Breakout Bot, with structure based stop loss

Breakout Bot, with structure based stop loss

Function:

To enter a market buy or sell order, upon break of structure, as marked by a zigzag indicator, while also using a fibo for measurements. 

To have a stop loss that is able to move, following price structure created by the zigzag indicator

Menu settings:

---Lot size ---

Number of lots:

--- Zig zag inputs---

Depth:

Deviation:

Back stop:

Wick/ Candle Close

--- Take profit mode---

Fixed amount of points/ Fibo/ None

Amount of points:

Fibo amount:

---Stop loss mode---

Fixed amount of points / Zig zag trailing

Amount of points:

--- Stop loss buffer---

Amount of points:

---Entry conditions---

Minimum fibo points for entry:

Maximum fibo points for entry:

False Breakout Protection: On/Off

False Breakout Entry buffer in points:

Number of consecutive trades in same direction:

Days/ Times to trade: (have multiple time options)

Menu Item clarification and functions:

Wick/ Candle Close – this will determine how the zigzag is drawn, using either candle wicks, or the candle close

Take profit mode: either a simple set amount of points, or based on a fibo, in this example, the middle line represents where the breakout and buy would have happened, this is fibo point 100. The bottom line would be fibo “0” and the top line has been drawn at fibo “200”.

Stop loss mode: fixed points is self explanatory.

Zig zag trailing is where the stop would move with price structure (see image on page 1). The stop loss is placed behind the most recent swing point and changes each time a new zigzag is created. 

For buys, it moves the stop behind each new low

For sells, it moves the stop behind each new high

Stop loss buffer: a simple amount of points, just so that the stop is not placed exactly on the high/ low and allows a bit of room so that the trade is not taken out if the price just quickly wicks past the line.

Minimum fibo points for entry: this will measure how big the previous swing was in points and can be used to prevent entries where the zig zag is small and flat

Maximum fibo points for entry: same idea, but prevent hug swings being used

False breakout protection: this applies a buffer, so that price must move x amount of points beyond the trigger point in order for it to take a trade. This prevents trades being entered if price only wicks above the level quicky.

Consecutive trades: this stops the bot taking too many trades in the same direction at the same time.