New article: Expert Advisor for Trading in the Channel
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New article Expert Advisor for Trading in the Channel has been published:
The Expert Advisor plots the channel lines. The upper and lower channel lines act as support and resistance levels. The Expert Advisor marks datum points, provides sound notification every time the price reaches or crosses the channel lines and draws the relevant marks. Upon fractal formation, the corresponding arrows appear on the last bars. Line breakouts may suggest the possibility of a growing trend. The Expert Advisor is extensively commented throughout.
I would like to share my experience with novice traders who know the MQL4 basics and I am going to introduce a program that can be helpful when trading in the channel. Before you start trading in the channel, you should have a clear understanding of the channel's underlying principles and how the channel size and direction change depending on the price movement. Each channel line is plotted based on fully formed fractals within the range of visible bars in the chart.
I believe that the question regarding the possibility of trading in the channel should be answered in the affirmative. I am looking forward to any critical feedback to be able to further improve the Expert Advisor. And I am hopeful that my experience will be useful not only to novice traders.
Author: Genkov