Goldrake is an Expert Advisor based on price movement. The strategy sends an order on the breakdown of the most important support and resistance levels, shifted by a certain number of points.
All the trading variables are exposed giving the trader more control. This allows for fine tuning and optimization of the strategies for other currency pairs or time frames.
The best time frame is M1 and the best currency pair is EURUSD, because there is better liquidity and lower spread. My recommendation is to use this EA on pairs with low spread and low stop level; these conditions there are mainly with True ECN brokers.
It is important to use a VPS 24/7 with low latency time.
- TF: time frame to scan support and resistance level
- NumBars: numbers of previous bars to scan support and resistance levels
- ExtraPoints: points beyond the support and resistance levels necessary to place an order
- TakeProfitPoints: take profit in points
- StopLossPoints: stop loss in points
- SpreadCheckPoints: check if the spread is OK
- HourStart1: hour to start the first session of trading
- HourStop1: hour to end the first session of trading
- HourStart2: hour to start the second session of trading
- HourStop2: hour to end the second session of trading
- OrderComment: a comment to trade
- UseProtection: if true, it activates breakeven protection
- ProfitStartProtection: profit value to move stop loss to breakeven
- PointsProtections: points above (if Long) or below (if Short) the price of open order to move the breakeven.
- UseTrailingStop: if true, it activates trailing stop management
- TrailingStopPoints: trailing stop points
- CloseAtProfit: profit value to close position; it's an alternative take profit
- CloseAtLoss: loss value to close position; it's an alternative stop loss
- UseMM: if true, the EA uses an automatic money management
- PercentMM: if "UseMM" is true, this set the risk per trade
- lots: if "UseMM" is false, this sets a quantity of fixed lots
- MagNum: trades ID
Default settings are good for EURUSD M1.
Goldrake was baktested and optimized using real ticks with 99.9% quality model. The EA has successfully passed the stress test with slippage, spread and commission approximate to the real market conditions.