The "Eliot Waves" automated trading system (EA) utilizes two trend lines created with the "zigzag" indicator on your chart. This system engages in trades when an Elliott retracement occurs, featuring a trailing stop loss and take profit mechanism. It is compatible with all time frames, major forex pairs, and NASDAQ stocks.
- Start by testing it on a demo account.
- This EA trades solely based on the opening price of each candle!
- If you prefer not to increase the lot size after a losing trade, set "IncreaseFactor=0".
- I have combined a simple EA with two moving averages and trend lines.
- Note that the trend lines do not function in test mode.
- Optimization tests can only be conducted using moving averages.
- In live trading, both the trend lines and moving averages work together.
- During tests, the EA only visualizes the trend lines on the screen without using them for trade creation.
- Make sure to conduct back tests using the "open prices only" option.
- The trend lines will act as a filter, enhancing the probability of winning trades.
Inputs
- Use_TP_In_Money - Enable Take Profit in Money (values: true/false).
- TP_In_Money - Take Profit in Money (values: 10-100).
- Use_TP_In_percent - Enable Take Profit in Percent (values: true/false).
- TP_In_Percent - Take Profit in Percent (values: 10-100).
- ------------[Money Trailing Stop for Multiple Trades]----------------------
- Enable_Trailing - Enable trailing with money (values: true/false).
- Take Profit In Money (in current currency) (values: 25-100).
- Stop Loss In Money (in current currency) (values: 1-20).
- ------------------------------------------------------------------------------------
- Exit - Close trades if the trend is against you to control drawdown (values: true/false).
- Lots - Lot size (values: 0.01-1).
- Lots size Exponent (values: 1.01-2).
- IncreaseFactor - How much to increase lots from total margin if you lose a trade (values: 0.001-0.1).
- Stop_Loss - Stop Loss (values: 30-500). /set value 600 for Multiple Trades
- MagicNumber - Magic number (values: 1-100000).
- TakeProfit - Take Profit (values: 50-200). /set value 600 for Multiple Trades
- FastMA - Fast Moving Average (values: 1-20).
- SlowMA - Slow Moving Average (values: 50-200).
- Mom_Sell - Momentum Sell trigger (values: 0.1-0.9).
- Mom_Buy - Momentum Buy trigger (values: 0.1-0.9).
- ---------------------CONTROL DRAW DOWN-----------------------------
- UseEquityStop - (values: true/false).
- TotalEquityRisk - (values: 0.01-30).
- ------------------------------------------------------------------------------
- Max_Trades (1-12).
- --------------------IF YOU USE ONLY 1 TRADE:-------------------------
- //////////////////////////////////////////////////
- USETRAILINGSTOP - If you use trailing stop (values: true/false).
- WHENTOTRAIL - When to trail (values: 40-100).
- TRAILAMOUNT - Trail amount (values: 40-100).
- Distance From Candle - Distance From Candle (values: 1-100).
- USECANDELTRAIL - If you use candle trailing stop (values: true/false).
- X = 2 - number of candles (values: 1-100).
- Enable "Break Even" - (values: true/false).
- When to move "Break Even" - (values: 5-30).
- How much pips move - "Break Even" (values: 5-30).
- You should optimize this EA every few months and use the exact same inputs mentioned above.
- This EA can be utilized as a hedging grid EA or as a single trade EA.
- To learn how to perform a back test, visit: this link.
