Open London Market Breakout Strategy
This EA OLMBS (Open London Market Breakout Strategy) is based on a proved breakout strategy for the London session.
The strategy consists to trace a channel based on the last 4 candles in M15 chart just before the London opening (8:00 GMT) and then put a BuyStop at the top, or a SellStop at the bottom of the channel with meticulous Stop Loss and Take Profit (this one is based on a smart Risk/Reward). Some advanced features and filters give the ultimate edge for this EA, and in the long term it is very profitable with a contained DD. This EA will execute only one trade per day and it will be managed very well!
Here the general settings:
- risk: risk in percentage based on the balance (for example, 2 means 2% risk)
- compounding: improve the money management with the risk based on the compounding effect.
- LaBellaAntiMartingala & multiplyMM: my Money Management invention based on the Anti-Martingale series and this is noticing a good success on every trading systems! This will improve the %performances and the DD, if “true”, the MM is applied; the multiplyMM is a constant to amplify/reduce the volume and that allows to apply the MM algorithm at the best!
- lotsBased & lots: option to open orders with a predefined lots, specified in the option lots. Leave "false" on this, it is better.
- TPinRR: Take Profit is fixed with a distance equal to the Risk/Reward.
- numberCandlesEA: number of candles at M15 chart in order to calculate the channel.
- filterTS & numberCandleTS: filter for the intelligent Trailing Stop and the number of candles for the dynamic movement of the Stop Loss.
- rangeFilter & rangeLimit: limit the risk if the channel range is too large (the value of the range is specified in points in rangeLimit).
- filterBB: smart option that closes the trade in profit in anticipation, when there are big over-extension and rises over the Bollinger Bands. Great filter that allows to increase the trades in profit and decrease the DD.
- hoursForCancel: numbers of hours of a “trade life”; time in hours for expiration.
- TimeGMTSettings (for Live Execution and for Backtest): the EA is based on GMT time, however, if there are some differences on the broker time (for a live execution or a backtest execution), these values can be changed in order to align the time. There is a countdown function displayed on the chart that shows how many minutes remain for the London Market Open, this can be helpful to set these parameters before.
This EA runs only on a M15 chart and it is tested with success on EURUSD.