Welcome, fellow traders! Today, we're diving into the Tipu Trend and Tipu Stops indicators, which form the backbone of the Tipu EA. This tool is designed to help you navigate your trading journey, but remember, it’s for educational purposes only and doesn’t guarantee profits.
How Tipu EA Works
Let’s break down the rules that make this EA tick:
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Step #1: Define Trade Entry - The EA uses signals from the Tipu Trend on the M15 timeframe, confirmed by the H1 trend and filtered by your risk tolerance. For example, if the H1 trend is bullish, it will seek buy signals on M15. If a buy signal pops up, it’ll check the calculated stop loss (using Tipu Stops at the swing low) against your set risk tolerance in "SL Risk per Trade pips". If everything checks out, it moves to the next step.
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Step #2: Open Trade - This EA will only open one trade per signal, with a default lot size of 0.01.
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Step #3: Manage Trade - Here’s where it gets interesting! You have three ways to manage your trades:
- Use SL/TP - Set your stop loss and take profit in pips. You can toggle these settings on or off.
- Use Risk-Free Trade - This pyramiding feature adds to your current position while adjusting the stop loss to break-even. For instance, if you have a 0.01 buy position and it hits a 10 pips profit, it will add another 0.01 lot (up to a max of 0.03 lots) and adjust the stop loss to 10 pips. This way, if the market turns against you, both trades will close without any gain or loss.
- Use Trail Stop - The EA implements a trailing stop mechanism. When you’re in profit on a buy trade, it will lock in profits at increments of 10, 20, and 30 pips, while keeping a safe cushion (Trail Cushion) between the current price and the stop loss. You can also enable or disable this setting as you see fit.
Parameters to Customize
- Hedge - Set to true if you want to open buy and sell orders simultaneously, provided your broker allows hedging. Make sure "Close Trade on Reverse Signal" is disabled.
- Close Trade on Reverse Signal - Choose true to close orders when reverse signals occur.
- TP - Enable or disable take profit settings.
- TP pips - Set your take profit in pips.
- SL Risk per Trade pips - This setting is mandatory and checks against the Tipu Stops. It acts as an additional filter for trades.
- Lots per order - Default is set to 0.01.
- Add Risk-Free Trade - Configure settings for additional pip increments, incremental lots, and maximum lots.
- Trail SL - Toggle trail stop settings on or off.
- Trail Profit pips - This sets the trailing stop increments, defaulting at 10 pips. The EA will trail in increments of 10, 20, 30, and so forth.
- Trail Cushion - This parameter ensures a safe distance between the trailing stop and the current price, preventing premature trade closures.
- Magic Number - This is used for managing the EA.
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