Lycan v2.3 MT5 EA

Lycan is the bigger brother of Chiroptera, taking the same core trading philosophy and extending it into a more versatile and flexible trading system. Designed for traders who prefer a systematic approach to automated trading, Lycan focuses on executing individual trades with clearly defined stop loss and take profit levels. It does not rely on grid trading, uncontrolled position averaging or complicated recovery mechanisms. Instead, every trade operates with predefined risk parameters and a structured exit strategy.

Built to operate across all 28 major and minor currency pairs, Lycan provides broad market coverage and opportunities across different currency combinations. Its multi pair approach allows the system to identify trading opportunities across a diverse range of forex markets rather than depending on a single instrument. This provides greater flexibility and makes it suitable for traders who want exposure to multiple currency pairs through one trading system.

One of the biggest differences between Lycan and its younger brother Chiroptera is its operating schedule and timeframe. Chiroptera is designed to trade exclusively during nighttime sessions on the M5 timeframe, whereas Lycan operates around the clock on the H1 timeframe. By using a higher timeframe, Lycan is designed to be less sensitive to short term market noise, spread fluctuations and broker execution differences. Its continuous operation also allows it to monitor market opportunities throughout the trading day without being restricted to a particular trading session.

For optimal compatibility, the default settings are recommended across all brokers. Lycan is designed to manage its internal trading parameters automatically, reducing the need for users to manually optimise settings for individual currency pairs. Simply attach the Expert Advisor to any supported currency pair on any chart timeframe. For example, EURUSD H1. The actual trading logic operates on its designated H1 timeframe regardless of the timeframe displayed on the chart. If your broker uses symbol suffixes, make sure you select the correct instrument name.

Lycan also features an internal learning mechanism that automatically determines and updates optimal lot sizes during live operation. This process runs internally while the Expert Advisor is trading on a live account. Users do not need to download, configure or manually train external learning files. The system continuously develops its internal lot sizing parameters as its learning process progresses.

For strategy testing, Lycan does not require the Every Tick Based on Real Ticks modelling method. The one minute OHLC modelling method is sufficient for conducting faster backtests and evaluating its historical trading behaviour. This significantly reduces testing time and makes it easier to conduct longer historical simulations.

For users who want more detailed information during backtesting, Baretail by Baremetalsoft can be used to monitor the PrintMonitor file located in the MetaTrader Common folder. This provides more verbose messaging and additional visibility into the internal learning and trading process.

An important consideration when evaluating historical results is that Lycan will initially trade using minimum lot sizes during backtesting until its internal learning process has sufficiently converged. This learning period can take approximately two to three years of historical market data. Consequently, early backtest results may not accurately represent the system's eventual position sizing behaviour. Allow sufficient historical data for the learning process to develop before drawing conclusions about its performance.

For additional transparency, Lycan has live trading signals available through ACY Securities and IC Trading. These signals provide opportunities to observe its behaviour under live market conditions and evaluate its trading activity beyond historical simulations.

Ultimately, Lycan is designed for traders seeking a multi pair automated trading system with continuous market operation, higher timeframe execution and adaptive position sizing. Building upon the foundation of Chiroptera, it offers a broader trading approach while maintaining a straightforward philosophy of individual trades, predefined stop losses and take profits.

The download includes the EA. It does not include a setfile or a user manual.

Run it on a demo or cent account first to confirm the settings suit your broker and account size.

01EA file for MetaTrader 5 (.ex5)

—MetaTrader 5 desktop terminal

—Algo Trading enabled

—Windows VPS recommended for 24/5 running