Smart Price Action and Trend Scalper
- Experts
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Ahmed Gamal Abdel Nasser Mohamed
Professional MQL5 Developer and Algorithmic Trader with extensive experience in creating high-performance technical indicators and custom trading tools for MetaTrader 5. Dedicated to delivering robust, non-repaint solutions and robust analytical resources for traders worldwide. - Version: 1.0
The "MTPB" indicator is a fully customizable, professional-grade tool designed for the MetaTrader 5 platform. Below is a comprehensive guide and explanation of all available parameters (settings) to help you optimize your trading strategy.
General Settings:
Mode: Select the operating mode—either direct trade execution or Binary Options signals.
Magic number: A unique identifier for trades opened by the indicator, distinguishing them from trades generated by other strategies.
Order comment: Custom text attached to orders sent by the indicator.
Max slippage: The maximum allowable price slippage (in points) during order execution.
Show info panel: Toggle the visibility of the data and statistics panel on the chart.
Draw arrows and levels: Toggle the display of entry arrows and technical levels directly on the main chart.
Timeframe Settings:
Trend TF: The higher timeframe used to analyze the primary market trend.
Setup TF: The intermediate timeframe used to filter trade setup zones.
Entry TF: The execution timeframe where trades are actually triggered (M5 is recommended).
Indicators and Moving Averages:
EMA fast and EMA slow: The periods for the Exponential Moving Averages used in trend and price pullback calculations. RSI period: The calculation period for the RSI momentum filter.
Bollinger period and deviation: Bollinger Bands settings used to measure volatility and define price channel boundaries.
ATR period: The Average True Range period used for volatility and price distance calculations.
Trend rules:
EMA50 slope: Comparing the slope of the EMA50 across a specific number of candles to confirm momentum.
Minimum slope as a percentage of ATR: Filtering out flat or sideways markets by requiring a minimum slope strength.
Pullback Zone settings:
Touch distance mode: Determining how the entry distance is measured relative to support or resistance levels (using ATR or percentage).
Touch distance: The specific threshold value for identifying valid price pullbacks.
Entry TF bars window: The number of candles allowed to search for a "touch" and trigger a valid entry.
Filters and confirmation:
Require confirmation candle: Ensuring trades are executed only after a candle closes that confirms the price action.
Engulfing & Rejection wick: Filters based on Japanese candlestick patterns to enhance signal accuracy and exclude weak setups. Minimum ATR points: The minimum volatility threshold required for Forex and Gold assets to avoid market "noise" caused by low liquidity. Maximum Spread Limit: Protects the account by preventing trade execution when the broker-determined spread exceeds the set maximum limit.
Risk Management and Stop Loss Settings:
Stop Loss (SL) Mode: Selection of the method for determining the stop-loss level—whether based on technical levels, ATR indicator multiples, or a combination of both.
ATR Multiplier for Stop Loss: Adjusting the stop-loss distance in line with current market volatility.
Risk-to-Reward Ratio: Defining the target profit multiple relative to the initial risk distance.
Move Stop Loss to Entry: Automatically moving the stop loss to the break-even point once the trade reaches a specified trigger level.
Risk Per Trade: The percentage of the account balance or equity exposed to risk in each individual trade.
Maximum Daily Loss: A safety feature that halts trading for the day if cumulative losses reach a specified maximum percentage limit.
Disclaimer:
Trading foreign currencies and financial instruments involves a high level of risk and may not be suitable for all investors. Past performance does not guarantee future results; therefore, sound risk management strategies should always be implemented.
