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Experts

Range Follower - expert for MetaTrader 5

Mokara

Views:
1414
Rating:
votes: 6
Published:
2020.07.24 17:12
Updated:
2020.07.27 13:45

  • First of all change the following lines after OnTick() as stated otherwise it will not work;
//COMMENT LINE BELOW
//if(range_reached == false){OpenTest();range_reached = true;}else{return;}
   
//UNCOMMENT LINE BELOW
if(range_reached == true) ExpertRemove();
  • This expert opens trade in the direction of the trend (buy for uptrend, sell for downtrend) if a specific rate of average daily range has been passed.
  • Average daily range is calculated by ATR indicator with period of 20 bars.
  • Default rate is 80 percent. if 80% of daily range is exceeded it opens trade.
  • Default stop-loss is high for sell order, low for buy order.
  • Default take-profit is remaining part of the average range in pips.
  • This expert is only for intraday trading, so opened positions will be automatically closed at midnight.
  • Expert is successful on long body candles, unsuccessful on long tail candles. if you can anticipate long body for current day use it.
  •  Comments are self-explanatory.
  • Trend: intraday trend.
  • Average: Daily ATR for 20 bars.
  • Trigger: level of which trade will open if it is reached.
  • Rest: remaining part of average range after trigger range is subtracted. also take-profit in pips.
  • Daily: range between daily high and low.
  • To High: distance to daily high in pips.
  • To Low: distance to daily low in pips.
  • Seconds Left: seconds left until midnight. 24:00. after reached opened order is closed automatically if sl or tp is not reached.

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