The Expert Advisor looks for technical analysis patterns formed on the higher (hourly) timeframe to start working on the 5-minute chart.
Technical analysis patterns used: double top/double bottom, head/shoulders, flag, expanding/narrowing triangles.
The Relative Vigor Index technical indicator is used as the filter for opening deals. It is based on the idea that on the bull market the closing price is, as a rule, higher, than the opening price. It is the other way round on the bear market.
This is a scalper EA. Tight stop loss and take profit are set for each deal. Averaging and martingale methods are not used. Each deal is managed by a tight trailing stop.
- Comment to order - comment to the opened orders.
- MaxRisk - the maximum risk per trade.
- if MaxRisk = 0, Lot will be - lot size if MaxRisk=0.
- Take Profit - take profit level.
- Stop Loss - stop loss level.
- Period of RVI - period of the RVI indicator.
- Trailing-stop on/off - enable trailing stop.
- Start of trailing-stop - the number of points to activate trailing stop.
- First level of trailing-stop - the first level of trailing stop.
- Step of trailing-stop - trailing stop step.
- Max Spread - maximum spread.
- Slippage - allowable slippage value.
- Magic Number - The Trades' Magic Number.