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Inside bars EA MT5
This Expert Advisor (EA) opens orders when an outbreak from an inside bar formation occurs. The default settings are recommended for GBPUSD on the H1 time frame. The behavior of the EA can be explained in the following steps (please also see separate screenshot for visualization):
- Look for a trade when the amount of inside bars has been reached.
- Exit when trailing stop or take profit has been hit.
- The formations with sell/buy lines will be drawn on the chart as well as the first ATR take profit level.
- Trend, time and spread filters.
- Possibility for take profit and stop loss based on the ATR indicator or use a risk/reward ratio (based on stop loss).
- Possibility to select between adding a fixed lot or let the system set the lot size according to risk percentage.
- Possibility to trade in a reverse way (buy when sell, sell when buy).
Please find the description and explanation of the input parameters here.
Please make sure that you first test the EA on a demo account and let at least 10 trades be done. Before going live please also test your setup in the strategy tester.
I am happy to provide with free products but given my limited time, I will not be able to provide with trading advices, optimal settings, signals, .set (preset) files or strategy testing. My apologies. I will only be able to answer questions regarding the meaning of the input parameters, in case something should be unclear in the product's blog.
The EA cannot be used with netting account types.
- added an information panel on the chart
- added the possibility to use a percentage of ADR (Average daily range) for some parameters where point values are used
- the ATR stop loss is now calculated on the mother bar close price instead of the high/low price
- various code improvements and minor fixes
- the trend MA is now calculated based on the trigger (mother) bar. Previously it was calculated on last bar (shift 1)
- the trend MA line will now be drawn on the chart if trend MA has been enabled