How does it work?
The expert advisor trades breakouts of variable lengths, based on our famous indicator Day Trading. It uses a donchian channel and average true range (ATR) to take trading decisions.
It places pending orders at yet untouched support and resistance levels around the current price, using a donchian channel as a reference. When these prices are touched, the pending orders become market orders and the position management starts.
As soon a trade is 3-4 pips in profit, the EA moves the stop-loss to the open price plus/minus one pip in profit. From this point on, a wide trailing-stop expressed as percentage of the current trade profit is used to keep the trade alive as long as it is moving in our favor. The edge lies in the fact that volatility expands when the price tests an untouched price level, which usually allows the EA to perform a fast break-even and keep the trade alive at no risk.
The EA pyramids positions decreasing the lotsize each and every time.
You don't need to buy Day Trading Indicator for the EA to work!
Settings and Input Parameters
When loading the indicator to any chart, you will be presented with a set of options as input parameters. Don't despair if you think they are too many, because parameters are grouped into self-explanatory blocks. This is what each parameter does.
- Trading Settings
- The following parameters affect the trading activity.
- Stop-loss: Select the stoploss in pips for the orders.
- Trailing-stop: Choose a trailing stop expressed as percetange of profits.
- Take-profit: Select the takeprofit in pips for the orders.
- Max Spread: Select the maximum acceptable spread to trade.
- NFA/FIFO: Enable this option for US-Brokers.
- Money Management
- Select the risk allocation per trade, or a fixed lotsize to trade.
- Drawing Options
- Select colors and sizes of chart labels and lines.
- EA Settings
- Customize your order comment or magic number.
Kindly note that default parameters are optimal for EURUSD H1.