If you're looking to up your trading game, let me introduce you to a fantastic breakout trading system based on the Color PEMA Envelopes Digit System indicator. This system provides clear signals when a bar closes, especially when a colored bar appears while the previous one was either colored oppositely or had no color at all.
To get started, you'll need to use the compiled indicator file Color_PEMA_Envelopes_Digit_System.ex5. Make sure to save it in your <terminal_data_folder>\MQL5\Indicators directory.
Another key component is the TradeAlgorithms.mqh library, which is essential for utilizing Expert Advisors with brokers that offer a nonzero spread. This library also allows you to set Stop Loss and Take Profit levels right when you open a position. You can explore more variants of this library here: Trade Algorithms.
For the tests shown below, we used the default input parameters of the Expert Advisor, and it’s worth noting that we didn’t implement Stop Loss or Take Profit during the testing phase.
Examples of deals on the chart
Here are the testing results from 2015 using the GBPUSD H12 timeframe:
Testing results chart
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