This robot assistant continues a line of Expert Advisors that trade support and resistance levels.
Attention! GridLine is designed solely for a gradual sellout of a position manually opened by trader (or another expert) along the trend.
It is not recommended to use this expert in its pure form, but it is not forbidden.
Recommendations on using this Expert Advisor
- Since the purpose of this EA is related to level trading, a trend movement should begin for the trader to open a position manually.
- Attach GridLine to the chart of the traded currency pair (once activated, an auxiliary panel for managing the EA will appear in the top right corner).
- Prepare the EA for trading by adjusting the required options.
- In case the trend of a currency pair is directed downwards, set the Little step grid Up parameter to 'false', if the trend is upwards - 'true'.
- Once the EA is activated, it will place a grid of limit orders. At this point, it is necessary to open a position manually (or using another expert) based on a certain significant level of support or resistance.
- Depending on the user-defined EA settings, it will start a gradual sellout of the position opened by the trader when the price moves along the trend from one support (resistance) level to another.
- During corrections, the EA will purchase additional volume to the opened position (according to the settings).
- As the price moves along the trend, you can also manually increase your position.
Recommendations on using this Expert Advisor in its pure form
- If you use the EA in its pure form, then monitor its operation as often as possible. When a certain amount of profit is accumulated, press the Off button on the panel. The EA will fix the profit, close the position and delete the pending orders. Try to do it as often as possible.
- If you got into a trend, a sudden dive occurred and your losses increase, if possible, exit the position at the end of the first correction by pressing the Off button on the EA panel. After this, the EA will fully close the position.
- If the grid step is set too tight, use the EA at brokers that do not charge commission for trades (spread only). The commissions will lead you to losses.
- Do not use the EA on days of significant economic or political news releases.
- Volatility - consider the current volatility of the currency pair.
- ATR timeframe - timeframe to calculate the volatility.
- ATR period - period to calculate the volatility.
- Little step grid - distance in pips (points) between the pending limit orders of a tight grid.
- Big step grid multiplier - multiplier of the distance between the pending limit orders of a loose grid. Applied to Little step grid.
- Little step grid lot - lot size of the pending limit order of a tight grid.
- Big step grid lot multiplier - lot multiplier of the pending limit order of a loose grid. Applies to Little step grid lot.
- Big step grid range - the number of orders in a loose grid.
- Little step grid Up - switch the location of the tight and loose grids. If 'true', the tight grid is on top.
- Target profit - target profit in the deposit currency.
- Stop loss - loss value in the deposit currency. If the specified loss is reached, the EA operation is blocked. To resume the work, it is necessary to repeat the EA activation procedure on the price chart of the currency pair. This measure is designed to protect your trading capital.