Kraken EA Source Code

This page gives you the Kraken EA free source code, the .mq5 file itself and not a compiled robot you have to trust. It trades Smart Money Concepts (SMC), and nothing in the logic is hidden or encrypted.

• Platform: MetaTrader 5, a single .mq5 file
• Strategy: Smart Money Concepts (SMC)
• Price: free, a free account is all you need
• Licence: study it, edit it and, if you want, rebrand it

In short, you get exactly the file we publish, and therefore nothing stops you from rebuilding any part of it.

How the Kraken strategy works

Smart Money Concepts describe the market as a sequence of structure breaks: an old high taken out, a gap left unfilled, a zone where large orders sat. The robot codes those events and treats the return to one of them as its entry.

Each filter removes a group of bad entries and, at the same time, a few good ones. Reading the code is the only honest way to judge that balance for your own market.

What is inside the Kraken EA free source code file

• The structure reader, which stores the highs, lows and zones the rules depend on.
• The risk block, with the lot sizing, the stop loss and the take profit.
• Finally, every input with its default value, so you can compare it against your own broker.

How to compile and run it

1. First, download the .mq5 file from the button at the end of this page.
2. Then open MetaEditor 5 from MetaTrader 5, with F4 or the editor button.
3. After that, save the file inside MQL5 and then Experts, and press Compile.
4. Finally, refresh the Navigator and drag Kraken onto a chart.
5. Run it on a demo account first, and read every input before you go live.

If the compiler complains, our guide on compiling MQL source covers the usual causes. In most cases it is simply a missing include or the wrong folder.

What you can change

Reading the structure function is the most useful part of this file, because it shows exactly how a fuzzy concept turns into a rule a machine can follow.

Before any of that, however, look at the risk block. After all, a good entry with the wrong lot size still empties an account, and therefore the sizing deserves the first pass rather than the last.

More robots like this one are in the free EA source code library, and the paid catalogue with documentation and support lives in the MT5 source code section. The idea behind price action trading is explained well on this reference page.

Questions about the Kraken EA free source code

Which platform is it for? MetaTrader 5.

Is the file complete? Yes, we remove nothing and we encrypt nothing.

Where should I start? On a demo account with the defaults, so you can see its natural rhythm before you change anything.

Does the broker matter? It does, especially the spread and the execution. Compare two before you judge the strategy.

Download the Kraken EA free source code

The file below is the complete .mq5. First of all, create a free account or log in. Then download it and, finally, open it in MetaEditor 5.