Andrews Pitchfork by IzaTrade for MT5
This semi-automatic expert advisor is a great assistant for traders who trade on the basis of drawing Andrews' Pitchfork. The EA is activated when a trader has drawn Andrews' Pitchfork and has named trend UP or DOWN correspondingly. After this the EA is activated and pending orders are placed with account of every line of Resistance, Support, and the Middle Line. Traditional employment of Andrews' Pitchfork lines, buying on support level and selling on resistance level will always ensure good balance of profit and risk. The chart also displays a size of recommended trading volume with due regard to risk set in the EA's parameters. The EA cannot be tested in the strategy tester as visualization does not considers Andrews' Pitchfork drawn on the chart.
- placing pending orders, as well as tracking a price and corresponding change of pending orders' parameters provide excellent processing of lines with VPS server;
- down trends (name of Andrews' Pitchfork is DOWN): the middle line is processed for selling
- up trends (name of Andrews' Pitchfork is UP): the middle line is processed for buying
- support and resistance levels always have two pending orders each; take profit levels for one order are set on the middle line price, and take profit for another order is set on support or resistance level correspondingly. All pending orders also have stop-losses.
- all pending orders are removed once two pending orders are opened on resistance or support level.
- you can place opened orders to the breakeven zone.