The Expert Advisor uses technical analysis patterns. VSP is required for flawless operation, the recommended minimum deposit is 1000 units of the base currency. The EA is to be used on M5-H1 of highly liquid currency pairs with a small spread/commission (for example, EURUSD, GBPUSD, AUDUSD, USDJPY, USDCHF, USDCAD, NZDUSD, EURJPY, EURGBP and EURCHF).
Technical analysis patterns
The EA identifies the following patterns:
- Head and shoulders
- Inverted head and shoulders
- Double top
- Double bottom
- Triple top
- Triple bottom
- Works on Open prices;
- Equipped with news filter and spread expansion control;
- The EA features a predictive algorithm based on price patterns, as well as stop loss and take profit levels;
- Customizable pyramiding, hedging and order grid functions;
- Position tracking can be one of the three types: single closing, unidirectional or multidirectional order basket;
- The initial market exit strategy is highly customizable;
- The EA can be used with any trading strategy, both manual or automatic (Expert Advisors) if MagicNumber = -1.
The algorithm collects price patterns from the history and analyzes further movement statistics to build the depending on the stop-loss and take-profit levels. The quotes history should be pre-downloaded for at least one year before testing/optimization on all currency pairs and timeframes, the EA is to be attached to. The lower the timeframe, the more price patterns the EA is to define and the more trend change signals are to be activated.
In order to provide operation of the news filter: add http://calendar.fxstreet.com to the "Allow WebRequest for listed URL list" field (Tools → Options → Expert Advisors).
- MaximumDeviation - the maximum price deviation in % to draw technical analysis patterns.
- BuildingForecast - the number of patterns to prepare a forecast, from 2 to 7. Not used if -1.
- x1,x2...x16 - weight coefficients, optimize from 0 to 100 in steps of 10.
- StartWorkingTime, EndWorkingTime - operation by time; not used if 00:00.
- NewsFilter - news filter settings.
- StopBeforeNews, StartAfterNews - minute before and after a news release when opening new positions is disabled.
- SpreadControl - spread control; not used if -1.
- OpenPositions - order opening strategy:
- SingleOpen - single opening.
- Grid - order grid.
- Pyramiding - pyramiding.
- Hedging - hedging by symbol.
- OppositeDirection - open positions in the direction opposite to a signal.
- OpposingPositions - enable oppositely directed positions.
- VolumeCalculation - trading lot calculation method:
- Manual - set initial lot manually.
- Balance - calculate a trading lot based on the balance.
- Equity - based on equity.
- FreeMargin - based on the free margin.
- InitialVolume - initial lot or % depending on the selected method;
- VolumeBehavior - lot behavior:
- SameVolume - the same lot.
- IncreaseVolume - lot increase.
- DecreasesVolume - lot decrease.
- OrderOpenStep - starting step for opening orders.
- OrderStepBehavior - order open step behavior:
- SameLevel - same levels.
- IncreaseLevel - step increase.
- DecreasesLevel - step decrease.
- ClosingPositions - order closing strategies:
- SingleClosing - single closing.
- UnidirectionalClosing - closing a unidirectional basket of orders.
- MultidirectionalClosing - close a multi-directional basket of orders.
- TakeProfit - take profit; not used if -1.
- StopLoss - stop loss; not used if -1.
- Breakeven - breakeven; not used if -1.
- TrailingStop - trailing stop; not used if -1.
- MagicNumber - EA ID, if -1 the EA will work with all orders.
- OrdersComment - a comment to trades.
- Visualization - show information on the chart.