Rejection Block Trader

FREE until May 6, 2024, PAID product afterwards.

The Indicator for this Expert Advisor can be found here: https://www.mql5.com/en/market/product/116477

Timeframe: M5 Only.

After Installation:

• Set Swing Extreme to ON
• Set Z Candlestick to ON
• Set Breakeven Condition to ON
• Set TrendFollowerTrader to ON
• Check the number of Max Positions

Introducing the "Rejection Block EA," a specialized trading solution meticulously crafted for trading GOLD (XAU/USD) with unparalleled precision and efficiency on the 5 minute timeframe. This expert advisor leverages the power of rejection candle blocks identified on both the H1 and M5 timeframes, providing traders with strategic entry and exit points to capitalize on GOLD's unique market dynamics.

Key Features:

1. Rejection Candle Analysis: The EA employs advanced algorithms to identify and analyze rejection candle blocks on the H1 and M5 timeframes, enabling traders to pinpoint high-probability trading opportunities in the GOLD market.

2. Multiple Trailing Stop Systems: Choose from three distinct trailing stop systems, allowing traders to tailor their risk management approach to suit their trading style and adapt to changing market conditions with ease.

3. End-of-Day Trade Closure: Enhance risk management and optimize performance with the option to automatically close all trades at the end of each trading day, minimizing exposure to overnight market fluctuations and ensuring peace of mind.

4. Visual Customization: Customize chart plots according to individual preferences, enabling traders to create a personalized trading environment that enhances clarity and efficiency.

5. Break of Structure Identification: Stay ahead of market shifts with advanced break of structure identification, alerting traders to potential trend reversals or continuations in the GOLD market for timely decision-making.

6. Change of Character Recognition: The EA intelligently recognizes changes in market behavior, providing valuable insights into shifts in volatility, momentum, and sentiment to empower traders to adapt their strategies accordingly.

With its robust feature set and specialized focus on trading GOLD, the "Rejection Block EA" offers traders a comprehensive solution for navigating the intricacies of the GOLD market with confidence and precision. Experience the ultimate trading experience with this innovative expert advisor tailored specifically for GOLD traders.

Documentation

Rejection Blocks are candlestick patterns with long wicks, signaling price attempts to breach a level before reversing within the candle's range. They appear at key support or resistance zones, indicating market indecision and potential reversals. Rejection blocks are highly reliable, capturing all available data about recent reversal points, making them more dependable than other price references like yesterday's or weekly closing prices, especially during thin trading volumes at the late USA session.

A Consolidation Box is a candlestick that encapsulates the opening and closing prices of all subsequent candles within its range. For instance, if the daily candle on April 29, 2024, engulfs the opening and closing prices of all subsequent candles, it forms a Consolidation Box candlestick.

To utilize the Maximum Position Function, start by setting the maximum position to 1. Increase it only when the bot secures the position with a trailing stop and deems it risk-free. Gradually increase the maximum position as desired, ensuring each new position is adequately secured.

Slippage refers to the difference between the expected and actual trade execution prices. It occurs commonly during high volatility or low liquidity, leading to trades being filled at less favorable prices. Slippage can impact trading outcomes, increasing costs or reducing profits, especially in fast-moving markets or with large orders.

BreakevenX settings, when enabled, allow for a high win rate but may close trades prematurely. Users should experiment with these settings, noting their impact on trading outcomes, particularly during testing on the strategy tester.

Swing Extreme sets the trailing stop to the lowest or highest of the previous swing on the M15 timeframe, providing an effective means of securing profits.

Z Candlestick sets the stop loss to the lowest price of the specified number of candlesticks. For example, setting it to 4 ensures the trailing stop remains at the lowest price of the last four candlesticks, offering a dynamic approach to managing risk.