Meet RUBBERBANDS_3 EA
Version 1.0
This latest Expert Advisor (EA) has been crafted to minimize the risk of significant drawdowns compared to its predecessors, RUBBERBANDS EA and RUBBERBANDS_2 EA. We’re eager to hear your thoughts and suggestions for further enhancements!
Like the earlier versions, RUBBERBANDS_3 operates seamlessly across any timeframe and is best suited for popular currency pairs such as EUR/USD, GBP/USD, and USD/CHF.
Here’s how it works: it initially opens trades in both directions—BUY & SELL. Then, it adds extra orders in the dominant direction every time the price moves up or down by a specified amount, known as the pipstep. For instance, if the price increases by multiples of the pipstep above the initial BUY order, it places an additional BUY order. Conversely, when the price drops by multiples of the pipstep below the initial SELL order, it adds an extra SELL order. This approach is a shift from how RUBBERBANDS_2 EA functioned.
When the price retraces from the last order by a specified amount of backstep pips, the EA will close all orders in the forward direction and open a reverse order. At this point, only two orders will remain in the backward direction.
These two remaining orders will be closed once the specified profit target, sessionTP (in dollars), is hit, acting as your TAKEPROFIT. Alternatively, if you choose to enable it (use_sessionSL == true), it will also close when a specified loss, sessionSL, is reached, serving as your STOPLOSS.
Each set of initial orders, followed by the closure of all outstanding orders, constitutes a single trading session.
The external variable maxcount limits the number of orders per session to keep your trading organized.
We recommend using the Strategy Tester to evaluate how RUBBERBANDS_3 EA performs under various conditions.
Preferred Currency Pairs:
- EUR/USD
- GBP/USD
- USD/CHF
External Variables:
- Lots: 0.02 (number of lots for each order)
- maxcount: 10 (maximum number of orders allowed in one session)
- pipstep: 100 (pip distance to place additional BUY or SELL orders in the forward direction)
- backstep: 20 (pip distance from the last order to close all forward orders and place a reverse BUY or SELL order)
- quiescenow: false (if true, pauses this EA when the current session ends)
- donow: false (if true, opens orders immediately)
- stopnow: false (if true, stops this EA)
- closenow: false (if true, closes all outstanding orders)
- use_sessionTP: true (don’t change this)
- sessionTP: 2000 (profit in dollars per lot to close outstanding orders; functions as TAKEPROFIT)
- use_sessionSL: true (if true, uses the sessionSL value below)
- sessionSL: 4000 (loss in dollars per lot to close outstanding orders; functions as STOPLOSS)
The following three external variables are designed to help restart this EA after a break, like a weekend, when there are outstanding orders. The parameters inmax and imin are displayed as GLBmax and GLBmin on your chart.
- useinvalues: false (set to true on restart)
- inmax: 0 (set former max on restart)
- inmin: 0 (set former min on restart)
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