FxMagnetic has introduced the FxMagnetic Parabolic Trader, a new tool within its FxMagnetic Suite designed to simplify trading with proprietary trading firms (prop firms) and personal accounts.
The software is available for MetaTrader 4 with a MetaTrader 5 version in progress. It allows traders to develop, test, and automate strategies using the Parabolic SAR (PSAR) indicator, bypassing the need for programming skills.
The FxMagnetic Parabolic Trader is tailored for both traders affiliated with prop firms such as FTMO and The5ers, and those managing personal investments.
It offers functionalities for building and testing trading strategies directly on charts and executing extensive backtests. Traders can also assess detailed metrics such as win rate, maximum drawdown, and return/drawdown ratios.
One notable feature is the ability to simulate numerous strategy variations based on the PSAR indicator, helping traders identify parameter combinations that suit their trading approach.
The software also includes features like chart-based backtesting and visual trade signals, appealing to both prop traders and personal account managers.
Its Time Filter feature allows users to set specific trading periods for generating signals, focusing on market sessions like the London and New York overlaps to align with volatility windows and avoid low-liquidity times.
This customisation enables traders to tailor their strategies to personal preferences or firm-specific rules, crucial for those undergoing prop firm assessments.
Another significant addition is the Failsafe Guard, a stop loss/take profit (SL/TP) recovery mechanism addressing unprotected trades due to broker execution issues.
If a trade opens without SL/TP owing to temporary restrictions, the Failsafe Guard will reapply SL/TP when conditions permit or close the trade if it surpasses intended SL or TP levels before protection is applied. This feature enhances risk management automation, essential for traders adhering to stringent drawdown requirements.
Traders can now visually design and test strategies on MetaTrader charts without relying on spreadsheets or custom coding.
Each trade signal appears with color-coded entry and exit points, providing immediate feedback on historical performance. This visual strategy design aids both novice and experienced traders in making informed decisions.
FxMagnetic’s suite aims to simplify strategy development and automation for traders requiring efficient solutions without constant monitoring. This facilitates consistent execution and offers flexibility in market engagement timing.
The launch of FxMagnetic Parabolic Trader marks an advancement in strategy testing and deployment for data-driven decision-making and efficient automation. FxMagnetic expands its ecosystem with tools like FxMagnetic RSI Trader and FxMagnetic Candlestick Labs, each providing built-in strategies and optimization settings for comprehensive strategy discovery, performance analysis, and automated trading.
