If you're looking to enhance your trading strategy, consider using a multicurrency hedge with an Expert Advisor (EA). This tool analyzes the symbols in your Market Watch list, calculating Average True Range (ATR) ratios for various hedging combinations. By assigning unique magic numbers for each combination, it streamlines your trading process. Plus, it recalibrates important stats like correlation and ATR ratios daily, ensuring you're always on top of the game.
What’s great about this EA is its ability to operate across all currency pairs from your Market Watch list on a single chart. It doesn’t rely on incoming ticks from specific symbols, which gives you flexibility and efficiency. To illustrate how it works, this hedging technique utilizes the overlay chart indicator, which you can find here.
Key Inputs for Your EA
- TakeProfitByPoints - Set to 'true' to calculate profits/losses in points.
- TakeProfitPoints - Define your Take Profit value in points.
- TakeProfitByUsd - Set to 'true' if you want profits/losses calculated in USD.
- TakeProfitUsd - Specify your Take Profit value in USD.
- Retries - Number of attempts to close an order.
- AtrTimeFrame - Select the timeframe for your ATR calculations.
- AtrBarsBack - Determine the number of bars to use for ATR calculations.
- CorrelationTimeFrame - Choose the timeframe for correlation calculations.
- CorrelationBarsBack - Set the number of bars for correlation calculations.
- OverlayThreshold - Define the overlay threshold in points.
- MaxOrders - Limit the maximum number of open orders.
- MaxSpread - Set the maximum spread allowed in points.
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