PZ Chart Patterns EA
This expert advisor trades Chart Patterns, which are powerful and well-known price formations. It implements many other useful features for the exigent trader, like customizable patterns, trading sessions and days, several trading behaviors, a martingale and a inverse martingale mode.
- Easy to set up and supervise
- Customizable trading directions
- Enable or disable patterns at will
- Customizable break-even, SL, TP and trailing-stop
- Built-in money management with different behaviors
- Works for ECN/Non-ECN brokers
- Works for 2-3-4-5 digit symbols
- Trading is NFA/FIFO compliant
- Filter trading by forex sessions
- Filter trading by week days
It supports the following patterns, which can be enabled or disabled at will:
- Double Top / Double Bottom
- Triple Top / Triple Bottom
- Head and Shoulders
The EA implements four different trading behaviors:
- Regular: The EA will buy at bullish signals and sell at bearish signals
- Inverse: The EA will sell at bullish signals and buy at bearish signals
- Only Buy: The EA will buy at bullish signals and disregard bearish signals
- Only Sell: The EA will sell at bearish signals and disregard bullish signals
The EA implements four money management modes:
- Trade manual lotsize: The EA will trade a fixed lotsize on each trade
- Auto-calculation of lotsizes: The EA will risk % of the account on each trade
- Martingale: The EA will double the lotsize after a losing trade
- Inverse Martingale: The EA will double the lotsize after a winning trade
Additionally, the EA implements time filter controls:
- Enable or disable trading during the Asian Session
- Enable or disable trading during the European Session
- Enable or disable trading during the American Session
- Enable or disable trading on certain week days (Sunday to Friday)
- Trading Behavior - Select trading behavior (Regular, Inverse, Short or Long described above)
- Trade Scenarios - Enable or disable chart patterns to trade at will. Supported
patterns are Double Top, Double Bottom, Triple Top, Triple Bottom, Head
and Shoulders, Wedges and Pennants. Those you disable won't be traded.
- Indicator Settings -This block groups the chart pattern parameters.
Namely, size of the patterns to trade and the breakout period. It is
recommended to leave the default parameters and only change them if you
also have the indicators and are familiar with the impact of these
- Position Management - This group of settings applies to trading decisions and trade
management. You can select trading direction, break-even in pips,
break-even behavior, trailing-stop in %, trailing-step in pips,
stop-loss in pip and take-profit in pips.
- Sessions Settings - Enable or disable trading for the Assian, European or American sessions, as well as trading week dayss, from Sunday to Friday.
- Money Management - In this settings block you can set the lotsize for the first trade,
or allow the EA to calculate it by itself. It also implements a
martingale behavior. Entering a manual lot size is recommended. You can
enable or disable NFA/FIFO compliant trading.
- EA Settings - You can select the magic number for the trades, custom comment and manual pip value if you need to override the one the default one. Do not change these unless you know what you are doing.
AuthorArturo López Pérez, private investor and speculator, software engineer and founder of Point Zero Trading Solutions.