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Obaforex TrendLine Trader

30 USD

Demo downloaded: 47

Published: 22 September 2020

Current version: 1.50

Obaforex TrendLine Trader

Utilities
OBAFEMI BABATUNDE DESMOND Obafemi
Version: 1.50
Updated: 2 January 2021
Activations: 10

Obaforex TrendLine Trader is a tool developed to improve trading with trend lines.

This tool is highly functional and yet extremely simple and safe to use.

Simply draw trendlines and make them active for trading by renaming them based on what purpose you want them to serve.

buy (to open a long trade based on the named line)

sell (to open a short trade based on the named line)

buytp (to close a buy trade at a price higher than current market price)

buysl (to close a buy trade at a price lower than current market price)

selltp (to close a sell trade at a price lower than current market price)

sellsl (to close a sell trade at a price higher than current market price)

Features automatic lot calculations using money management.

Take Profit, Stop Loss, Trailing Stop, Minimum pips to break and Maximum pips to break should all be set in pips, conversion to points for 5 digit brokers will be handled internally. Also they can be set to zero to not use them

Minimum pips to break is the amount of pips by which a candle close must break a trend line for a trade signal to be valid.

(note: if this condition is not met, ea waits for the next candle close to check if this condition is satisfied)

Maximum pips to break is the amount of pips that the difference between a breakout candle and its trendline must not exceed for a signal to be valid.

(note: if this condition is violated ea waits for a correction with candle close within the acceptable break range to enter trade)

Only one trade will be triggered by each signal line("buy" / "sell"). To take another trade will require that the previous trendline used to trigger a trade be deleted or renamed to something else other than its last signal name before being set back with a valid trigger line name.

General note. This product does not draw lines or tops and bottoms. I strongly recommend downloading the demo version and testing in strategy tester before purchase. Never hesitate to chat me up for questions or enquiries before or after product purchase. Thanks.

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Version 1.50 2021.01.02

Now lines can be used to easily set dynamic take profit and stop loss at the point of trade entry while lot size (money management) will still be calculated correctly based on the line stop loss.

To use this feature, before a trade is opened draw a trend line, position and name is appropriately according to the parameter you want it to set. Ensure also that the line is extended well enough to the right to enable expert get its value in the future.

buytp sets buy trade take profit
buysl sets buy trade stop loss
selltp sets sell trade take profit
sellsl sets sell trade stop loss

Version 1.40 2020.11.07

Improved automatic lot size calculations.

Now setting "StrictRiskMan" (strict risk management) to true will guarantee that your your loss does not exceed your set risk, while false ensures optimum lot sizing which may sometimes exceed set risk a bit.

StrictRiskMan(true) = always round down where approximation is required to determine valid lot size.
StrictRiskMan(false) = normal round up or down

Example
accounts balance $2100 at 2% risk with 25pips (250 point) stop loss is naturally suppose to trade 0.168 (an invalid lot size).

For brokers with 0.01 lot step (most brokers falls in this category)
StrictRiskMan(true) will trade 0.16 risking less than 2%
StrictRiskMan(false) will trade 0.17 risking a bit more than 2%

For brokers with other lot step
same approximation approach applies except that your broker lot step is used to ensure valid lot size calculation.

Version 1.30 2020.11.05

Trailing Stop now include the option to trail directly or in steps, with ability to set step in pips

Version 1.20 2020.10.24

Added maximum spread filter to improve trade entry price on random spread brokers.

Also this update improves trade handling by allow a trader set in advance how a trade should be entered around specified line. The following options are available.

1. Trade on breakout retest (True) : This will enter trade in the direction of a breakout on retest of the breakout trend line, provided that the distance between a candle close in the direction of the breakout and the broken line exceed minimum pips to break. Also it will perform the function of TradeOnLineTest (True) . (so it's recommended to set TradeOnLineTest (false) if this is true, else minimum pips to break will be ignored asTradeOnLineTest will initiate trade on line test regardless).

2. Trade On Breakouts (True) : This will open trades directly on breakout provided that minimum pips to break is satisfied and maximum pips to break is not exceeded or on any candle open that satisfies all this criteria.

3. Trade On Line Test (True) : This option will open trade on line test. (it will open buy trade on "buy" line if previous candle closed above it, and open sell on "sell" line if the previous candle close below it).

Note: settings Trade on breakout retest and trade on breakout to true simultaneously is most recommended

Version 1.10 2020.10.04

New Breakeven feature introduced.
This is useful in the even that a trader only wants to breakeven on a trade after reaching some level in profit without trailing stop all the way to avoid getting stopped out on potentially more profitable trades. Set to zero to not use this feature

Also introduced AddToBe (Add to breakeven)
This feature when set to a value greater than zero allows to lock in profits (equals the amount of pips set) by the breakeven option.
Also it increases the amount of profit locked in by the trailing stop option (by the amount of pips set).

This is useful when considering commission on brokers where this is applicable and protecting against negative slippage on stop execution. Also it can be set to zero to not use this option