Pinocchio smart breakout system
This Expert Advisor version works on a real account: https://www.mql5.com/en/signals/author/pvolku
The EA features the breakout impulse strategy. At each bar, the EA looks at the impulse power relative to the previous group of bars, and if the conditions are met, opens a position in the direction of an impulse. At each subsequent bar, the EA checks the relevance of the last impulse and if it remains relevant, Pinocchio adds to a position according to the settings.
Thus, the EA catches a movement continuation after an impulse whether it is based on a news or a range breakthrough.
The EA analyzes the price movement. No indicators are applied.
Take profit and stop loss are defined dynamically depending on the market conditions.
Positions are opened by market and closed by TP and SL.
Soft martingale is applied.
The default settings are suitable for EURUSD and GBPUSD.
- Fast ECN broker with tight spreads
- EURUSD, GBPUSD
- Timeframes М5, M15
- MinimalLot - fixed position size if RecoveryMode = false. Minimum size if RecoveryMode = true.
- RecoveryMode - recovery mode after losing positions. Soft martingale with the ratio of 1.1.
- Risk - risk level in RecoveryMode. The parameter affects the minimum and maximum lot.
- AutoMM_MaxLot - maximum lot in Recovery Mode.
- Commentary - EA comment to orders.
- Magic - unique EA identifier for managing trades.
- MaxOpenedTrades - limitation on the number of simultaneously open positions.