Lvenok Semi-Automated Expert Advisor
Replenishment date: 15.09.2014
Content: lvenok.ex4 (11.05 KB)
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Description
The Expert Advisor is designed for a strategy of breaking through support and resistance levels.
Working with an advisor
- The advisor works only with 5-digit quotes, on any currency pair and time period.
- On the chart, set the support and resistance lines.
- In order for the advisor to see the lines, specify the name Bottom in the properties of the support line, and the name Top in the resistance line.
- We check if the advisor is allowed to trade, the advisor's smiley in the upper right corner of the chart should smile.
- As soon as one of the lines is broken, the advisor will open an order itself, set TakeProfit and StopLoss, in accordance with the settings.
Description of the advisor settings
Batch
Lot (transaction volume).
take profit
Take profit (specified in points).
Stoploss
Stop loss (specified in points). It is set not from the order open price, but from the line. Below the resistance line (buy), or above the support line (sell).
MaxOrders
The maximum allowed number of open orders on one account. For trading multiple currency pairs at the same time.
MinLineBreak
The minimum value of the line breaking through to open an order (specified in points).
MaxLineBreak
The maximum value of the line breaking through to open an order (specified in points).
Slippage
Allowable slippage value in points when opening an order.
Magicnumber
The magic number. It is used if we trade on different pairs at once within the same account. For each pair, its own number is set.
CloseOrders
If set to true, closes all open orders on the current account.
Repeat Open
The EA has a function that prohibits reopening an order until the next trading day on a currency pair on which an order has already been closed with a positive result on the current trading day. If true, RepeatOpen allows reopening of the order.
TopLine
Contains the name of the resistance line.
bottom line
Contains the name of the support line.
Working with an advisor
- The advisor works only with 5-digit quotes, on any currency pair and time period.
- On the chart, set the support and resistance lines.
- In order for the advisor to see the lines, specify the name Bottom in the properties of the support line, and the name Top in the resistance line.
- We check if the advisor is allowed to trade, the advisor's smiley in the upper right corner of the chart should smile.
- As soon as one of the lines is broken, the advisor will open an order itself, set TakeProfit and StopLoss, in accordance with the settings.
Description of the advisor settings
Batch
Lot (transaction volume).
take profit
Take profit (specified in points).
Stoploss
Stop loss (specified in points). It is set not from the order open price, but from the line. Below the resistance line (buy), or above the support line (sell).
MaxOrders
The maximum allowed number of open orders on one account. For trading multiple currency pairs at the same time.
MinLineBreak
The minimum value of the line breaking through to open an order (specified in points).
MaxLineBreak
The maximum value of the line breaking through to open an order (specified in points).
Slippage
Allowable slippage value in points when opening an order.
Magicnumber
The magic number. It is used if we trade on different pairs at once within the same account. For each pair, its own number is set.
CloseOrders
If set to true, closes all open orders on the current account.
Repeat Open
The EA has a function that prohibits reopening an order until the next trading day on a currency pair on which an order has already been closed with a positive result on the current trading day. If true, RepeatOpen allows reopening of the order.
TopLine
Contains the name of the resistance line.
bottom line
Contains the name of the support line.
Additional Information
The strategy for the EA is based on the breakouts of the support and resistance levels of the price channel.- On a chart with a period of H4 or D1, we are looking for a formed price channel (trend, correction).
- We set the lines of support and resistance
- We are waiting for the breakdown of one of the lines
- As soon as one of the levels has been broken by 10 or more points, we open a deal towards the breakout.
- StopLoss is set 20 points below the resistance line (buy), or above the support line (sell).
- TakeProfit, set 60 points twice the StopLoss.
Why is TakeProfit only 60 pips?
The smaller the goal, the more likely it is to take it. According to the situation, you can set up to 150 points, but this is more risky.
Why should TakeProfit be twice the StopLoss?
Even 50% of profitable trades in any strategy are already profitable due to TakeProfit, which is twice the StopLoss.
Example:
You have made 10 trades per month,
5 profitable from them 5 * 60 points TakeProfit = 300 points of profit,
and 5 unprofitable 5 * 30 points StopLoss = 150 points of loss,
300 points of profit - 150 points of loss = 150 points of net profit.
It can be 15% of the profit from the deposit if you open 0.1 lot for 1000 $.
Recommendations to reduce the risk of losing funds:
Trade for 1000 $ no more than 0.1 lot.
Set TakeProfit at least twice the StopLoss.
Loss (StopLoss) from one deal should be calculated no more than 3% of the deposit.
The strategy is simple and reliable, the best option for novice traders. All you need is to be able to see and correctly place support and resistance lines.