BREAK PRICE CHANNEL
Break Price Channel Expert Advisor. Here you can find a short description of it. For more information on the test results and the analysis please refer to the corresponding article published in my blog TRADING WAY.
A modified Price Channel indicator (MultiRange_PCH) is used for generating signals. All operations are performed according to formed bars on the current timeframe. A download ling for the indicator is given below.
The List of Expert Advisor parameters:
- Indicator Period – period of the MultiRange_PCH indicator.
- Mode Break – breakthrough mode. You can set up a breakthrough inside the channel (BREAK IN) and out of the channel (BREAK OUT).
- Take Profit – distance in points from an entry point to the level of fixing a profit. If you set a zero value, the level of fixing a profit will not be set.
- Stop Loss – distance in points from an entry point to the protection level. If you set a zero value, the protection level will not be set.
- Trailing Stop – step in points used for modification of the protection level in the profitable direction. The level is calculated using maximums (High) for Sell positions and minimums (Low) for Buy positions. If you set a zero value, modification of the protection level will not be performed.
- Reverse – in this parameter, one can specify if positions will be reversed in case an opposite signal appears.
- Lot – position volume.
A signal to open a position is true if the following conditions are fulfilled (the example if for a breakthrough inside the channel):
For a BUY position:
- Crossing the upper border of the channel upward.
For a BUY position:
- Crossing the lower border of the channel downward.
In this mode (BREAK OUT) we exit from a SELL position if the price crosses the middle of the channel upward or in case Stop Loss/Take Profit Profit triggers.
In this mode (BREAK OUT) we exit from a BUY position if the price crosses the middle of the channel downward or in case Stop Loss/Take Profit triggers.
Additional parameters and features:
The Expert Advisor has two additional parameters:
- On/Off Info Panel – enables/disables the informational and trading panel on the chart.
- Setting "On The Fly" – enables/disables the possibility to adjust parameters using the informational and trading panel.
Several Expert Advisors from this series can be attached to different charts (symbols) without causing any conflicts in their operation.
- Modified Price Channel indicator - MultiRange_PCH (put it in the folder \MQL5\Indicators and compile).