If you're on the lookout for an effective trading tool, the Donchain Channel EA could be just what you need. This Expert Advisor (EA) is designed to execute trades during retracements from the Donchain Channel levels. It features a Trailing Stop Loss and Take Profit mechanism that works seamlessly across all time frames, including major forex pairs and NASDAQ stocks.
Key Features
- Always start by testing on a demo account first!
- This EA only trades based on the price of the open candle.
- If you prefer not to increase your lot size after a loss, set the IncreaseFactor to 0.
Input Settings
- Use_TP_In_Money: Enable Take Profit in Money (true/false).
- TP_In_Money: Set your Take Profit in Money (values: 10-100).
- Use_TP_In_Percent: Enable Take Profit in Percent (true/false).
- TP_In_Percent: Set your Take Profit in Percent (values: 10-100).
- Enable_Trailing: Activate trailing stop with money (true/false).
- Take Profit In Money: Specify amount (values: 25-100).
- Stop Loss In Money: Specify amount (values: 1-20).
- BarsToCount: Number of bars to count (values: 1-20).
- Exit: Close trades if the trend goes against you (true/false).
- tick: Set to false for every tick, or true for open prices (true/false).
- Lots: Set lot size (values: 0.01-1).
- Lots size Exponent: Specify (values: 1.01-2).
- CandlesToRetrace: Number of candles for divergence (values: 1-20).
- IncreaseFactor: Amount to increase lots after a loss (values: 0.001-0.1).
- Stop_Loss: Set Stop Loss (values: 30-500).
- MagicNumber: Define the magic number (values: 1-100000).
- TakeProfit: Set Take Profit (values: 50-200).
- FastMA: Fast Moving Average (values: 1-20).
- SlowMA: Slow Moving Average (values: 50-200).
- Mom_Sell: Momentum Sell trigger (values: 0.1-0.9).
- Mom_Buy: Momentum Buy trigger (values: 0.1-0.9).
- UseEquityStop: Enable equity stop (true).
- TotalEquityRisk: Specify risk (values: 0.01-30).
- Max_Trades: Set maximum trades (1-12).
Additional Tips
Make sure to optimize this EA every few months using the inputs mentioned above. You can use it as a hedging grid EA or a single trade EA.
For backtesting, check out this link.
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