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Challenger

The Expert Advisor is based on breakthrough/roll-back of support/resistance levels. The EA decides on whether to buy or sell depending on how the previous bar near the level in a specified range is closed. The average volatility (AR) for a specified period (ARPeriod) is used to calculate virtual stop loss, take profit, breakeven and trailing stop levels. For example: stop loss ratio = 2, average volatility for a specified period (ARPeriod) = 200 pips, a stop loss per trade is 2*200=400 pips. Various data and levels are also displayed on the screen.

The EA works on Open prices performing a small amount of trades. The robot is ideal for a trader as an addition to a manual strategy or in conjunction with another EA. The EA distinguishes its trades by a magic number. Only one market order at a time can be opened on a single currency pair. Grid and martingale are not used.


Recommendations

  1. Before using on a live account, test the EA with minimal risk;
  2. Use VPS or hosting server with minimal network latency to the broker's server;
  3. Low spreads = low commission + high quality execution are important when choosing a broker to trade.


Parameters

  • StartTradeTime, StopTradeTime - operation by time; 00:00 - not used;
  • TimeFrame - working timeframe;
  • ARPeriod - volatility calculation period;
  • StopLoss - stop loss as a ratio of the average volatility (AR);
  • TakeProfit - take profit as AR ratio;
  • RiskPerTrade - trading lot as a risk per trade in % of the balance;
  • Deviation - price range near the trading level as AR ratio;
  • Level1Period, ..., Level5Period - number of bars for calculating support and resistance levels;
  • BreakevenStop - number of profit points for moving a trade to a breakeven as AR ratio;
  • BreakevenStep - profit, at which a position is closed, as AR ratio;
  • TrailingStop - trailing stop, distance to a stop loss, as AR ratio;
  • TrailingStep - trailing step as AR ratio;
  • MaxSpread - maximum allowable spread for opening trades;
  • MagicNumber - magic number;
  • OrdersComment - comment to orders.


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