Description

IS PURPLE EA: A Plain-English Guide to the Popular Forex Robot

Alternative Title: IS PURPLE EA – What It Does, How It Trades, and Whether It Fits Your Plan

Table of Contents

1. Introduction IS PURPLE EA
2. What Is IS Purple EA?
3. How an Expert Advisor (EA) Works in MetaTrader
4. Core Strategy Behind IS Purple EA
   • 4.1 Trend-Following Mode
   • 4.2 Scalping Mode
   • 4.3 Grid Mode
5. Built-In Risk Management
   • 5.1 Stop Loss (SL)
   • 5.2 Take Profit (TP)
   • 5.3 Trailing Stop
   • 5.4 Money Management Settings
6. Compatibility and Market Coverage
   • 6.1 Currency Pairs
   • 6.2 Timeframes
7. Customization Options
8. Installation and First-Run Checklist
9. Live Performance vs. Back-Testing
10. Pros and Cons at a Glance
11. Practical Tips Before You Switch IS Purple EA On
12. Common Questions (FAQ)
13. Final Thoughts
14. Call to Action

1. Introduction

If you spend any time in Forex forums or Telegram groups, you have likely seen people mention IS PURPLE EA. This automated trading tool (also called an Expert Advisor, or EA) promises to trade on your behalf inside MetaTrader. In this guide we break down how IS Purple EA works, the strategy it follows, and whether it may suit your style. By the end, you will know the main settings, risks, and daily tasks involved in running the EA.

2. What Is IS Purple EA?

IS Purple EA is a type of automated trading software designed for the Forex market. Once added to your MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platform, it reads live price data and decides when to open or close trades. In simple terms, it is a set-and-almost-forget robot: you choose the lot size, risk level, and other variables; the EA handles entries and exits.

Key points:

• Written in MetaQuotes Language (MQL4 or MQL5)
• Runs only when MetaTrader terminal and your Internet connection are live
• Removes emotional decision-making from trade execution

3. How an Expert Advisor (EA) Works in MetaTrader

1. You attach the EA to a chart.
2. The EA reads every new tick (price update) in real time.
3. It checks its built-in rules—trend, volatility, or pattern filters.
4. If the rules match, it opens a trade.
5. It can set SL, TP, and optional trailing stop automatically.
6. At the close of each bar or tick, it reviews open trades and moves stops or exits as needed.

Because IS Purple EA follows code and not emotion, it will not hesitate or second-guess trades. That can be both an advantage (discipline) and a drawback (no discretion).

4. Core Strategy Behind IS Purple EA

Although the developer keeps the full algorithm private, the public description lists three main modes you can toggle:

4.1 Trend-Following Mode

• Looks for strong directional moves based on moving averages.
• Enters on pullbacks in the direction of the larger trend.
• Uses a fixed SL behind a recent swing and a TP at a 1:2 risk-to-reward ratio.

4.2 Scalping Mode

• Trades during low-spread sessions (often the late U.S. & early Asian hours).
• Seeks small profit targets (5–10 pips) with tight stops.
• Requires a broker with fast execution and low slippage.

4.3 Grid Mode

• Opens multiple orders at set price intervals.
• Aims to smooth entries on ranging markets.
• Must be combined with an overall equity or time-based stop to prevent run-away drawdowns.

You can run one mode or mix them on separate charts.

5. Built-In Risk Management

IS Purple EA’s control panel includes several safety tools:

5.1 Stop Loss (SL)

The EA will set a stop in points or pips. You can also choose an ATR-based dynamic stop.

5.2 Take Profit (TP)

Fixed or trailing profit targets. Many users match TP to a multiple of SL (for example, 2x risk).

5.3 Trailing Stop

Once a trade moves X pips in profit, a trailing stop locks in gains and follows price.

5.4 Money Management Settings

• Fixed lot size: Best for demo testing.
• Percent risk: EA will size positions so that a set percentage of account balance is at risk per trade.
• Equity protector: Closes all trades if account drawdown hits a preset value.

6. Compatibility and Market Coverage

6.1 Currency Pairs

• Optimized pairs: EURUSD, GBPUSD, USDJPY, AUDUSD
• Additional testing pairs: EURJPY, USDCADPairs with very high spreads (exotic pairs) are not advised.

6.2 Timeframes

• Trend mode: H1 and H4
• Scalping mode: M5 and M15
• Grid mode: M30Always back-test any new timeframe before you switch to live funds.

7. Customization Options

IS Purple EA comes with roughly 40 inputs. You will likely adjust only a handful:

8. Installation and First-Run Checklist

1. Download the .ex4 or .ex5 file from the vendor site.
2. Open MetaTrader → File → Open Data Folder → MQL4 (or MQL5) → Experts → paste file.
3. Restart MetaTrader.
4. Drag IS Purple EA onto the desired chart.
5. Check “Allow live trading” & “Allow DLL imports” if required.
6. Load the default or your custom preset (.set file).
7. Make sure AutoTrading is turned on (green play button).
8. Watch the Experts and Journal tabs for any errors.

Tip: Run on a VPS so the EA stays active 24/5 even when your home PC is off.

9. Live Performance vs. Back-Testing

Back-tests give a historical picture but do not account for live slippage or changing spreads. A basic plan:

• Phase 1: 3-year back-test on each pair and timeframe.
• Phase 2: 3-month demo forward test with your broker.
• Phase 3: Small real account (micro lots).
• Scale up only if results align with demo stats.

Look at these metrics:

• Profit factor ( >1.5 preferred )
• Maximum drawdown ( keep under 25 % )
• Average trade duration ( matches your patience level )

10. Pros and Cons at a Glance

Pros

• Removes emotion from entries and exits
• Around-the-clock monitoring
• Built-in SL and TP
• Adjustable to several pairs

Cons

• Past results never guarantee future profit
• Grid mode needs tight risk control
• Performance varies by broker conditions
• Requires stable VPS and low-latency network

11. Practical Tips Before You Switch IS Purple EA On

• Choose ECN or RAW-spread account types when using scalping mode.
• Always read the change log after updates; parameters may shift.
• Set an email or mobile push alert on large drawdown events.
• Update Windows and MetaTrader regularly to avoid crashes.
• Keep at least 200% the margin needed so the EA can add trades during volatile moves.

12. Common Questions (FAQ)

Q: Is IS Purple EA legal?A: Using an EA in MetaTrader is fully legal for retail traders, though check broker T&Cs.

Q: Does it work on indices or crypto?A: The vendor focuses on Forex pairs. You can test on other symbols, but settings are untested.

Q: Can I run it on Mac?A: You need MetaTrader via a Windows emulator or VPS.

Q: How many accounts can I use?A: Depends on license—often one live and one demo account.

Q: What starting capital is best?A: Many users start with $1,000+ for flexibility, but micro lots let you go smaller.

13. Final Thoughts

IS PURPLE EA offers a ready-made way to automate part of your Forex trading. By blending trend, scalping, and grid approaches, it can handle different market states. That said, no EA is completely hands-free. Monitor equity, test updates, and stay disciplined with risk. If you match the EA’s strategy with your goals and set clear limits, it can be a useful tool in your trading kit.

14. Call to Action

Thinking of adding IS Purple EA to your MetaTrader setup?

1. Download the free demo version on the official marketplace.
2. Run a 3-month forward test on a VPS.
3. Share your results or questions in the comments below—let’s compare settings and stats!

Internal link: How to Choose a VPS for Forex RobotsExternal link: MetaTrader Official User Guide

Vendor Site – Private