The Expert Advisor works based on overbought and oversold levels on any timeframe, but it receives data from the period H4 and a higher one specified in the settings (preferably D1). Medium-term trade - from intraday to months. Tested on pair EURUSD.
Once CCI shows overbought or oversold levels, the EA starts to open Buy or Sell positions respectively. It uses Parabolic for filtering.
Originally positions are opened without stops. Once a signal of a rollback is received, stops of profitable positions are set at the breakeven level set in the settings, and all of them are closed half the initial lot. The remaining positions are used to for restrain drawdown which may appear on opposite positions. Stops of a part of profitable positions are trailed till the complete position closing.
When the opened positions achieve positive results, all opposite positions are closed, except for the most profitable one - it is held open with a stop level in the breakevel area to reduce the possible drawdown if the market moves against the existing positions.
It is recommended to start the Expert Advisor when the CCI indicator with the period corresponding to the period of the indicator specified in the EA settings is in the overbought or oversold area. This can reduce possible drawdown at the very first set of positions.
- Lots - initial lot. If it is less than or equal to the minimum, the EA will close the full positions as soon as the rollback signal is received. It is recommended to set lot twice the minimum size to have the EA follow its original strategy. The first part of the position is closed quickly - at the first rollback, a position is moved to breakeven, and the rest is working to accumulate profit, if possible, and is closed when the opposite signal is received.
- Senior timeframe. Used to filter entries on the H4 timeframe. Naturally, it should not be less than H4.
- WithoutLoss level in point - the breakeven level in points. This is the distance to set stops of profitable positions during rollback and when half of the position volume is closed.
- Indicator`s period - CCI averaging period
- Price used to calculate the indicator - price type used for CCI calculation.
- Overbought level. If the CCI indicator is in this area, the EA starts opening short positions.
- Oversold level. If the CCI indicator is in this area, the EA starts opening long positions.
- Number of attempts to trade on failure - if the server returns an error after a trade order is sent to the server, the EA processes the error and retries to open the position taking into account the required processing of the server return code|. The number of such attempts is set by this parameter.
- Slippage - maximum allowed slippage (deviation of the position open price from the server price in points).
- AutoMagic (for VPS) - if set to Yes, the EA calculates the magic value, which is uniques for the EA, and the symbol and period it is running on. I.e., if the timeframe is changed, the magic number of positions will change. Thus, you can run the EA on the same symbol but on different timeframes with different settings, and they will work independently of each other. Therefore, you cannot change the timeframe your EA is running on. It is convenient to use on VPS. When you select this item, the value MagicNumber (for manual trading) is ignored. When parameter AutoMagic (for VPS) is set to No , an explicitly specified value of the MagicNumber (for manual trading) parameter is used for setting the magic number.
- Use sound (No for VPS) - play a sound for some event notifications. It is not needed for VPS. The following sounds can be configured:
- Sound success.
- Sound error.
- Sound close.