GridTrader EA is an automated trader which harvests a trader specific grid. In a normal trading scheme, trader supplies two levels: level_up where selling begins and level_down where buying begins. Then the EA automatically trades according to take profit and add position rules. When price moves in the opposite direction EA opens a new position. When any position gets into profit EA closes that trade only, leaving the trades in loss open.
In logic, this EA resembles ObeyTheLimits EA. The major difference is GridTrader EA does not multiply the amount when opening a new position.
GridTrader is good for trading currency pairs where the Money Authorities uses boundaries or bands for the movement. A good example would be EURCHF, where the Swiss Central Bank said he will not allow the parity to go below 2,20. This way you can set an appropriate level_down price so that below that level EA always opens a long position. Similar parities can be found in Asia, as well.
- level_up (level_down): level where selling (buying) begins;
- trade_lot: trade amount for every trade;
- open_new_at_every_points: gets points as inputs and tells the EA when a new position will be add;
- take_profit_when_get_points: gets points as inputs and tells the EA when the existing position will be closed with a profit;
- trade_method: default is the normal setup where EA sells above level_up, and buys below level_down. The reverse setup does the opposite;
- max_lot_open: maximum amount of open positions allowed by the user;
- auto_close_when_max_lot_reached: set it true if you want the EA to close all existing open positions when the maximum allowed open amount is reached;
- auto_magic_number: EA can use automatic magic number generation for the orders. The algorithm generates the same magic number for a symbol every time, so that even if you start over, the same magic number is used on that symbol. This way you can avoid malfunctioning of the EA. Sometimes there can be conflicts in magic numbers so that different symbols can get the same magic number (e.g., EURUSD and EURAUD), and these conflict can be avoided by the use of ObeyTheLimits_MagicNumber utility script;
- magic_number: If the previous option is false, you need to specify a unique magic number for the symbol that the EA is running on.