PEAK TRADER V1.01
Objective:
The idea behind this EA is to profit on small retractions in large price movements in the 1M time frame.
Inputs
EURUSD Only for now, i have not tested across any other pair.
TP: 10
Trailing Stop: 4
SL: adjustable (Level 1 is usually 15, level 2 & 3 are usually 15 or 20)
Starting Lot Size: 0.01
The strategy is to open trades when the current close price is +/- 15 pips higher/lower than the close price 2 minutes ago. At this point, you must open two subsequent pending orders 15 Pips apart in case the first retraction does not take place (levels 2 and 3). Opening 3 levels of trades allows up to a 60 Pip increase/decrease in price without a retraction before all trades are closed for a loss. This hardly ever happens except during large news announcements. It should be noed that this method works off the premise that prices do not infinitely go in a single direction, they may have a trend, but they will always retrace due to overbought and oversold levels.
Example: BUY when Close(2)-Close(0) ≥ 0.0015
Close(2) = 1.2580
Close(0) = 1.2565
BUY @ 1.2565 (level 1) .01 lots TP 10 SL 15
Open Pending BUY @ 1.2550 (level 2) .05 lots TP 4 SL 15
Open Pending BUY @ 1.2535 (level 3) .18 lots (have not tested with level 3 yet)
If TP or Trailing Stop is met in any trade, all remaining pending trades (if any) are closed. Wait 2 minutes before looking for next signal.
If Pending trade is open longer than 10 minutes, it must close and original trades TP is set to breakeven.
I have created an EA that executes Level 1 only. But i am not a programmer, so my EA is mediocre without constant monitoring. Obviously an EA should be easy to program for anyone with experience as there are currently no indicators used with this system. (I do use two indicators just for records - iHigh & iLow -- they show the Highs and Lows for any given minute... kind of helps when trading this strategy)
I have attached pictures to show this trading strategy.
Please note that this strategy is in its testing phase and is not yet complete. Any ideas or criticisms of this method are welcome. Feel free to DEMO this method for now.
Attached File(s)
Peak_Trade_v1.01.xls
73 KB
|
639 downloads
i-High.mq4
< 1 KB
|
593 downloads
i-Low.mq4
< 1 KB
|
584 downloads