Professional forex expert Black Angel (for EURUSD, GBPUSD pairs) alyzing the market using the Elliot Wave Index. Elliott wave theory is the interpretation of processes in financial markets through a system of visual models (waves) on price charts.
The author of the theory, Ralph Elliott, identified eight variants of alternating waves (of which five are in the trend and three are against the trend). The movement of prices in the markets takes the form of five waves. Three of them (1, 3, 5) cause directional movement. They are interspersed with two oppositely directed waves (2.4). The former are called driving, impulsive, the latter - corrective, rollback.
According to Elliott, the five-wave pattern has three constant properties: wave 2 never crosses the starting point of wave 1; wave 3 is never the shortest of the waves; wave 4 never enters the price territory of wave 1. Motive waves have a five-wave structure, corrective waves have a three-wave structure (with options). One complete cycle consists of eight waves and two phases: a five-wave driving phase, whose internal waves are indicated by numbers, and a three-wave corrective phase, whose internal waves are indicated by letters. Example - if wave 2 corrects wave 1, then the sequence A, B, C corrects the entire sequence of waves from 1 to 5.
The basis of the bot is a complex algorithm for controlling transactions. The program works automatically. The user can set take profit and stop loss levels. Real and virtual.
Forex bot parameters:
- Fix Lot - Fixed lot.
- Money-Management On, MoneyManagement - Forms a lot depending on the deposit.
- Lot Decimal - Lot rounding.
- Stop-Loss - Stop loss.
- Take-Profit - Take profit.
- v Stop-Loss - Virtual stop loss.
- v Take-Profit - Virtual take profit.
- Magic Number - Magic number.
- Maximum Permissible Spread - Spread limit.
- Currency pair - EURUSD, GBPUSD.
- TimeFrame - H1.
- The maximum spread is up to 20 pips.
- Maximum landing - up to 30% (ghb ltgjpbnt $ 1000)
- Required deposit - $10,000 (or equivalent or equivalent in another currency).