Shape EA does not use indicators. It trades the strategy based on the breakout of support and resistance levels.
The EA logic: first, it defines the market movement direction, then it calculates support/resistance levels passing them through the filter. If all is well, it sets a pending order for a level breakthrough, a stop loss is placed below the support level, while take profit is calculated based on the current market conditions. If a new support line is formed closer to the order Open level, a stop loss is moved to it. When the price is positive, a trailing stop by the last bars in enabled moving the stop loss. As a result, the order is closed either by a stop loss or by a take profit.
The EA features a built-in filter of signals and an adaptive trailing stop.
The filter divides the data into a certain number of sections and determines where the current price is located. This affects a trading decision.
The EA always uses Stop Loss and Take Profit to protect the deposit.
- Shape EA is optimized to run on GBPUSD, EURUSD, USDJPY, AUDUSD, USDCAD, USDCHF;
- Timeframe: H1;
- Minimum deposit: $100;
- Account type: ECN.
- MagicNumber - identifier of the EA's orders;
- CommentEA - EA orders comment;
- MoneyManagement - money management type (true - lot size from the current balance, false - fixed lot);
- MaxRisk - used deposit percentage (if MoneyManagement = true, from 1 to 100);
- FixLots - fixed lot (used if MoneyManagement = false);
- Indent - indent from the support and resistance levels (in points from 0);
- BarsLeft - number of bars to the left for calculation (from 2 to 100);
- BarsRight - number of bars to the right for calculation (from 2 to 100);
- TrendBar - number of bars for calculating a trend direction;
- CoefficientTP - factor to determine a take profit (in % min 0.2, max 4);
- BarsTrailStop - number of bars used to define the Stop Loss level (from 1).