London Hourly Breakout
The EA has been built around the London Stock Exchange open and the currency pair GBP/JPY. Entries based on the one hour time frame. It is based on taking entries during the first hour of the London Stock Exchange open due to the volume in this period.
The EA will take a maximum of one trade per day; it will not take multiple trades. The EA also has the option to use the MACD for exit management instead of a fixed take profit. The use of the MACD for exit management is to maximise trade exits at potential reversal points and so to help take the optimal profit without risk of retracing back to entry or stop loss.
- ADX_Period - The period of the ADX.
- Trend_Strength - For example "25" will set the trend strength to be minimum of 25 and so entires will only be valid if the current trend strength is above 25.
- Diff_DIs - Buffer between DI+ and DI-. For example buy entries only valid if DI+ is above DI- and the difference between DI+ and DI- is greater than the buffer value.
- Adj_B - Buffer to be placed at the high of the previous hour candle. For example 1 pip = 0.01 and so entries for buys only valid if market price exceeds previous high plus the buffer.
- Adj_S - Buffer to be placed at the low of the previous hour candle. For example 1 pip = 0.01 and so entries for sells only valid if market price exceeds previous low minus the buffer.
- Fixed_Lots - Set fixed lot size. Set as true for on.
- Lot_Size - The fixed volume size.
- Risk_Percentage_on - Risk a percentage of your balance. Volume calculated based on stop loss.
- Risk_Percentage - The percentage of your account you want to risk per trade.
- MACD_Exit - True will turn MACD on, which will control the exit of trades based on cross overs. Exit a buy trade when the MACD is above zero line and the main line crosses below signal line. Exit a sell trade when the MACD is below zero line and main line crossed above the signal line.
- Fast - The period for the fast exponential moving average.
- Slow - The period for the slow exponential moving average.
- Period - Signal period of the MACD.
- Time_Frame - This is the timeframe that the MACD is calculated from.
- TP_on - This allows for a take profit to be set with MACD exit on. Otherwise, no take profit and the MACD will exit the trade when requirements are met. Select the take profit via TP variable.
- TP - The percentage in relation to the stop loss to take profit. For example, ten pip stop loss and setting this variable as "100" will give a take profit of ten pips. This variable is automatically activated if MACD exit is off.
- Breakeven_on - Set as true to turn breakeven on.
- Breakeven - Set the percentage level in relation to stop loss for breakeven to activate. For example, ten pip stop loss and setting breakeven as "100" will mean the trade will move to breakeven when ten pips in profit.
- Breakeven_Offset - This will place the trade x pips above/below entry price level.
- Partial_TP_on - Turn partial take profit on.
- Partial_TP - The percentage in relationship to the stop loss to partially close trade. For example, stop loss of ten pips and Partial_TP is set as "100", then a partial close of the trade will occur when ten pips in profit.
- Partial_Close - The percentage of volume to close when partial-TP is met. For example “50” will close 50% by your positions at partial TP.
- Trailing_Stop_on - True will allow trailing stop loss to be active.
- Trailing_Stop - The number of pips in profit to start trailing the open trade.
- Trailing_Step - Step sire to move the strop loss. For example "1", every extra pip in profit the trailing stop will move 1 pip in the direction of the trade.
- Start_Time - Set the time interval for the first hour of London open based on your serve time. For example for serves with their time based on GMT time, London open is at 08:00.
- End_time - Set 1 hour after start time.
- Trade_Alert - Trade alerts top pop on MetaTrader terminal and also notifications to mobile devices if they are connected to your MetaTrader.
- No_trade - Maximum stop loss, if exceeds no trade will be taken.
- Max_SL - Max stop loss for a trade to be valid.
- Wick - Require top/bottom wick dependent on trade direction.
- Top_Wick - Size of top wick in pips. E.g “10” means that there must be a 10 pip top wick for a sell trade to be valid.
- Bottom_Wick- Size of bottom wick in pips. E.g “10” means that there must be a 10 pip bottom wick for a buy trade to be valid.