Welcome, fellow traders! Today, we’re diving into the gpfTCPivotStop, a powerful trading system designed for MetaTrader 4 that leverages Pivot levels to optimize your trades.
How It Works: This strategy kicks into gear when the price breaks through daily support or resistance levels, which are calculated using the Pivot indicator.
Trade Rules to Follow:
- Focus your trades on the hourly timeframe.
- Calculate Pivot points, Resistance levels (Resist1, Resist2, Resist3), and Support levels (Support1, Support2, Support3) after midnight (00:00) of the current day.
- For buying, wait for the hourly candle to close above the Pivot. Set your stop-loss at the corresponding Support(n) level and your take-profit at the Resist(n) level.
- Don't forget to use trailing stops to lock in profits by moving your stop-loss to the breakeven point.
- Conversely, for selling, execute trades after the hourly candle closes below the Pivot. Your stop-loss should be at the Resist(n) level, while your take-profit will be at the Support(n) level.
Understanding Input Parameters:
- TgtProfit: This variable allows you to set your stops and profit levels. You can choose from values 1, 2, or 3.
- If TgtProfit=1: Stop-loss (buy/sell) is set at Resist1/Support1, and take-profit (buy/sell) is at Support1/Resist1.
- If TgtProfit=2: Stop-loss is at Resist1/Support1, with take-profit at Support2/Resist2.
- If TgtProfit=3: Stop-loss moves to Resist2/Support2, while take-profit targets Support3/Resist3.
- isTradeDay: This variable dictates how open positions are managed. If set to true, any open orders will be automatically closed at the end of the trading day. If false, the orders will remain open until they hit stop-loss or take-profit levels.
- isTrace: Set this to true if you want detailed debugging information logged, which can help in further refining your trading strategy.
Testing Results: It’s worth noting that the profitability levels may vary across different currency pairs when using this breakthrough approach.
Stay tuned for our next EA, where we’ll implement trading strategies based on retracements from these critical levels!
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