When a new pattern is detected, the EA places pending orders with definite Stop Loss, Take Profit and volume parameters. Insofar as orders are pending, it can be used both autonomously and in manual trading, as you nearly always has time to close a pending order on not too small time frames if you find it suspicious for some reason.
Default parameters are not considered as operational, but they are wide-ranging to the uttermost, and optimization should be starting with these parameters.
We recommend using this EA along with PA Patterns
- Max risk (pips) and Min risk (pips) — limitation of bar size on the top and on the bottom to avoid predeterminedly small and oversized targets.
- Take profit/Stop loss — TP value will correspond to the candle height multiplied by this ratio (SL is on High or Low of the corresponding candle).
- The next is the list of the patterns the robot will respond to. We recommend choosing one pattern and adjust settings exactly for this pattern. Use several windows with different parameters.
- Lot and Risk (%). Priority belongs to Lot, i.e. to manual setting of a deal volume. If you set 0, the robot will refer to the next parameter, which is Risk (%). In this case the deal volume will be calculated in such a way that when stop loss triggers, deposit percentage specified in this parameter will be withdrawn. Lot is considered to be a minimum if both parameters are set to zero.
- Working day starts at/Working day ends at — beginning and end of a working day. It uses the time of the chart, but not the local time! The beginning can be later than the end.
- Orders expiration (bars) — number of bars after which a pending order expires.
- If looses number more then …stop trading ’till next — trading can be stopped till the end of a day, a week, or a month in case of the specified continuous number of losses.
- If drawdown more then (%) …stop trading ’till next — trading can be stopped till the end of a day, a week, or a month in case of the specified continuous drawdown.
- Force orders? — a pending order can not be located too close to the current price. When this function is enabled, the robot will move the order to a permitted zone.
- Max number of orders — when amount of opened (but not pending!) orders exceeds this number, the EA will pause the operation.
- Filter (pips) — moves a pending order, SL and TP over this distance (in points) from High and Low candles.
- Multiplicator To StopLimit (err.130), Multiplicator To MinExpiration (err.3) — I would call these parameters broker ratios. Sometimes spreads leap so fast, that they can appear in a renewed and increased Stop Limit while the pending order is calculated and placed, i.e. a spread locates too close to the current price. If you have too many errors with corresponding codes in your journal, think of increasing these parameters. These parameters are essential for operation only. In the process of optimization they matter on small TF only, where patterns are not effective.
- Mark orders? — whether to draw an arrow on the chart when an order opens?
The robot’s peculiarities which should be born in mind:
- places pending orders;
- if an attempt to place an order has led to an error, there will not be the second attempt. We suppose that the situation has changed;
- no trailing;
- does not depend on number of the instrument’s decimal and lot step (if the lot is not set manually);
- sensitive to spreads;
- sensitive to market changes, so do not optimize it on a too deep history.