Welcome to the world of trading! Today, we're diving into the gpfTCPivotLimit, a trading system designed for MetaTrader 4 that leverages intraday pivot levels to help you make informed trading decisions.
Trading Rules to Follow
To get started with this system, here are the key rules you need to keep in mind:
- Timeframe: Trade using the H1 timeframe.
- Daily Pivot Calculation: After midnight, compute the Pivot, Resistance (Resist1, Resist2, Resist3), and Support (Support1, Support2, Support3) levels for the day.
- Buying Strategy: Buy after the one-hour candlestick (T-2) tests the Support(n) level and the (T-1) candlestick closes above it. Set your Stop Loss at the Support(n+1) level and your Take Profit at the Resist(n) level. Here, T refers to the current hour.
- Stop Loss Management: Use trailing stops to move your Stop Loss to the break-even point.
- Selling Strategy: Conversely, sell when the one-hour candlestick (T-2) tests the Resist(n) level and the (T-1) candlestick closes below it. Set your Stop Loss at the Resist(n+1) and your Take Profit at the Support(n).
Understanding the Input Values
Here’s a quick rundown of the key variables you'll be using:
- TgtProfit: This variable sets the levels for stops and profits, ranging from 1 to 5.
- If TgtProfit = 1: Tested level (buy/sell) = Resist1/Support1; Stop Loss = Resist2/Support2; Take Profit = Support1/Resist1.
- If TgtProfit = 2: Tested level (buy/sell) = Resist1/Support1; Stop Loss = Resist2/Support2; Take Profit = Support2/Resist2.
- If TgtProfit = 3: Tested level (buy/sell) = Resist2/Support2; Stop Loss = Resist3/Support3; Take Profit = Support1/Resist1.
- If TgtProfit = 4: Tested level (buy/sell) = Resist2/Support2; Stop Loss = Resist3/Support3; Take Profit = Support2/Resist2.
- If TgtProfit = 5: Tested level (buy/sell) = Resist2/Support2; Stop Loss = Resist3/Support3; Take Profit = Support3/Resist3.
- isTradeDay: This variable indicates how open positions will be managed. If set to true, orders will close at the end of the day; otherwise, they remain open until hit by Stop Loss or Take Profit.
- isTrace: When true, this variable logs all information for debugging purposes.
Test Results
It's worth noting that the results varied across different currency pairs. Generally, we found that applying a trailing stop was key to achieving positive profitability with this strategy.
So, there you have it! With the gpfTCPivotLimit system, you're equipped to navigate the trading world with confidence. As always, trade wisely and happy trading!
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