This is a traditional method of ZigZag strategy. If there is a big movement, the EA makes a order for the trend direction.The core part of the ZigZag strategy of this EA is something that you can study in everywhere so I may not mention about it here but let's talk about the function of the ZigZagBreakout.
Best result on EURUSD and the best time frame is M15 and H1. Also it would work on other time frames as well, so far we may recommend as follows: M15 > H1 > M30.
Not like many other breakout EAs, the result of the backtest is quite similar to the result of the demo and live accounts.
I may keep updating my result with ZigZagBreakout on the community page when I have time, however for those who wish to see the performance of the EA I may recommend to try the freeware version. The only one difference between the freeware and paid version is the lot size, you may trade with 0.01 lot size with the freeware version.
- Magic: Magic Number.
- EA Comment:You can set comment here.
- Slippage:Max slippage that EA permits.
- OrderMode:Select between StopOrder or NormalOrder. StopOrder mode will trade with pending orders while NormalOrder mode will trade by normal execution, meaning that fast execution would be the key factor to win for NormalOrder mode.
- UseAutoLots: True/False (False means fixed lots)
- Lots: Type here the lot size for fixed lots.
- Risk: Type the percentage. I recommend no more than 5.
- Stoploss: Type stop loss in points.
- EntryStoploss: Type stop loss in points. This parameter is the hard Stoploss. It'd be better to use a bigger parameter for EntryStoploss than the parameter for Stoploss.
- TakeProfit: Type take profit amount in points.
- MaxSpread: Type max spread.
- AverageSpread: The number of Ticks to be used to get the average spread points.
- StopHour: Example: 1, 2. This will stop the EA during 01:00-02:59 of the broker time. (not your PC time)
- WeekEndDayOfWeek: Select between Friday, Saturday or DoNotUse.
- WeekEndHour: Example: 23. This will stop the EA from 23:00 (broker time) of the selected week-end day and also EA will cancel all the pending orders and existing positions.
- StartTrailingStop: Type when to start the trail in points.
- TrailingDistance: Type the trailing distance in 0 points.
- UseBreakEven：To enable Break Even function. Please leave "true" in case you wish this.
- StartBreakEven：Points to modify the stop loss parameter.
- BreakEvenProfit：Benefit which you wish to keep with BreakEven (in Points)
- ZigzagDepth: Parameter for Zigzag Depth indicator
- ZigzagDeviation: Parameter for Zigzag Deviation indicator
- ZigzagBackstep: Parameter for Zigzag Backstep indicator
- OrderBuffer: Parameter to calculate how many points from the top of Zigzag and the actual price. Bigger parameter make less trades number but give more stability. If you want more trades put less parameter.
- MinVolume: Minimum parameter for the Volume indicator.
- TimeToPauseAfterOrdering(s)： Seconds to stop orders after the last order (Default is 0, meaning orders will be executed with no wait)