Trailing Orders PSAR
Trailing Orders (PSAR) is designed for trailing pending orders by parameters of Parabolic SAR.
Parameters of the EA:
- Time Frame - selected time period (Current — period of the current chart);
- Step - Parabolic step;
- Maximum - maximum step;
- Stop Loss - loss in points; if set to zero, you can set this parameter on the chart — Stop Loss will follow the order;
- Take Profit - profit in points; if set to zero, you can set this parameter on the chart — Take Profit will follow the order;
- Gap on Order - distance from the price to the pending order relatively to the last point of Parabolic, "-" decreases and "+" increases the distance;
- Magic - number assigned to the order, if 0 - for any numbers;
Appliance of Trailing Orders (PSAR):
The first way: apply the EA on the expected trend reversal with BuyStop or SellStop order located in overbought or oversold area. The second way: apply the EA on the expected correction of a strong trend made by BuyLimit or SellLimit order. You can place an order at any distance with preset Stop Loss and Take Profit. When the Parabolic signal appears, the order will be moved. You can also adjust Stop Loss and Take Profit in settings.
Analogues of the EA: Trailing Orders (MA) moves pending orders according to Moving Average parameters, Trailing Orders (Bars) moves pending orders according to prices (Open, Close, High, Low) of a bar.