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gpfTCPivotStop - expert for MetaTrader 4

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votes: 6
2008.06.17 06:13
2014.04.21 14:52
11.gif (38.98 KB)

The TS is implemented on the break through of the daily resistance/support levels that are calculated using the Pivot indicator.

Trade rules:

  • Trade on the hourly timeframe;
  • Calculate Pivot, Resist1, Resist2, Resist3, Support1, Support2, Support3 levels after 00.00 am of the current day;
  • Perform buying after closing of the hourly candle above the Pivot, at that the stop-loss is placed on the Support(n) level and take-profit - on the Resist(n) level;
  • Use trailing to move the stop-loss at the lossless point;
  • On the contrary, perform selling after closing of the hourly candle below the Pivot, stop-loss is placed on the Resist(n) level, take-profit - on the Support(n) level.

I will describe the values of some input parameters:

  • the TgtProfit variable specifies the stops and profits levels and must have the values: 1, 2 or 3;
  • if TgtProfit=1, then stop-loss (buy/sell) = Resist1/Support1, and take-profit (buy/sell) = Support1/Resist1;
  • if TgtProfit=2, then stop-loss (buy/sell) = Resist1/Support1, and take-profit (buy/sell) = Support2/Resist2;
  • if TgtProfit=3, then stop-loss (buy/sell) = Resist2/Support2, and take-profit (buy/sell) = Support3/Resist3;
  • the isTradeDay variable determines the way how the opened positions will be closed. If the isTradeDay = true, then the opened orders will be closed compulsory at the end of the day, otherwise the orders will be at the market until they're closed by the stop or profit;
  • If you set the isTrace = True, then the debugging information of all kind will be written to the log file to debug TS further.

Testing results: the profitableness level was not reached on every currency pair using this attitude of break through.

The TS on the kickback from the same levels will be implemented in the next EA.

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