It is realized by the TS on breakdown of day time levels, which pay off on indicator Pivot.
- it is traded on hour time frame;
- after 0 hours of current day, we count levels Pivot, Resist1, Resist2, Resist3, Support1, Support2, Support3;
- after closing an hour candle above Pivot we make purchase and stoploss at level Support(n), takeprofit on Resist (n);
- it is used trailing for carry of a stop loss to a point of break even;
I explain value of some entrance parameters:
- variable TgtProfit is levels of stops and profits and should have values 1, 2 or 3;
- if TgtProfit = 1, that stoploss (byu/sell) = Resist1/Support1 and takeprofit (byu/sell) = Support1/Resist1;
- if TgtProfit = 2, that stoploss (byu/sell) = Resist1/Support1 and takeprofit (byu/sell) = Support2/Resist2;
- if TgtProfit = 3, that stoploss (byu/sell) = Resist2/Support2 and takeprofit (byu/sell) = Support3/Resist3;
- the variable isTradeDay defines, that as the open positions will be closed. If isTradeDay = true, the open warrants will be compulsorily closed on the termination of day, else warrants will be in the market yet will be closed on stop or of profit;
- at installation value of a variable isTrace = True in a broad gully the file is carried out record of the every possible debugging information for debugging the TS.
Results of testing: not all pairs at use of this approach on breakdown send on a level of profitableness.
In the following adviser it will be realized by the TS on a release from the same levels.
MT4 Forex Robot Characteristics
Currency pairs: USD crosses recommended
Platform: Metatrader 4
Type: Expert advisor
Time frames: 1-Minute, 5-Minutes, 15-Minutes.
Copy and paste the gpfTCPivotStop.mql4 into the MQL4 Experts folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Experts (paste here)