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Europe

The Expert Advisor works on the H4 timeframe or smaller and on the EURUSD and GBPUSD currency pairs.

The EA places two BUYSTOP and SELLSTOP pending orders at the user-defined delta_stop_run time at the user-defined distance from the previous price channel of the eight hour range prior to the European trade session Set_Delta_Price_Stop with the specified values of Set_TakeProfit, Set_StopLoss, lot volume. If the pending moves beyond the range and a pending order becomes market order, the second one will be deleted.

The EA features a TrailingStop module, which allows to move STOPLOSS following the price.

Width of the range is calculated for the European session start time defined by user. If the EA was started before after that time, the pending orders will not be placed.


The order of setting the parameters

Set the value (Hour_Serv), which must correspond to the European session start hour, broker time.

Set the lot size (Set_Lots), expiration time of pending orders (delta_stop_run), the values of Set_TakeProfit, Set_StopLoss, Set_TrailingStop


Parameters

  • Set_Lots – pending order lot volume.
  • Set_TakeProfit – profit gained by opened pending orders. The applied format: (0.00200). Recommended value is from 0.00020 to infinity. The minimum value is limited by your broker.
  • Set_StopLoss – stop loss for pending orders. The applied format: (0.00500). The minimum value is limited by your broker. Recommended value is 0.00200.
  • Set_TrailingStop – trailing stop. The applied format: (0.00150). The stop loss follows the price at a specified distance when it moves to a profitable area. Recommended value is 0.00050.
  • Hour_Serv – European session start hour, broker time. The applied format: (8), which corresponds to 8-00 hours.
  • delta_stop_run – expiration time of the two placed pending orders in minutes, if this time runs out and none of the orders is triggered, both are deleted. The applied format: (120).
  • Set_Delta_Price_Stop – the distance between the eight hour range and the opening price of pending orders. Recommended value is 0.00020. The minimum value is limited by your broker.
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Version 2.0 - 2016.11.24
In version 2.0:
Added support for the EA operation on all currency pairs.
Changed format for entering the following parameters:
- Set_TakeProfit – take profit for pending orders. The applied format: (200). Recommended values are 50 and higher. The minimum value is limited by your broker.
- Set_StopLoss – stop loss for pending orders. The applied format: (500). The minimum value is limited by your broker. Recommended value is 200.
- Set_TrailingStop – trailing stop. The applied format: (150). The stop loss follows the price at a specified distance when it moves to a profitable area. Recommended value is 50
- Set_Delta_Price_Stop – distance for placing pending orders. The applied format: (50). Recommended value is 50. The minimum value is limited by your broker.