EXPERT NAME – The Sominex
FOR USE ON: Nadex & Forex
DOWNLOAD EXPERT PACK – CLICK HERE
EVOLVED FROM STRATEGIES –
Breakout Trading
Before using for breakout trading, please learn the Trading Sessions & Breakout Lessons first! – CLICK HERE
London Breakout – Ice Cream Sandwich – CLICK HERE
New York Breakout – CLICK HERE
News Trading
FOMC & NFP – News Trading Straddle Strategy – CLICK HERE
FOMC & NFP HMA Strategy – CLICK HERE
NFP Strategy – CLICK HERE
To add the expert advisor to your MT4:
- Download the files – ACCESS HERE
- Extract the zip folder using any extractor, such as WinZip or 7zip
- Open your MT4
- Go to File > Open Data Folder > MQL4 > Experts
- Place the Expert files in the Experts folder
- Place the Include files in the Include folder
- Place the Library files in the Library folder
- Place the Template files in your Templates folder
- Place the Indicator files in your Indicators folder
- Refresh your MT4 or close and re-open
- Open the chart of your choosing on the H1 timeframe
- Right click the chart > Templates > add the Sominex template to your chart
- Use the inputs above that I use, or choose your own settings
- Leave your MT4 running and collect some pips!
***Note – make sure you have AutoTrading turned on and that the EA has a smiley face in the upper right hand corner!
How To Install The New Sominex:
password is slicktrade
New Features Of The Sominex:
password is slicktrade
About Tab
The Sominex 5.00 is the current version
Common Tab
Mandatory boxes to check:
Enable alerts
Allow DLL imports
Allow import of external experts
Allow live trading
Optional boxes to check:
Long & Short positions (depending on if you want both or either or)
Allow modification of signals settings (if you want to be able to manually exit or alter the trade, check this box and it will override EA automation once in a trade if you choose)
Inputs Tab: Trade Setting Feature
MANAGER_TIME
GMT_TIME: Base trades on GMT time ***preferred***
LOCAL_TIME: Base trades on your local computer time
BROKER_TIME: Base trades on your broker’s time
Inputs Tab: Trade Setting Feature
EA_MANAGER
TRADING_MODE_TIME:
This is for the Breakout Feature of the EA. If you have this selected, then it will auto trade your acct based on the settings you choose.
TRADING_MODE_NEWS:
This is for the News Feature of the EA. If you have this selected, then it will auto trade your acct based on the news settings you choose.
ALERT_MODE_TIME:
This is for the Breakout Feature of the EA. If you have this selected, it will NOT auto trade your acct. It will send alerts based on the settings you choose.
Inputs Tab: Trade Setting Feature
MAGIC NUMBER:
This number is used if you have multiple charts up of the same asset. Example – 2 GBPUSD charts up in your MT4 terminal.
If you have multiple charts of the same asset up, then be sure to have different Magic Numbers entered to avoid issues.
END_HOUR_PLACE_ORDER:
If using the Breakout Feature of the EA, then enter the End Time to be calculated.
BEGIN_HOUR_PLACE_ORDER:
If using the Breakout Feature of the EA, then enter the Start Time to be calculated.
***please note that if you are entering an am time, you must enter 0 first. Example: 8am = 08***
Inputs Tab: Trade Setting Feature
PIPS_ABOVE_HIGH:
Whether using the Breakout or News Features of the EA, you will need to input the # of pips above the high of the identified time to place the pending order.
PIPS_BELOW_LOW:
Whether using the Breakout or News Features of the EA, you will need to input the # of pips below the low of the identified time to place the pending order.
Inputs Tab: Trade Setting Feature
ENTRY_PRICE_PER_PIP:
Also known as lot size. This is the amount per pip that you are trading when using the Simple Take Profit Mode (or 1 position per trade)
STOPLOSS-MANAGER
SWING-STOPLOSS:
Whether using the Breakout or News Features of the EA – If the user chooses Swing Stoploss mode, then the EA will set the SL to the # of pips entered for the High and Low of the range identified. Example…the high pending order is triggered…the SL will be the # of pips identified below the low of the identified range.
PIPS-STOPLOSS:
Whether using the Breakout or News Features of the EA – If the user chooses Pips Stoploss mode, then the EA will set the SL to the # of pips entered for the STOPLOSS_ALL_ORDERS (when using Simple Take Profit Mode) or the # of pips entered per position for the Stoploss input (when using the Multi Take Profit Mode)
Inputs Tab: TP Setting Feature
TAKEPROFIT_MODE
SIMPLE TAKEPROFIT-MODE:
When using the Simple Take Profit Mode, only 1 position per trade is entered.
The TP will reflect what the user enters for TAKE_PROFIT_ALL_ORDERS
MULTI-TAKEPROFIT-MODE:
When using the Multi-Take Profit Mode, up to 4 positions are entered per trade.
Inputs Tab: TP Setting Feature
MULTI-TAKEPROFIT-MODE:
USE_LEVEL_# if set to true, then that position will open when the trade sets up.
Example, if 1 and 2 are set to true, but 3 and 4 are set to false, then 2 positions will open per trade.
The TP, SL and Lot Size or amount per pip will be determined by the settings entered for each position.
Inputs Tab: Trailing-Stop Feature
ACTIVATE_TRAILING_STOP:
If this feature is set to true, then the position(s) will activate a trailing stop once the # of pips identified are reached.
Inputs Tab: Break-Even Feature
USE_BREAK_EVEN_FEATURE:
If this feature is set to true, then the position(s) will activate a break even moved to the PIPS_MOVE_STOPLOSS # once the # of pips identified are reached.
Inputs Tab: Break-Even / Lock Profit / Trailing Stop Feature
MOVE_BREAK_EVEN:
If this feature is set to true, then the position(s) will activate a break even once the # of pips identified for TRAILING_STOP are reached. Once the break even is activated, the trailing stop will continue to move the SL into profit every x amount of pips entered for the TRAILING_STOP.
Inputs Tab: Box-Setting Feature
DISPLAY_CHART_NOTES:
If this feature is set to true, then a box will appear on your MT4 chart, with settings related to the inputs you have chosen.
You can move the box around to your desired location by altering the X_SHIFT and Y_SHIFT coordinates.
Inputs Tab: Alert-Setting Feature
ALERT_POP_UP:
If this feature is set to true, then a pop-up box will appear on your MT4 chart, when a trade sets up.
ALERT_EMAIL:
If this feature is set to true, then an email will be sent to your broker email or email settings for the MT4 client, when a trade sets up.
ALERT_PUSH:
If this feature is set to true, then a push notification will be sent to your mobile device, when a trade sets up.
Inputs Tab: Daily_Day_Setting Feature
USE_DAY_CONTROL_FEATURE:
If this feature is set to true, then alerts will be sent/auto-trading will occur on whichever days of the week you have set to true.
Inputs Tab: Delete_Pending_Order Feature
DELETE_ORDERS_AT_END_OF_DAY:
If this feature is set to true, then any pending orders that did not trigger that day will be deleted.
Inputs Tab: News Setting Feature
ENABLE-DISABLE_NEWS_MANAGER:
SCENARIO 1
If this feature is set to true, and the Trade Setting > EA_MANAGER > TRADING_MODE_NEWS is selected, then the EA will switch to News Trading only.
When in this mode, it will not use the identified time Breakout Feature of the EA. It will trade news releases ONLY.
Whatever news settings are selected is what the EA will base trades on.
Low, Medium and High Impact News
1 or more of these can be turned on at a time. If the user only wants to trade high and medium impact news releases, then they would set both to true and the low impact to false.
MINUTE_BEGIN:
The number of minutes entered is what the EA will use to identify the start of the high and low to be identified.
MINUTE_END:
The number of minutes entered is what the EA will use to identify the end of the high and low to be identified.
These both create the identified range together.
PAIRS_SETTING:
Whatever currency pairs you have set to true will be brought into the news manager to predict trades. If you have the EURUSD chart up, then you should set all currency pairs to false, except EUR and USD.
SCENARIO 2
If this feature is set to true, and the Trade Setting > EA_MANAGER > TRADING_MODE_TIME or ALERT is selected, then the EA will switch to Breakout Trading only. Whatever time you have identified for END_HOUR_PLACE_ORDER and BEGIN_HOUR_PLACE_ORDER is what the EA will use to base trades on.
Low, Medium and High Impact News
1 or more of these can be turned on at a time. If the user only wants to avoid entering trades or getting alerts for high and medium impact news releases, then they would set both to true and the low impact to false.
MINUTE_BEGIN:
The number of minutes entered is what the EA will use to identify the start of the avoidance of news releases.
MINUTE_END:
The number of minutes entered is what the EA will use to identify the end of the avoidance of news releases.
PAIRS_SETTING:
Whatever currency pairs you have set to true will be brought into the news manager to avoid trades/alerts. If you have the EURUSD chart up, then you should set all currency pairs to false, except EUR and USD.
Please feel free to share your favorite settings along with which broker you use and I will put them on this post as well to help others)
John’s favorite settings are:
Although I trade this most every day, I don’t have much in the way of stats compiled as I don’t trade this consistently; I continue to massage the settings to find the best fit for me. I can comfortably say that it wins much more than it loses the way I trade it, which I will explain how I’m currently trading it. Most nights I take 2 positions (which I’ll refer to as a large and a small) in two accounts, four trades in all. The small position is currently 10 pips above and below the 4 AM candle with TP 20 pips, 20 pip SL and break even default setting ; the current large position is also 10 pips above and below the 4 AM candle and TP and SL balanced at 20 pips. I use a larger lot size on the small position than I do on the large position. Trail stop is disabled on both large and small trades. Now last night I was up (just can’t stay away from the London session) and saw after about 45 min that the smalls had TP’ed and I then manually closed the large positions around +25 pips. Now I know that the price peaked around 100 pips from my entry but my overall strategy is to capture smaller, consistent trades, and in this I’ve been fortunate to have done well. Also, I was just about to experiment with demo trades using the trailing stop feature, which up till now I really did not use on the Sominex. I think that just about covers it for now.
For Nadex Only Users:
If you only trade Nadex, you can also use this strategy if you are awake during this time. Once price breaks the 10 pip high or low of the candle, grab an OTM for 11am on the Nadex platform.
Example:
Price breaks 10 pips above the high of the 4am candle, enter a buy position OTM for 11am
Price breaks 10 pips below the low of the 4am canlde, enter a sell position OTM for 11am