PO Strategies Lite
PO Strategies Lite is a Forex robot that allows opening trading strategies based on Pending Orders.
You can define the distance in points between the opening price of the pending order and the current price (Bid or Ask).
To use this robot, you should choose brokers that allow opening pending orders without any restriction in respect to the current Bid or Ask price (StopLevel = 0 or 1).
Furthermore, the account, on which you intend to use the robot, should allow opening micro lots with a high leverage (1:400 or higher).
The opening signals of the pending orders are obtained on the basis of price movements occurring within a specified period of time and with two moving averages.
The use of the two moving averages increases the reliability of BUY and SELL signals.
Regarding the exit from the trades, various options are available, such as:
- Trailing Stop
- Take Profit with Stop Loss
- Trade closing without Stop Loss and Take Profit
- Mix of the above options
With the same opening signals of Pending Orders, Market Orders can be opened to check the distances to market prices.
The opening of Pending Orders should help to overcome two issues that we encounter in Forex trading: latency and re-quotes.
In situations of normal market volatility, Pending Orders should solve the both issues.
To test the robot in the Strategy Tester, it is suggested to use EURUSD, GBPUSD, USDJPY and AUDUSD with M1.
Here below, we can find a description of all external parameters used by PO Strategies Lite.
- MagicNumber - specifies the trades, which PO Strategies Lite will manage. All trades opened by PO Strategies Lite will be identified by the magic number to avoid confusion between different EAs and manual trades. Therefore, this number should not be the same as the magic number of any other EA you are using at the same time or of the same EA if you activate it on more charts for the same MT4 instance.
- DeltaPrice - distance in points between the price and the previous price movement.
- Movements - quantity of movements to be considered to calculate the signals.
- Elapsed - elapsed time in minutes from the movements.
- MA1_period, MA2_Period - periods of the moving averages.
- Buy_Orders, Sell_Orders - selection of pending order's types for each side. The codes admitted are: 1, 2, 3 plus the code 0 for market orders.
- Levels - quantity of pending orders to be opened for each signal.
- PointStep - distance in points between the Ask/Bid price and the opening price of a pending order.
- StopOrders - use stop orders. Default value = true.
- LimitOrders - use limit orders. Default value = true.
- ExpiryTime - time in minutes to delete open pending orders.
- EnableCloseByTime - if set to true, EA closes a trade when the elapsed time from opening is over MinutesToWait and StopLoss price is 0.
- CloseTrade - if set to true, the EA closes a trade when the difference between current price and opening price is over MaxStop value.
- EnableMoveTrailingStop - if set to true, PO Strategies Lite uses Trailing Stop with the two following values.
- TrailingStart - PO Strategies Lite uses this amount, when in profit, applied to opening price to start the Trailing Stop.
- TrailingStop - PO Strategies Lite uses this amount in points as size of the Trailing Stop.
- StopLoss - distance in points between opening price and stop loss price.
- TakeProfit - distance in points between opening price and take profit price.
- MaxStop - distance in points between opening price and the current price to close trade, if CloseTrade is set to true.
- MinutesToWait - time in minutes to close an older trade, if EnableCloseByTime is set to true.