Three Bar Break Free
- Stephen Reynolds
- Version: 1.0
3 Bar Break is based on one of Linda Bradford Raschke's trading methods that I have noticed is good at spotting potential future price volatility. It looks for when the previous bar's High is less than the 3rd bar's High as well as the previous bar's Low to be higher than the 3rd bar's Low. It then predicts the market might breakout to new levels within 2-3 of the next coming bars.
Must also be traded during the active hours of the market you want to trade. EG EURUSD 7am - 5pm
This EA should work on any market and any timeframe though is optimised for EURUSD 5m timeframe.
- A purely mechanical system. Simply set and leave.
- Risks are small per trade.
- An optional automatic lot adjustment feature that adjusts lot size to the account balance. Or to use a fixed lot size.
- Features a panel showing, bid, ask, spread, lot size balance, equity, profit/loss, stop level and broker execution speed.
- To find broker execution speed we press button Execution Reading.
- Stop Loss - Sets the size of stop loss from opening order price in points.
- Take Profit - Sets the size of take profit from opening order price in points.
- Trailing Stop - Sets the size of our trailing stop in points.
- Minimum Profit To Trailing Stop - Sets the size of profit in points that is required before we activate out trailing stop.
- Close Opposite Order - Closes opposite pending order. EG If our sellstop is opened it closes the buystop
- Pending Buy - Sets the distance in points we place our buystop order from the nearest part of triangle.
- Pending Sell - Sets the distance in points we place our sellstop order from the nearest part of triangle.
- Bar Count - Sets the amount of bars we count before deleting our pending order.
Graphical Objects Settings
- Lines On or Off - Sets if we want lines to appear on chart outlining the triangle pattern.
- Line Color - Sets which color we want the lines.
- Line Size - Sets the thickness of lines.
4 * for the developer's work.