Galaxy EA is an MT5 and MT4 EA FREE to download. It offers a set of tools and strategies that appeal to a segment of forex traders. In this article, we dive into the specifics of the Galaxy EA and explore both its strengths and potential areas of concern.
Features of the Galaxy EA
- Multiple Currency Pairs: One of the prominent characteristics of Galaxy EA is its flexibility in dealing with several currency pairs. These include NZDCAD, EURCAD, USDCHF, AUDUSD, CADJPY, EURCHF, EURJPY, and GBPNZD.
- Trend and Volume Indicators: The EA is equipped with trend indicators that meticulously analyze the direction and strength of price movements. Complementing this, volume indicators are integrated to gauge the intensity of trading activity. Together, these tools grant traders a comprehensive view of market dynamics.
- Support and Resistance: Historical price data is crucial in any trading decision. Galaxy 5 EA incorporates support and resistance strategies that sift through past data to pinpoint pivotal price thresholds, providing traders with an added layer of perspective.
- FTMO Randomizer: An innovative feature that stands out is the FTMO Randomizer. It introduces a random delay in trade execution, which is specifically designed to remain undetected by FTMO’s funding program. This could be particularly interesting to traders involved or considering participation in FTMO’s challenge.
- Risk Management: A commendable feature of the Galaxy 5 EA is its avoidance of specific high-risk strategies. Notably absent are tactics such as martingale, grid, and even scalping, which can sometimes escalate a trader’s exposure to market volatility.
Please test in a demo account first for at least a week. Also, please familiarize yourself and understand how this Galaxy 5 EA works, then only use it in a real account.
Recommendations for Galaxy MT5
- Minimum account balance of 500$.
- This EA is one chart setup, so it’s only needed to attach on one pair. It will trade on all pairs described on the input parameter.
- NZDCAD is recommended, and If your broker uses a suffix (e.g. EURUSD.a), you should update names in the Suffix and Prefix parameters.
- Work Best on NZDCAD, EURCAD, USDCHF, AUDUSD, CADJPY, EURCHF, EURJPY, and GBPNZD. (Work on any currency pair)
- Work Best on H1.
- Only use MT5 for Backtesting since MT4 cannot perform multi-currency backtests.
- This Galaxy MT5 should work on VPS continuously to reach stable results. So we recommend running this MT4 EA Download on a reliable VPS (Reliable and Trusted FOREX VPS – FXVM)
- The EA is NOT sensitive to spread and slippage. But We advise using a good ECN broker (Find the Perfect Broker For You Here)
The Galaxy EA leans heavily on technical analysis. While this provides a structured approach to discerning market trends, it leaves out the unpredictable nature of fundamental factors. News releases, economic events, and other external influences are not factored into the EA’s decision-making process, which could potentially influence its performance.
Galaxy MT4 Summary
In conclusion, the Galaxy MT4 offers a blend of strategies that cater to the specific needs of day traders, especially those who favor technical analysis. Its blend of trend, volume, and support/resistance indicators, coupled with the innovative FTMO Randomizer, makes it a notable contender in the forex EA realm. However, potential users should be aware of its limitations, particularly its focus on a single timeframe and reliance on technical indicators. Like any tool, its efficacy will largely depend on the trader’s individual strategy, understanding, and application in the complex realm of forex trading.