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BeST Profit Taker Exits

BeST_Profit Taker Exits is a Metatrader Indicator based on the corresponding vital part of Jim Berg's Trading System.It timely locates the most likely points/bars of significant Profit Taking and can be easily used as an add-on to any Trading System/Method.
The Indicator consists of 2 Take Profit lines deriving as (MA ± times the ATR) usually the upper one above the prices (for Long Trades) and the lower one below prices (for Short Trades). When the Close (or High by choice) of a bar is above the upper line (PTL = Profit Taker Long) or a bar Close (or Low by choice) is bellow the lower line (PTS = Profit Taker Short) - always filtered by the current level of RSI - this can be used as a signal to lock in profit exiting the Market.

The full Trading System originaly used for Long Trades only, is described in Jim’s article “The Truth About Volatility” (TASC/February 2005).
His method caught attention in 2002 when he won a trading competition for Personal Investor Magazine. It has been noted that Jim produced a 30% return trading the Australian market during a year that the market had dropped 20%.

The BeST_Profit Taker Exits Indicator is non-repainting and non-backpainting while using it you can get:

  1. Definite Exit Signals of Taking Profit
  2. Draw of the PT Lines and/or the corresponding MAs of H/Ls (optionally)
  3. An Info/Alert Comment Table (optionally)
  4. All the Metatrader Alerts for the bars of Exit Signals (optionally)
  5. Fully customizable colors, sizes and distances of all the chart objects


Inputs


Basic Settings

  • ATR Period – LB Period for calculating ATR
  • Moving Averages Period – LB Period for calculating MAs of Highs and Lows upon which the Take Profit Lines are based
  • Moving Averages Method – Method used for calculating the above MAs
  • Exits Mode – for selecting to use Closes or H/L crossings of TP Lines to define the Exit points/bars
  • PTL/S lines ATR Factor  - ATR Factor for calculating the PTL/S lines


RSI_Filter Settings

  • RSI Period – 7 by default
  • Price applied to RSI – Close by default
  • RSI Level for locating Exit Long Points – 70  by default
  • RSI Level for locating Exit Short Points – 30  by default

Displaying Settings - for selecting which chart objects and features to show/activate and for selecting the color, size and distances of drawn objects

Alert Settings - for controlling the use of Exit points MT4 alerts


For EA Developers



TP_Long Exit Signal:    Buffer = 5
TP_Short Exit Signal:   Buffer = 6


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