Zigzag Trading System
The Expert Advisor uses the channel strategy and opens deals upon the breakout of support and resistance levels. The ZigZag indicator is used for determining local extreme points and channel height.
The EA trades using pending orders. First, it determines local High and Low and then sets pending orders in both directions. The take profit size is several times higher than the stop loss, so several unsuccessful entries be compensated for by one successful one.
Default stop loss and take profit are configured for the recommended XAUUSD H1 pair.
Security of trades
- Each order is protected with a fixed stop loss and take profit. Thus, if the Internet connection is lost, orders will be executed in any case, either by take profit or by stop loss.
- The EA can open no more than 1 sell and 1 buy order at a time.
- The EA does not use high-risk algorithms (averaging, grid, etc.).
- Lot size, stop loss and take profit can be configured as per the user's needs.
- The algorithm has been optimized using history data from 2012.
- Lots - lot size.
- Magic - magic number.
- Take_profit - take profit value.
- Stop_loss - stop loss value.