Inside bars EA
This Expert Advisor (EA) opens orders when an outbreak from an inside bar formation occurs. It can for example be used with a strategy which you can read more about here:
The behavior of the EA can be explained in the following steps (please also see separate screenshot for visualization):
- Look for a trade when xx amount of inside bars has been reached.
- Exit when trailing stop or take profit has been hit.
- The formations with sell/buy lines will be drawn on the chart as well as the first ATR take profit level.
- Spread and slippage filter.
- Possibility for take profit and stop loss based on the ATR indicator or use a risk/reward ratio (based on stop loss).
- Possibility to select between adding a fixed lot or let the system set the lot size according to risk percentage.
- Possibility to trade in a reverse way (buy when sell, sell when buy).
The EA supports ECN accounts.
- Time frame to operate on - this is intended to work as a protection so that no unwanted trades will be taken in case the timeframe on the chart is manually changed.
- ECN account - 'true' or 'false'.
- Send alert instead of opening trade - when set to 'true', an alert will be sent instead of opening a trade.
- Reverse system (sell when buy, buy when sell) - 'true' or 'false'.
- Wait for candle close - if 'false', you will be able to catch the movement earlier. On the other hand, the signal could be less reliable.
- Maximum candles signal is valid for - Default is 4. The market order will not be placed after this amount of bars.
- * Offset in points from candle high/low
- Trade inside candles - 'true' or 'false'.
- Amount of inside candles - Should be set to 4 if using the strategy.
- Minimum master candle size in points - Recommended 400 points for the strategy.
- Maximum master candle size in points - Recommended 1000 points for the strategy.
- Ignore wicks - If set to 'true', only the body of each candle will be counted.
- * Trade pennants/triangles - 'true' or 'false'. Please read more here: https://www.mql5.com/en/market/product/23290#description.
- Trade on last candle instead of master candle - 'true' or 'false'. When set to 'true', trade will be opened on outbreak of last candle high/low.
- Trade only between given times (computer time) - Hour filter for opening trades.
- Trade from/to time - Hour from/to.
- Maximum allowed slippage in points - Please note that not all brokers/account types support slippage control.
- * Maximum allowed spread in points (0 = not used)
- * Risk in percentage (>0 = auto lot)
- * Point value for risk percentage
- Manual lots - used if Risk above is set to 0.
- Type of stop-loss - listbox with 3 choices:
- At master candle high/low
- ATR based
- Fixed stop-loss - used if Fixed has been selected above.
- Take profit method - listbox with 5 choices:
- Close whole position at first ATR level
- Dynamic (half at ATR 1 and rest at ATR 2) - If you will use this option, it is important that your broker supports partial close of an order.
- Trailing stop only
- Risk/Reward (based on SL)
- Fixed take profit - used if Fixed has been selected above.
- Trailing stop - trail the stop loss constantly with the distance you have set. There is no trailing step level in this system. Instead the trailing stop will be adjusted each third second.
- * Risk/Reward ratio (based on SL)
- Break-even (0 = disabled) - breakeven level.
- Break-even trigger - price has to reach this level before the stop loss will be moved to breakeven.
- ATR SETTINGS - ATR period and multiplier for take profit and stop loss.
- OBJECTS - set the color for the rectangle and the buy/sell lines. Please see the separate screenshot.
- ALERTS (if alert instead of trade is enabled) - set to 'true' for each alert type you would like to activate.
- Magic number
- Order comment
- Clear objects - set to 'true' if you would like the rectangles and lines to be deleted from the chart when the EA is reinitialized.