This EA keeps an eye on drawn lines and opens orders according to a specification.
It is a semi-automatic robot, which does NOT draw or change any lines.
A user can draw them manually or use tools like Trendline-Architect or Channel-Architect, which draws lines automatically.
OBJ_TREND, OBJ_CHANNEL, OBJ_TRENDBYANGLE, OBJ_REGRESSION, OBJ_STDDEVCHANNEL and OBJ_FIBOCHANNEL objects will be detected - others will be ignored. The lines or channels have to have valid coordinates and rayed to the right, otherwise the value will be zero. Although channel-objects are usually composed of 2 or more lines, this EA recognises only the mainline (the one with the 2 basepoints).
There are two line types:
- SUPPORT: most of the prices are above this line
- RESISTANCE: most of the prices are below this line
The line type and the trade direction of recognized line can be determined automatically or can be set manually.
Around recognized lines, there will be a zone called ActionArea. The nearest ActionAreas to the current price for long- and short-trades are shown in the chart. If the current price is in this zone, an order or an alarm will be triggered and the triggered trade direction will be deselected for this line.
- Do Automatic LineType-Detection is true to automatically detect the line type (SUPPORT or RESISTANCE)
If false, the line type is set to NONE by default. Changes apply only to new lines or the first time the EA is activated on a chart
The user can change the line type for each line by clicking on the button.
The button displays the current line type and is green when in automatic mode.
- ATR-period defines the period of the ATR calculation. The area and distance around the lines where some action happens is measured in ATR. The ATR timeframe is the same as in the chart.
- min. ATR-distance for LineType-Detection is the minimal distance to a line to auto detect the line type (SUPPORT or RESISTANCE).
- max./min. ATR-distance for ActionArea
- If the mean value of both values is positive, the action happens before the line is broken. Expectation should be a change of the previous approached price direction (see gif 1).
If the mean value of both values is negative, the action happens after the line is broken in direction of an outbreak (see gif 2).
- ATR-distance for Stoploss is the distance to Stoploss. The Stoploss is always on the other side of the line - so it makes no difference if this value is positive or negative.
- TP/SL ratio is the factor to calculate TP price.
- MagicNo is the number to differ strategies and their orders.
- Do Alert is true, if an Alert-message is needed, too.
- Risk is the relative portion of RiskBase which is risked per order. If risk equals to zero, no orders are allowed. Maximum risk allowed is 0.1.
- RiskBase is the base of risk calculation. You can choose between:
- Free margin
- Free equity (equals free margin minus risk of open orders. In this mode all open orders have to have Stoploss or else free equity equals zero.)
- color ActionArea long/short defines the color in the chart.
Easter egg: There is a simple intelligence included, which recognizes relevant highs and lows and the EA will open trades after learning the relevance and if there is no drawn line to keep an eye on.