Obaforex TrendLine Trader
Obaforex TrendLine Trader is a tool developed to improve trading with trend lines. It was developed initially as a personal tool to trade trendlines drawn from connecting tops and bottoms generated by obaforex Tops and Bottoms Indicator https://www.mql5.com/en/market/product/53637
This tool is highly functional and yet extremely simple and safe to use.
Simply draw trendlines and make them active for trading by renaming them based on what purpose you want them to serve.
buy (to open a long trade based on the named line)
sell (to open a short trade based on the named line)
buytp (to close a buy trade at a price higher than current market price)
buysl (to close a buy trade at a price lower than current market price)
selltp (to close a sell trade at a price lower than current market price)
sells (to close a sell trade at a price higher than current market price)
Features automatic lot calculations using money management.
Take Profit, Stop Loss, Trailing Stop, Minimum pips to break and Maximum pips to break should all be set in pips, conversion to points for 5 digit brokers will be handled internally. Also they can be set to zero to not use them
Minimum pips to break is the amount of pips by which a candle close must break a trend line for a trade signal to be valid.
(note: if this condition is not met, ea waits for the next candle close to check if this condition is satisfied)
Maximum pips to break is the amount of pips that the difference between a breakout candle and its trendline must not exceed for a signal to be valid.
(note: if this condition is violated ea waits for a correction with candle close within the acceptable break range to enter trade)
Only one trade will be triggered by each signal line("buy" / "sell"). To take another trade will require that the previous trendline used to trigger a trade be deleted or renamed to something else other than its last signal name before being set back with a valid trigger line name.
General note. This product does not draw lines or tops and bottoms. I strongly recommend downloading the demo version and testing in strategy tester before purchase. Never hesitate to chat me up for questions or enquiries before or after product purchase. Thanks.
Also this update improves trade handling by allow a trader set in advance how a trade should be entered around specified line. The following options are available.
1. Trade on breakout retest (True) : This will enter trade in the direction of a breakout on retest of the breakout trend line, provided that the distance between a candle close in the direction of the breakout and the broken line exceed minimum pips to break. Also it will perform the function of TradeOnLineTest (True) . (so it's recommended to set TradeOnLineTest (false) if this is true, else minimum pips to break will be ignored asTradeOnLineTest will initiate trade on line test regardless).
2. Trade On Breakouts (True) : This will open trades directly on breakout provided that minimum pips to break is satisfied and maximum pips to break is not exceeded or on any candle open that satisfies all this criteria.
3. Trade On Line Test (True) : This option will open trade on line test. (it will open buy trade on "buy" line if previous candle closed above it, and open sell on "sell" line if the previous candle close below it).
Note: settings Trade on breakout retest and trade on breakout to true simultaneously is most recommended
This is useful in the even that a trader only wants to breakeven on a trade after reaching some level in profit without trailing stop all the way to avoid getting stopped out on potentially more profitable trades. Set to zero to not use this feature
Also introduced AddToBe (Add to breakeven)
This feature when set to a value greater than zero allows to lock in profits (equals the amount of pips set) by the breakeven option.
Also it increases the amount of profit locked in by the trailing stop option (by the amount of pips set).
This is useful when considering commission on brokers where this is applicable and protecting against negative slippage on stop execution. Also it can be set to zero to not use this option