Big Ben Trading MO
- Experts
- Version: 1.0
- Activations: 5
Big Ben Trading is a white box EA based on the London Open method. Using fractals it will identify support and resistance levels and determine the consolidation zone from the pre-European open. Trades are taken at the break of the support or resistance once European markets get underway counting on greater liquidity to sustain the price swing.
Features
- medium frequency trading best suited for retail fx platforms
- can trade large spreads of regulated brokers
- does not require low latency
- multiple logic for trade management
- no pyramids, no martingales
- option for hard dollar stops
- does not use lot management tricks
Users are encouraged to test the method with other instruments with the key requirement being, the underlying market of the instrument opening and closing along with the European session. Suggested instrument for trading, EURUSD.
INPUT PARAMETERS
LotSize: number of contracts to trade, default setting is 1 full lot. Ideally should be no more than 1 full lot per 10,000.
RangeLimit: default setting is 0.4. This parameter prevents the EA from taking trades when the Asian Session has been very active going past the range limit of the daily average (ATR * RangeLimit). This is meant to keep the EA out of the market in whipsaw conditions.
TPinPoints: Number of points from open price for a fixed Take Profit. Default is 0, developers’ preference.
Example: EURUSD Open Sell = 0.9890
TPinPoints = 0.0070
Take Profit = 0.9820
USDJPY Open Buy = 145.00
TPinPoints = 0.0080
Take Profit = 145.80
SLinPoints: Number of points from open price for a fixed Stop Loss. Default is 0, developers’ preference.
Example: GBPUSD Open Buy = 1.1200
SLinPoints = 0.0040
Stop Loss = 1.1160
AUDUSD Open Sell = 0.6300
SLinPoints = 0.0060
Stop Loss = 0.6370
Special setting is “-1” tells EA to use the other side, support or resistance, of the consolidation as a stop loss area.
TightRules: The preferred setting is "True". Limits the EA to opening trades only from the open of European markets till close. If false trading is done on a 24H basis making it prone to false breakouts.
SelectiveEntry: When "True", only allows breakout trading in the direction of the intermediate daily chart direction. If false will trade any breakout that occurs regardless of intermediate trends.
TradeManager1: When “True” is responsible for closing trades based on price action looking for suggestions of lost momentum or a possible reversal.
TradeManager2: Designed primarily for managing trades in sluggish trending markets prone to generating false price action reversal signals around a slowly moving mean price.
NoFloater: If "True" closes a trade at the end of the server trading day if at least breaking even. Will not allow a trade to continue to float beyond the second trading day regardless if profiting or losing.
AntiCatastrophe: Prevents floating losses from turning into catastrophic losses. This is accomplished by closing floating losses when market structure has potentially changed during the course of the trading day.
HardStop and HardStop USD: Closes trades when losses are equal to or exceeding a hard USD figure. This is particularly useful when dealing with money management rules for Prop Firm challenges. Note that cut losses from a Hard Stop will likely exceed the stated figure according to the size of the trade, gaps in the chart, or speed of price action. So do not use the full value of a Prop Firms daily limit. We suggest using $530 per 1 standard lot for a hard dollar stop.
Note: We DO NOT GUARANTEE that use of the Big Ben Trading MO will result in passing Prop Firm challenges.
