trend catching with NonLagDot indicator

1. Added MaximumBarCount
2. Minimum ATR value in pips for open of trade

A brief explanation of the inputs -

TradingMode - the EA does not need to be Automatic. It can be advisory (On screen pop up) or discretionary (Trade with user confirmation)

FixedLotSize - you nominate a fixed lot size or leave at 0 (zero) to determine lot size based on Risk %

MaximumRisk % - The percentage of equity you are prepared to lose on this trade (Lot Size is dependant on Base Currency, Pair being traded, Leverage & StopLoss

StartHour - MT4 hour of day to begin trading (default 0)

Duration - determines last time trades will be opened (default 24)

MinATR pips - the minimum range of pips per bar required before a trade will open (default 0) - designed to avoid narrow trading ranges

MaxBars - the maximum number of bars in the current direction after which no trade will be opened (default 7) - designed to avoid opening towards end of trend.

UseSwingLowOrHigh - Setting this to 1 will automatically set the Stop Loss to the most recent swing high or low (default 0)

StopLoss - This value is to nominate a fixed stop loss (in the case above it will set set distance for the trail if a trail is being used). You need to be aware that if you use a small StopLoss value that the Lot Size will be higher based on Risk % (this wager can rise significantly with higher leverage and the Stop LossMultiple)

UseMostRecentDrawback - You can choose a Stop Entry on the other end of the first drawback in the sequence or the most recent drawback (default 1 - most recent)

StopLossMultiple - Wager will increase by this multiple on consecutive losses (default 1 that is no increase) - Maximum risk is limited to 20% by design and if exceeded, reverts to basic risk %.

TrailingStopLoss - default 1 that is use trailing stop Loss. (set to 0 (zero) not to use a trailing stop loss.

SetStopLossToBeakEvenPips - the pip gain value when the stop loss is moved to Break Even. For example 30 pis gain the Stop Loss is moved to Purchase Price.

UseNonLagDotReversal - The trade will only be closed when the color of the NonLagDot changes. (default 0 that is - don't use the reversal)

TakeProfit - The fixed Take Profit value (set this to 1000 if you are using Dot Reversal)

Length - The number of bars for the calculation of the NonLagDot value - default 20)

BaseCurrency - the currency you are using with your Broker to make trades.

RelatedRate - the value of the home currency v's the first mentioned pair of the traded currency pair. (if your home currecy is the 2nd of the pair then this rate will be 1/Currency pair rate). This is only required for backtesting purposes where the related rate may not be available at the past date in the backtest.

A GENERAL NOTE ABOUT THE EA - EA's are not everbody's cup of tea and neither is backtesting. I never advocate long term extended backtesting because market behaviour is constantly changing because of economic conditions but you can gain valuable information such as

1. does the ATR affect performance (is it worth trading during the Asian period with less movement)
2. is it a good idea to use the last swing as a stop loss point
3. is it better to use the most recent or first drawback as the entry point
4. is trend exhaustion the best idea for taking of profits
5. is it worth using the StopLossMultiple

The answer is of course that it is very subjective. I personally only perform optimizations for those answers on the last 3 months of data. What worked 6 months ago will probably not work today.

Lebaneese has given us a very good system which is easy to trade. I feel that he is being let down by some who do not do their homework and read the WHOLE thread. All the answers are there. If you do not understand, then maybe your general forex knowledge is lacking. The basket system is comprehensive and it is up to you to manage your trades.

The EA can trade automatically if that is your choice but you must do your own explorations. Please refer to Post #571 for info on the CloseTrades EA