Hey there, fellow traders! Today, I'm excited to share a game-changer for your trading strategy: the Consolidation Breakout Expert Advisor, specifically designed for MetaTrader 4. This nifty tool uses naked trading principles to help you capitalize on market movements after consolidation breakouts.
This EA draws three trend lines using fractals on your chart, allowing you to spot those crucial convergence breakouts. Plus, it has built-in features like a trailing stop loss and take profit settings, making it suitable for all major forex pairs and NASDAQ stocks across various timeframes.
How It Works
The core idea behind this EA is straightforward: engage in naked trading after a consolidation breakout. Here are some key points to keep in mind:
- Always start by testing it on a demo account first.
- This EA operates based solely on the price of the open candle!
- If you prefer not to increase your lot size after a losing trade, set IncreaseFactor=0.
- It combines a simple EA with two moving averages and trend lines.
- Note that trend lines won't function in test mode.
- Optimization tests can only be performed using moving averages.
- In live trading, both trend lines and moving averages will work together.
- During backtesting, the EA only displays the trend lines visually without using them in trades.
- Trend lines serve as filters, boosting your chances of winning trades.
Input Settings
- Use_TP_In_Money - Enable Take Profit in Money (true/false).
- TP_In_Money - Set Take Profit in Money (values: 10-100).
- Use_TP_In_percent - Enable Take Profit in Percent (true/false).
- TP_In_Percent - Set Take Profit in Percent (values: 10-100).
- Enable_Trailing - Enable Trailing Stop with Money (true/false).
- Stop Loss In Money - Set Stop Loss in current currency (values: 1-20).
- Exit - Close trades if the trend is against you to manage drawdown (true/false).
- Lots - Specify Lot Size (values: 0.01-1).
- MagicNumber - Set a magic number (values: 1-100000).
- FastMA - Define Fast Moving Average (values: 1-20).
- SlowMA - Define Slow Moving Average (values: 50-200).
- UseEquityStop - Control drawdown by using equity stops (true).
Make sure to optimize this EA every few months using the same inputs mentioned above. You can utilize it as a hedging grid EA or for single trades.
Backtesting
Want to know how to perform a backtest? Check out this link for a detailed guide.
So, there you have it! The Consolidation Breakout Expert Advisor can be a valuable addition to your trading toolkit. Give it a whirl, and let me know how it works out for you!
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