Indicator Z Recovery Trading Zone
- Utilitys
- Clive Tyler
- Version: 1.0
- Aktivierungen: 7
Gives 3 semi-automated ways to enter a trade (incl. at future time) and uses pending orders to reverse losing trades. Only one trade is ever open at any time = fully compliant hedging/recovery for US traders. Profit in both directions, even if your first trade loses.
If you find you often enter a good trade too early, or the market stops you out before moving in your direction, this EA allows you to end up winning in either direction.
3 HANDY ENTRY MODES
IMMEDIATE ENTRY
The EA enters a market order in the direction of your BUY/SELL INPUT SETTING as soon as the EA is loaded on chart.
Opposing pending orders are placed at the SL DISTANCE INPUT SETTING.
The trade is reversed when the opposing order is hit.
MT4 HORIZONTAL LINES
You draw 2 Horizontal Lines on chart using MT4 and label them “BUY” and “SELL” in the LINE DESCRIPTION:
- MT4 LINE PROPERTIES --> DESCRIPTION (you can also label them "B" and "S" for speed)
RULE: BUY line must always be above SELL line
Whichever line is hit first will open the first trade. The opposing line reverses the trade.
Position the lines in relation to current price:
- lines either side of price for trading in either direction (Buy Stop / Sell Stop orders)
- both lines below price for a Buy Limit order
- both lines above price for a Sell Limit order
CANDLE RANGE BREAKOUT
The EA places the BUY & SELL lines for you: above & below the last closed candle OR range of candles.
This can either be immediately OR at a future time:
2 OPTIONS:
- LAST CLOSED CANDLE (on chart now)
- FUTURE TIME (set the EA to begin at your chosen time via FUTURE CANDLE CLOSE TIME)
FUTURE CANDLE CLOSE TIME = MT4 Server Time
RANGE OF CANDLES: 1 = Use the High/Low of the last closed candle / future candle
>1 = Use the HH/LL of X BARS Range (e.g. 5 = BUY/SELL lines are placed above/below the last 5 closed candles)
BUFFER DISTANCE (MT4 Points) = Add/subtract an additional distance above/below the Candle High/Low or Range HH/LL price (e.g. for spread)
The EA ignores all manual trades, so you can still trade manually on same chart.
NOTE: Narrow trading zones carry more risk of triggering multiple trades
MAXIMUM NUMBER OF TRADES
Limit the number of trades the EA can open during the trading cycle e.g. Maximum 3 entries
INITIAL RISK SETTINGS
The EA automatically calculates the LOT SIZE for the first trade based on your INITIAL RISK METHOD:
- FIXED LOT SIZE
- % OF BALANCE
- % OF EQUITY
- CASH AMMOUNT
RISK is defined as the distance between BUY & SELL Lines (or the SL DISTANCE setting)
Use VIRTUAL SL FOR TP for custom Reward:Risk TP calculations if you adjust the lines or SL distance mid-cycle
LOT SIZE OPTIONS FOR ADDITIONAL TRADES
- LOT SIZE MULTIPLIER
Increases the lot size of each new trade by multiplying the previous lot size by a factor of X.
1.00 = use same lot size / 2.00 = double / 0.50 = half etc
- APPLY MULTIPLIER ONLY ONCE
Increases the lot size ONLY for the second trade, and then keeps the same lot size for all subsequent trades thereafter (reduces risk & margin)
- ALWAYS USE ACCOUNT PERCENTAGE
Overrides the LOT SIZE MULTIPLIER and recalculates the lot size for each new trade as a PERCENTAGE OF BALANCE or EQUITY (e.g. each new trade = 3% of account)
Only applicable if INITIAL RISK METHOD = % OF BALANCE / EQUITY
2 TAKE PROFIT OPTIONS
2 TP options managed by the EA (not sent to broker):
- FIXED PIPS (MT4 Points in profit)
- REWARD:RISK RATIO (e.g. 3R profit)
No new trades are opened when the current trade reaches its own Take Profit target (= end of cycle)
UPDATE SETTINGS IN REAL TIME:
- SL DISTANCE
- TP
- VIRTUAL SL FOR TP
- LOT SIZE MULTIPLER
- ALWAYS USE ACCOUNT %
- MAX SPREAD
ALERTS ONLY MODE
If ALLOW AUTO TRADING = FALSE the EA will only send an alert notification when each LINE in the cycle is hit
NOTE: NOT in IMMEDIATE ENTRY mode
TIME OF DAY and DAYS OF WEEK FILTERS
Limit the start of the trade cycle to up to 2 separate time windows
Defaults = no restriction
MAX SPREAD
If market spread in MT4 Points exceeds this setting, the EA will ONLY CLOSE EXISTING TRADES when a line is hit (no new trade opened)
LOT SIZE VOLUME BY DIGITS
Change to "0" for Indices or markets that only accept lot size in round numbers (0 = no decimals)
IMPORTANT
EA uses global variables to track the trading cycle, so remove EA correctly via RIGHT CLICK --> EXPERT ADVISORS --> REMOVE (don't just load a new template or chart) before reloading or using a new instance of the EA on another chart
