The Exp_Loco Expert Advisor based on signals of the Loco indicator. The signal is formed when a bar is closing if there is change in icon color of the indicator.
This Expert Advisor requires the compiled indicator file Loco.ex5 in order to run. Place it to <terminal_data_folder>\MQL5\Indicators.
Note that the TradeAlgorithms.mqh library file allows using Expert Advisors with brokers who offer nonzero spread and the option of setting Stop Loss and Take Profit together with position opening. You can download more variants of the library at the following link: Trade Algorithms.
Default Expert Advisor's input parameters have been used during the tests shown below. Stop Loss and Take Profit have not been used during the tests.
Fig. 1. Trade examples on the chart
Testing results for 2014 on USDJPY H8:
Fig. 2. Chart of testing results
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/14425
The Loco with the timeframe selection option available in the input parameters.AtrRange_HTF
The AtrRange with the timeframe selection option available in the input parameters.