Key Level Trader
The Key Level Trader EA makes qualified trades based on price action around key levels on the EURUSD 5 minute graph.
The EA uses pin-bars and engulfing bars to take trades from while getting confirmation from an important level and the overall trend.
The important key level to confirm the trades can be round numbers, pivots, daily open/high/low or a significant moving average.
Furthermore, the EA only takes trades that follow the overall hourly and quarterly trend (determined by 50 period moving averages).
The EA has a number of configurations that can be changed to the trader's preferences. However, the standard settings (excluding lot size/risk) have been tested to give the best results.
The settings are as follows:
- Lots: determines the lot size used on the trades. Can be set to 0 if the trader wishes to use automatically calculated lot sizes based on a set risk percentage.
- Riskpercent: determines how much one wishes to risk on a trade. Can be set to 0 if the trader wishes to use a fixed lot size.
- MaxLots: determines the max amount of lots allowed in 1 trade.
- Takeprofit: determines the take profit target on the trades (should be 1/10th if using 4-digit brokers)
- Stoploss: determines the stop loss target on the trades (should be 1/10th if using 4-digit brokers)
- Trailing: a dummy variable to choose whether the trader wants to trail the stop loss or not. True means there will be a trailing stop and false means there won’t be a trailing stop.
- Trailingstop: determines the trailing stop, if trailing is set to true (should be 1/10th if using 4-digit brokers)
- Maxorders: Max number of orders allowed at a time for the EA.
- MinEngulfingSize: Minimum size of engulfing bars to take trades from. This is not recommended to change. However, should be 1/10th if using 4-digit brokers.
- OpenHour: determines at what hour the EA is allowed to trade from.
- OpenMin: determines at what minute in the given hour the EA is allowed to trade from
- CloseHour: determines at what hour the EA should stop trading for the day.
- CloseMin: determines at what minute in the given hour the EA should stop trading for the day.
- Use on the 5 minute graph on EURUSD
- Use a VPS and a broker with a low spread
- Stop the EA from taking trades on high impact news days (such as NFP and rate decision days)
- Use a risk percentage of 1-3% pr. trade