Technical Indicators for MetaTrader 5
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MetaTrader 5
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Overview
TrendCS EA is a trend continuation day trader, suitable to trade breakouts.
The EA has a built-in indicator that identifies the trend as channels, and places pending orders accordingly to the computed direction. In this way, the breakout is a continuation of the current trend.
The standards parameters are optimized for GBPUSD (H1).
The built-in indicator can also be used to open trades manually. Check the channel created, wait for the price to show price action near the channel border and trade accordingly to the trend.
Standard paramaters:
| Input Name | Value | Description |
|---|---|---|
| risk | 5 | Each trade will risk 5% of the account |
| stop loss in points | 1000 | Each trade is protected by a 100pips = 1000 points of SL |
| take profit | 1000 | It will be hit only in a sudden market movement |
| Trigger for Fixed Points | 100 | The EA uses a fixed trailing stop function and it is trigged once trade is 100 points = 10pips in the favorable direction |
| Trail in points | 10 | Once the Trailing Stop function is trigged, the EA always puts the SL always 10 points = 1pip before the current price |
| Entry Hour | 11 | 1 hour after the London market is open. This is part of the strategy. We may expect that after 1 hour the London Market is open, the market will take good enough movement to continue the current trend |
| Lookback period | 8 | At 11:00, the EA looks for the max/min of the last 8 hours, and places a pending order at that mim/max accordingly to the current trend |
| Points Above | 0 | The EA places the pending order at max + Points Above. In the case this parameter is set to 0, then the pending is placed exactly at the max |
| Points Bellow | 0 | The EA places the pending order at min - Points Bellow |
| Order Expiry in Hours | 10 | The pending order will expire after 10 hours if it wasn’t trigged |
| Breakeven | false | This function is not used with standard parameters, but may be good for large trailing stops |
| Points in which Breakeven is active | 100 | If Breakeven = true, then the EA will move the stop loss after 100 points in the favorable direction |
| Breakeven level | 35 | If Breakeven is true, then the EA will move the stop loss to the level Open Price +- 35 points, once the current price is 100 points in the favorable direction already |
| Enable Recovery | true | This strategy has a high win % but a nearly 8x1 risk x reward factor, and if the recovery mode is activated, it will place higher lot sizes for the next trades in order to recover the loosing position. This recovery option increases the profit factor and therefore makes the strategy quite profitable |
| Increase Factor | 3 | The next lot size will be 3 times the standard one. It will not continue to increase the lot size if losses happens in sequence, which would be a very rare event, but still it can happen |
| Increase for the Next X trades | 4 | The next 4 trades, after a loss tarde, will have an increased lot size, accordingly to Increase Factor |
| EA Identifier | 12345 | This is just to identify the EA trades among others you may use in the same account. If you use several EA in the same account, it is recommend to decrease the risk |
| EA Comment | TCS EA | This also helps identifying the EA among others in the same account |
| Enable Trend Filter | true | This function is one of the main parts of the strategy. The pending orders are placed accordingly to the current trend if this option is set True. If this is false, it places 2 pending orders, one at max of 8 bars and one at min of 8 bars, and once one of them is trigged, the other one is canceled |
| Number of bars to look back for support/resistance | 60 | The EA has a built-in indicator that computes trending support/resistance levels. In this case, we may expect trades when a channel is formed, since it will indicate a trend. So, the EA takes the last 60 bars to compute this channel and they are computed using linear regression of the max/min in this period). |
| Period for the Levels | 12 | The 60 bars are divided into a 5 sets of 12 bars in order to have a weighted average, which is better than just taking the max/min of the all 60 bars) |
