Trade Line Trader
This Expert Advisor (EA) assist's traders for semi-auto trading. When the price touch or cross the Trade Line, EA takes the order.
All smart features like dynamic "Take Profit" and "Stop Loss" calculation, Money Management, Trail, Break Even point calculation, Time Management and Spread control has been included in this EA.
Many professional traders trade on simple and clear charts by drawing only one single trend line and using a break-out or reversal strategy.
This EA assists the traders to trade in the trend direction based on plotted lines and a simple control dashboard over the chart.
- Trend Line acts as a guidance for the EA and shows the trend direction.
- Trend Type (EA Input and accessible via Dashboard) can be set to SELL, BUY, SIDE and Trend Line.
- Trade Line acts as a trigger for position entry. Trade Line lets trader to use two powerful strategies for market entry, the Break-Out and Reversal strategy. When the price gets to the resistance/support levels, two probabilities would happen. Price may break-out the level or price may reverse.
- Trade Type (EA Input) can be set to Trend Line Cross when the trader estimate the price is going to break out the key level. It can be set also to Trend Line Touch when the trader estimate the price is going to reach the key level and will reverse.
- Trade Type (EA Input) can be set to Dual Line when the trader decides to engage both Break-Out and Reversal strategies together. The EA will plot two lines over the chart. The first line cause the EA to take position when the price/candlestick crosses the line and the second line cause the EA to take position when the price touches the line.
Expert Advisor Inputs
- Time Frame: It is the time frame on which the trader is going to trade. Candlestick close, TakeProfit and StopLoss calculation is based on it.
- Trade Type: It can be set to "Trade Line Break Out" for break-out strategy or "Trade Line Touch" for reversal strategy.
- Trend Type: It can be set explicitly to SELL, BUY and SIDE. For dynamic trend detection it can be set to "Trend Line" — the trend direction depends on how the trader draws the "Trend Line", if the price level is below or above the "Trend Line".
- SLTP Type: It can be set to "Nothing" for no StopLoss/TakeProfit, "UseATR" to calculate StopLoss and TakeProfit based on ATR and "Static" to calculate it equal to Min_TakeProfit and Min_StopLoss.
- TP ATR Multiplier: ATR (Average True Range) multiplier for TakeProfit calculation.
- SL ATR Multiplier: ATR (Average True Range) multiplier for StopLoss calculation.
- Min_TakeProfit: Minimum desired value in points (not in pip) for TakeProfit.
- Min_StopLoss: Minimum desired value in points (not in pip) for StopLoss.
- Trail Type: Can be set to "ByADR" to be based on a percentage of Average Daily Range, "Nothing" to trade without trailing, "LastLowCandle" to begin trailing when the position is in profit at "Trail Static" points and set the SL distance by the Last Candle High/Low.
- Trail ADR Percent: The percentage that would be apply to Average Daily Range for trailing calculation.
- Trail Static: Trailing based on a static amount of points (not in pips) or as a value for "LastLowCandle".
- Break Even point: The number of profit points that a position has made to the StopLoss to break even.
- Risk Percentage: For Money Management and Lot size calculation - amount of risk per position.
- Lot: The static lot size instead of dynamic Money Management.
- Begin Hour: EA operation timing, the EA will open trades after "Begin Hour".
- End Hour: EA operation timing, the EA will not open trades after "End Hour".
- Magic Number: The unique number used to distinguish the positions that belong to this EA from other positions.