Welcome to our deep dive into Reversals with Pin Bars! This naked trading strategy utilizes a neat Expert Advisor (EA) that charts two mini trend lines using fractals. It’s designed to capitalize on the reversals indicated by pin bars, complete with a trailing stop loss and take profit settings. Whether you're trading major forex pairs or stocks on NASDAQ, this EA works seamlessly across all time frames.
- Start by testing it on a demo account first!
- This EA trades exclusively based on the opening price of the candle!
- If you prefer not to increase lot sizes after a losing trade, simply set: IncreaseFactor=0.
The core concept behind this EA is straightforward:
- If both trend lines are trending upwards and a pin bar reversal forms, it signals a sell.
- If both trend lines are trending downwards and a pin bar reversal appears, it signals a buy.
- I’ve developed this simple EA by combining two moving averages with trend lines.
- Keep in mind, the trend lines won’t function in test mode.
- Optimization tests can only be conducted with moving averages.
- In live trading, both trend lines and moving averages will work in tandem.
- During tests, the EA will visually display the trend lines but won’t use them for trading decisions.
- The trend lines act as a filter to enhance the probability of winning trades.
Inputs
- Use_TP_In_Money - Activate Take Profit in Money (values: true/false).
- TP_In_Money - Take Profit in Money (values: 10-100).
- Use_TP_In_Percent - Activate Take Profit in Percent (values: true/false).
- TP_In_Percent - Take Profit in Percent (values: 10-100).
- ------------[Money Trailing Stop for Multiple Trades]----------------------
- Enable_Trailing - Enable trailing with money (values: true/false).
- Take Profit in Money (in current currency) (values: 25-200).
- Stop Loss in Money (in current currency) (values: 1-20).
- --------------------------------------------------------------------------------------
- Exit - Close trades if the trend goes against you to control drawdown (values: true/false).
- Lots - Lot size (values: 0.01-1).
- Lots Size Exponent (values: 1.01-2).
- IncreaseFactor - Amount to increase lots from total margin if you lose a trade (values: 0.001-0.1).
- Stop_Loss - Stop Loss (values: 30-500). /set value 600 for Multiple Trades.
- MagicNumber - Magic number (values: 1-100000).
- TakeProfit - Take Profit (values: 50-200). /set value 600 for Multiple Trades.
- 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).
- ---------------------CONTROL DRAW DOWN-----------------------------
- UseEquityStop - (values: true/false).
- TotalEquityRisk - (values: 0.01-20).
- -------------------------------------------------------------------------------
- Max_Trades (1-12).
- FractalNum - Number of High and Low (values: 1-10).
- ----------------IF YOU USE ONLY 1 TRADE:-----------------------
- /////////////////////////////////////////////////////////////////////
- USETRAILINGSTOP - If using trailing stop (values: true/false).
- WHENTOTRAIL - When to trail (values: 40-100).
- TRAILAMOUNT - Trail amount (values: 40-100).
- Distance From Candle - Distance from candle (values: 1-100).
- USECANDELTRAIL - If using candle trailing stop (values: true/false).
- X=2 - Number of candles (values: 1-100).
- USEMOVETOBREAKEVEN - Enable "break even" (values: true/false).
- WHENTOMOVETOBE - When to move break even (values: 1-30).
- PIPSTOMOVESL=30 - How many pips to move stop loss (values: 1-30).
- It’s a good idea to optimize this EA every few months, using the exact same inputs above.
- You can use it as a hedging grid EA or a single trade EA.
- To perform back tests, check this link: https://bit.ly/2CD7XWD
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