Trade Line Trader Free
This Expert Advisor (EA) assists traders with semi-auto trading. When the price touches or crosses the Trade Line, the 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 a single trend line and using a break-out or reversal strategy.
This EA assists the traders to trade with 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 probability 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. 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 touche the line.
- Time Frame: It is the time frame that trader is going to trade. Candle close, Take profit and Stop loss calculation is based on it.
- Trade Type: It can 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". In this type the trend direction is depend on how trader draws the "Trend Line" the price level where it is below or above the "Trend Line".
- SLTP Type: Select able between "Nothing" for no stop loss/take profit, "UseATR" to calculate stop loss and take profit based on ATR and "Static" to calculate it equal to Min_TakeProfit and Min_StopLoss.
- TP ATR Multiplier: ATR (Average True Range) multiply by this value will make the Take Profit.
- SL ATR Multiplier: ATR (Average True Range) multiply by this value will make the Stop Loss.
- Min_TakeProfit: Minimum desired value in points (not in pip) for Take Profit.
- Min_StopLoss: Minimum desired value in points (not in pip) for Stop Loss.
- Trail Type: Select able between "ByADR" to be based on a percentage of Average Daily Range, "Nothing" for trade without trailing, "LastLowCandle" to begin the trail when the position take in profit at "Trail Static" points and the SL distance by Last Candle High/Low.
- Trail ADR Percent: The percentage that would be apply to Average Daily Range for trail calculation.
- Trail Static: For legacy trail with static amount of points (not in pips) or as a value for "LastLowCandle".
- Break Even point: How much in points when the position take place in profit set the Stop Loss to break even point.
- Risk Percentage: This feature is not available at this version.
- Lot: At this version the lot size is fixed in minimum size.
- Begin Hour: A limitation for EA to open trades after "Begin Hour".
- End Hour: A limitation for EA to do not open trades after "End Hour".
- Magic Number: The number that use to distinguish the positions belongs to this EA from other positions.