DislikedHello Folks,
Attached is an EA that I got from another thread on this forum (do a forum search for "Daily95Pips").
Here's what the EA does:
It opens 3 long & 3 short pending orders with progressive TP points (ie: 15, 30, 50) at a certain hour every day.
It will automatically move your SL to break even after the first TP has been hit.
It looks back "X" number of bars, you tell it how many. In this strategy with a 15 minute chart you input 8 as the number of bars to look back. You can set it to place orders a certain number of pips away from the high & low (or set it to zero if you want---this is the "margin" tab inside the EA inputs).
It has the ability to institute a trailing stop on the last (largest) order.
It has a "Risk" tab that I always set to zero, and it has a "Fixed Lots" tab that I use to determine each trade size.
You can tell it to cancel un-executed trades after a set number of bars.
You can set OCO to true or false....up to you how you do that......I leave it at true.
When you look at the inputs it will say hours, as it was designed for a 1 hour chart, but it will work on a 15M chart, just keep in mind that if you tell it 8 hours it will only be 8 X 15 minutes which is of course only 2 hours.
Also, the EA is named IBFX Fall (as in Autumn) Version, but don't let that put you off if you aren't using IBFX. It should work on any MT4 platform.
Now, if we could get one of our kind programmers to tweak it a bit further, so that it can consider whether the range is (no greater than 50-60 pips) acceptable before it places orders and perhaps do a few other tweaks to make it more effective, well, that would be nice .
I really like this EA in that it will set the SL to break even after the first small TP has been hit.
Cheers,
JayIgnored
Thank you. Does this EA count the present bar as part of the lookback?
It might be 9 bars for this system.