BeST Profit Taker Exits
BeST_Profit Taker Exits is a Metatrader Indicator based on the corresponding vital part of Jim Berg's Trading System.It timely locates the most likely points/bars of significant Profit Taking and can be easily used as an add-on to any Trading System/Method.
The Indicator consists of 2 Take Profit lines deriving as (MA ± times the ATR) usually the upper one above the prices (for Long Trades) and the lower one below prices (for Short Trades). When the Close (or High by choice) of a bar is above the upper line (PTL = Profit Taker Long) or a bar Close (or Low by choice) is bellow the lower line (PTS = Profit Taker Short) - always filtered by the current level of RSI - this can be used as a signal to lock in profit exiting the Market.
The full Trading System originaly used for Long Trades only, is described in Jim’s article “The Truth About Volatility” (TASC/February 2005).
His method caught attention in 2002 when he won a trading competition for Personal Investor Magazine. It has been noted that Jim produced a 30% return trading the Australian market during a year that the market had dropped 20%.
The BeST_Profit Taker Exits Indicator is non-repainting and non-backpainting while using it you can get:
- Definite Exit Signals of Taking Profit
- Draw of the PT Lines and/or the corresponding MAs of H/Ls (optionally)
- An Info/Alert Comment Table (optionally)
- All the Metatrader Alerts for the bars of Exit Signals (optionally)
- Fully customizable colors, sizes and distances of all the chart objects
- ATR Period – LB Period for calculating ATR
- Moving Averages Period – LB Period for calculating MAs of Highs and Lows upon which the Take Profit Lines are based
- Moving Averages Method – Method used for calculating the above MAs
- Exits Mode – for selecting to use Closes or H/L crossings of TP Lines to define the Exit points/bars
- PTL/S lines ATR Factor - ATR Factor for calculating the PTL/S lines
- RSI Period – 7 by default
- Price applied to RSI – Close by default
- RSI Level for locating Exit Long Points – 70 by default
- RSI Level for locating Exit Short Points – 30 by default
Displaying Settings - for selecting which chart objects and features to show/activate and for selecting the color, size and distances of drawn objects
Alert Settings - for controlling the use of Exit points MT4 alerts
For EA Developers
TP_Long Exit Signal: Buffer = 5
TP_Short Exit Signal: Buffer = 6