Author:
Cheftrader*
Description:
Here’s a solid framework designed for traders looking to build and test systems that leverage stop orders for entering positions. This system operates on a daily basis, allowing you to adjust the entry logic (STP-value calculation) with ease through the .mqh file.
Key Features:
- Risk management with options to enable or disable trailing stops
- Money management that adjusts position sizes based on account profitability
- Ability to cancel pending orders at a specified time
- Close positions after a set duration since opening
- Filtering methods for optimization, such as analyzing trade results based on the day of the week
- Email notifications for significant equity changes
Recommendations:
- Optimize long and short parameters separately (e.g., side=-1)
- Start with a simple concept: for example, place a sell-stop at yesterday's low (see sample in .mqh file)
- Test and optimize with a lot size of 0.1, without money and risk management (maxLot=0.1). This way, your payoff in the tester is scaled in pips
- Begin by testing automatic position closures after 1 hour or another defined live duration (closetimeperiod = 3600)
- If your entry strategy proves successful, forego duration-based closures and focus on optimizing risk management parameters (SL, TP, SLslope)
- Assess your system's stability on specific days of the week: Set the day filter to 1 for placing STP-entry orders only on Mondays.
- Finally, evaluate your money management settings (maxLot, PercentOfProfit)
extern double SL = 8; // StopLoss in Basepoints (1/10000 for JPY) extern double TP = 20.5;// TakeProfit in Basepoints extern double SLslope = 0.8 // Trailing stop utilizes a part [e.g., 0.8] of the trade profit // If > 1.0, trailing stops are turned off extern int side = -1 // LONG = 1, SHORT = -1, 0 for both directions extern int PercentOfProfit = 30 // Risk [%] of the profit already achieved in the account, used for position size calculation extern double MaxLot = 10.0; // Maximum lot for trading extern int dayfilter = 7 // Place pending orders every day = 7 or only on specific days (1 for Monday to 5 for Friday)
* This EA took inspiration from the work of RomanY.
You can find additional resources at: MQL4 Codebase
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