This Expert Advisor is based on a very simple strategy: the break out strategy.
You can choose the period in which the EA searches the highest and the lowest price, when the price breaks out of this range:
- above the highest price a buy position is opened
- below the lowest price a sell position is opened
After each new candle the EA determines the new highest and lowest price and changes the stop loss.
So this EA doesn't use a take profit, it just changes the stop loss to the lowest point of your choosen period after every new candle.
There are two options for the money management:
- if you choose "exponential" as false, every order is opened with the Size you type in "LOT"
- if you choose "exponential" as true, the position size of the orders is handled like this: for every 100$ on your account the size of the order increases by the amount typed in "LOT".
Example: "exponential" = true , "LOT"=0.01
Account: 2499$ => order size is 0.24 lot
Account: 2500$ => order size is 0.25 lot
Remark: I would recommend the exponential mode with 0.01 Lot, on H1 timeframe, for the settings of the period I would recommend you to do first a backtest on the currency pair you wish to trade, because on different pairs different periods are profitable.
As you can see in the pictures I backtested the EA only on H1 timeframe on EURJPY and USDJPY, but you can test it on every pair and timeframe you want, you just have to adjust the period. I optimezed the EA on USDJPY and EURJPY on the MetaQuotes Demo account, and the optimal period is 13, but perhaps on another broker it is slightly different, so I would recommend you again to do a optimization by yourself to get better results. In the near future there will be also a signal of this EA, where you can see how it works on real market.
Further questions you can ask in the Comments area.
- TakeProfit: if this parameter is true, the EA sets a fix Take Profit (fix means: it won't change)
- TakeProfitPips: how many pips away the TP is set
- TrailingStop: if this is true, the EA changes the stop loss to the lowest (resp. highest) price of the last "ManagementPeriod" candles
- ManagementPeriod: This is the amount of candles where the lowest and highest prices are determined for changing the SL
The other parameters are the same as in the version 1.0.
You have to choose at least one of the parameters "TrailingStop" and "Takeprofit" as TRUE, or the EA will give you an error.