POPTrader is an Expert Advisor based on "Pivot Point".
For more information about "Pivot Point", you may visit its Wikipedia page: http://en.wikipedia.org/wiki/Pivot_point or just do a Google search.
The EA's name: POP, doesn't mean popular. And it is not the abbreviation of "Pivot Point". Here it stands for "Power of Patience".
The EA was developed for two purposes:
- Test trading by simple Pivot Point.
- Test if we can win if we have enough patience, that is, use little money to trade without stop loss.
In theory, if we don't set stop loss, finally we will lose all the money. While also in theory, if we only use a little part of the money to trade and be patient enough (account equity can drop seriously), we may win a lot in the trade.
- Magic Number - EA's magic number.
- Max Risk (In Percent) - how much money will the EA use to open a position. The EA opens only one position during the trade.
- Take Profit - take profit level.
- Stop Loss - stop loss level (default is 0, which means just wait, win or lose all :) ).
- Is ECN account or not - type of the account.
- Trend Following mode - aggressive, normal or defensive.
- Period for Pivot Calculation - period use for pivot calculation.
- Minimum lot size - minimum allowed lot size.
- Maximum lot size - maximum allowed lot size.
- Pivot level - 1-3, means using r1/s1, or r2/s2, or r3/s3.
- Decrease factor - if there are consecutive losses (of course, when the stop loss parameter is not 0), decrease the lot size.
- Reverse signal - "false" means trend following, "true" means trend countering.
If we set the stop loss value properly, this EA is not just a toy. It is a full featured trading robot. Just download and enjoy.