The Tequila Sunrise (TSR) makes “buy” trades on the USDMXN during morning times of high volumes. The EA uses a combination of the Stochastic Oscillator, Force Index, and a price action algorithm across different timeframes to determine whether or not it takes a trade each particular day. Instead of a take profit target, the EA uses an algorithm to determine when to close the trade. It is designed to run on the 5 minute charts on a daily basis.
- Magic Number: This is a unique identifier to ensure that the EA only closes trades that it opened.
- Slippage: This is the maximum allowed slippage, entered in pips. Recommended value is 5 pips.
- Maximum Spread: The EA will only take a trade if the existing spread is below the maximum. The recommended value is 100 (Max_Spread_Pips=100).
- Scan Period: This is the number of candlesticks worth of historical data the EA will look at when deciding whether or not to make a trade. The default is 30. So if running on the 5 minute chart, it will look at data from the last 150 minutes.
- Start Times and Stop Times: These 4 input values represent the times the robot will trade for buy and sell trades respectively. Recommended values for sell times are 03:00-10:00 Eastern US Time and buy times of 08:00 to 11:00. These input values should be optimized frequently. Separate times for buy and sell trades are entered because the optimal windows are different. Note: Recommended trading time shifts over time that is why it is user defined input. Note that the values entered should be based on what time your broker’s server uses vs your local time or VPS time.
- Closing Time: If the closing time is reached and a trade is still open, the EA will close it (unless in a very strong and favorable trend). Recommended value is 15-16 (if your server is on New York Time) or 19-20 GMT. If you wish to disable this feature, you may enter a value of 25.
- Force Period: This is the value for the Force Index indicator, the recommended value of 6 is optimal as of January 2018.
- Lot Size: No limitations on this field.
- Stoch_Thresh_Buy, Stoch_Thresh_Sell: These are the Stochastic Oscillator values (using 14,3,7 setting) that the TSR will consider the currency overbought or oversold respectively. The current values are the defaults.
- SL: Stop Loss in currency. Recommended value is $4-$5 per micro lot (0.01).
- Retrace_pct: This is the value that TSR uses to calculate a price target. The default value is 0.5 meaning that a price target will be set at ~ 50% retracement.
- Min_Price_Change: Is the minimum change in price that will trigger TSR to attempt to capture value on a retracement. This value needs to be updated from the initial settings. The recommended value is 0.07.
- Long Authorized/Short Authorized: These fields allow the user to restrict TSR to taking only long or short positions.
- Notifications: TSR contains multiple options for notifications.