If you're looking to enhance your trading game, the Candle Trailing Stop Expert Advisor (EA) could be your new best friend. This EA utilizes three moving averages and employs candles for trailing stop loss and take profit, making it particularly effective on the 4-hour time frames of major forex pairs and NASDAQ stocks.
Before diving in, here are a few tips to get you started:
- Test it on a demo account first!
- This EA only trades based on the opening price of each candle.
- If you prefer not to increase your lot size after a losing trade, set IncreaseFactor=0.
Input Settings
- 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).
- Enable_Trailing: Activate trailing stop with money (values: true/false).
- Take Profit In Money: Set your take profit amount (values: 25-200).
- Stop Loss In Money: Set your stop loss amount (values: 1-20).
- Exit: Close trades if the trend goes against you to manage drawdown (values: true/false).
- Tick: Choose between every tick or open prices (values: true/false).
- Lots: Set lot size (values: 0.01-1).
- Lots size Exponent: Adjust lot size based on margin (values: 1.01-2).
- IncreaseFactor: Specify how much to increase lots after a losing trade (values: 0.001-0.1).
- Stop_Loss: Define your stop loss value (values: 30-500; set to 600 for multiple trades).
- MagicNumber: Assign a unique magic number (values: 1-100000).
- TakeProfit: Set your take profit (values: 50-200; set to 600 for multiple trades).
- FastMA: Define the fast moving average (values: 1-20).
- SlowMA: Define the slow moving average (values: 50-200).
- Mom_Sell: Set momentum sell trigger (values: 0.1-0.9).
- Mom_Buy: Set momentum buy trigger (values: 0.1-0.9).
- UseEquityStop: Enable equity stop (values: true).
- TotalEquityRisk: Set your total equity risk (values: 0.01-20).
- Max_Trades: Define max trades (values: 1-12).
- FractalNum: Set the number of highs and lows (values: 1-10).
- USETRAILINGSTOP: If you want to use a trailing stop (values: true/false).
- WHENTOTRAIL: Define when to start trailing (values: 40-100).
- TRAILAMOUNT: Set the trail amount (values: 40-100).
- Distance From Candle: Specify distance from the candle (values: 1-100).
- USEMOVETOBREAKEVEN: Enable break-even (values: true/false).
- WHENTOMOVETOBE: Define when to move to break-even (values: 1-30).
- PIPSTOMOVESL: Specify how many pips to move stop loss (values: 1-30).
Remember, it's crucial to optimize this EA every few months using the same input settings mentioned above. You can use it as a hedging grid EA or for single trades.
For those interested in backtesting, check out this link for a comprehensive guide: How to Perform a Backtest.
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