.me/Trendex_Eng, he is a member of the Trader union which is an international forex association. Also a member of the Algorithmic Trading Association, and TRADING.MADRID (Community).
Platform trading supported Center EA
Center EA v 4.1 is designed for Metatrader 4 which is widely used by traders even though Metatrader 5 has now been released.
But many traders still use Metatrader 4 with one of its features supporting automatic trading using expert advisors’ software trading tools.
However, this expert advisor cannot be installed on the mobile version of Metatrader 4. Because until now it is still not possible to support the installation of trading tool software. Maybe in the future, the platform developers can integrate the installation with the mobile platform more easily.
Broker recommendation
For brokers, the author does not provide any recommendations. But the performance of the EA will also depend on several factors. Spread fee, trading server speed, rollover fee slippage, etc.
So for brokers, it is better to choose a broker with transaction speed without delay, and a connection with a stable server. Because disconnecting problems on the platform with the server will affect the performance of the EA.
It’s not surprising when users backtest the results are good, but in real trading, the results are bad, due to connection problems with the server. It can also happen using the same EA with the same settings, at different brokers the results are different. Make sure the broker supports the use of EAs.
Next, choose a broker that offers low spreads. You can compare the cost of spreads between brokers and choose which one offers the lowest spread.
VPS recommendation
Using Center EA v 4.1 you don’t have to use a VPS, because you can choose day trading on the EA properties, for example, it only works on Thursdays, traders can set true in the settings column.
The use of VPS is only recommended if traders want to run the EA 24 hours 5 days a week. Or traders use this EA on several currency pairs because each currency pair has a different character, which will affect how the EA works in trading.
How to install Center EA
To download and install Center EA v 4.1 is very easy, make sure you use Metatrader 4 and have it installed on your computer.
- Run your Metatrader 4 on the computer.
- Go to Download the Center EA trading robot in MQL5. Make sure you register at MQL5.com. Register first if you haven’t registered yet.
- You will see the left bar of the “Download” button page below the word “free”, don’t be shy just click it.
- If you are not logged in, will be prompted registration or login into a new window. Please login with your email and password.
- After logging in you will be prompted with a new window with the question, “Have you installed Metatrader 4?”.
- Answer by clicking one of the two options between yes and no. If you answer no, it will redirect to Metatrader downloads, make sure you download only Metatrader 4, if it leads to Metatrader 5 downloads, you need to download the manual at your broker.
- If you answered “Yes I have Metatrader” you will be prompted for a new window on the browser asking for permission to open Open URL MQL4 buy protocol, click Open URL MQL4 buy protocol.
- Next, you will see your Metatrader will open the market tab and direct you to download Center EA automatically it will be installed on the Metatrader 4 platform. Done.
How to install EA into VPS
Installing EA on VPS might be a bit tricky for beginners, but it will be easy with a thorough guide. The following are brief steps on how to install an EA on a VPS.
- Order a VPS that supports forex. The provider will provide the IP address, username, and password.
- Open remote desktop on your computer. Click start->>accessories->> Remote Desktop connection.
- Enter the IP address provided by the provider and user name, then click connect.
- Browse your broker and install Metatrader 4. Update .NET Framework if required.
- Get your expert advisor to MT4 in VPS.
- Click Remote desktop connection to bring up the window, click options then, click the local resources tab, then click more, click drives and local disk or drives you to want to install then ok and connect to VPS.
More detail read on Cloudzy
Center EA v 4.1 review trader
Trader reviews or testimonials allow new users to filter reviews to decide whether to use Center EA or not.
Prospective users should actually be wary of good testimonials. Because the author may provide incentives for a good review, mainly paid robots. But this EA is free, those suspicions may be forgotten.
There were 81 reviewers who left reviews after using Center EA. With a review rating of 4.27, this is a good value for a review rating.
Scroll down, some users give good reviews on this robot, it can even be better than paid ea with optimization settings.
One trader use Center EA for trading Oil, and according to the review has made a profit of 300 euros per day on EURUSD, GBPUSD, XAUUSD, and GBPJPY.
Center EA v 4.1 backtest result
In testing the EA using the strategy tester through Metatrader 4 with default settings, Center EA using a 200$ balance from the trial period 1 January 2020 – 19 June 2022, the backtest results show the account has received a margin call before completing the trial time.
Using a with default settings is not as expected on backtest. But the results are different when using other settings, with the same period and the same timeframe. Although it does not provide high profits, the results are better than before.
Is Center EA v 4.1 a good expert advisor?
If you refer to the backtest results, this ea requires optimization of settings to be able to generate the best profit. Although it seems that this EA review generates high profits, its authenticity is still questionable.
Users can do a test run, by changing the EA settings to get the best results, first with a strategy tester and then with demo trading.
Conclusion
Center EA based on price action with HTFPA filter and news filter, is an interesting EA. Even though it’s free, optimizing the settings can give you an advantage in trading.
However, the changing dynamics of the market can make the performance of the EA vary. Still, the risk of using an EA is definitely there. And that is forex CFD trading, high risk.
Note: this article is for information only, not investment advice or solicitation. Each trader is responsible for his investment.
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