EURGBP King V1.2 user guide

This expert advisor is based on a trading system introduced by Mr. Madruga at forex-tsd.com forum. In the Asian session it’s very simple to scalp the EURGBP, getting 5 to 15 pips per trade. It’s simple, buy at RSI 30 and sell at RSI 70. Time filter to trade on Asian session only. It’s important to comment that I don’t trade every time the RSI is touched like on the EA. I usually trade on the highest or lower price of the previous day (Asian session is a new day) plus when RSI touches 30 or 70 on M5 timeframe. I don’t use a fixed take profit. I close a trade depending on the volatility of EURGBP. You can see attached an example of two trades on April 17. Attach this expert advisor to a M5 EURGBP chart.
Please download the open source file here

  EURGBP_KingV1.2 (24.6 KiB, 1,500 hits)
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OriginalTrade: This is the trade according to the original rules described above. If false it is not taken.
MagicNumber1: Magic number of the original trade. If more than one chart of the same pair is opened the magic numbers should be different. Different pairs can have the same magic number.
Comment1: The comment of the original trade as shown at the Metatrader terminal.
StopLoss1: Stop loss of the original trade.
TakeProfit1: Take profit of the original trade.
BreakEven1: The stop loss moves to the opening price after price is in profit for the defined pips.
TrailingStop1: Trailing stop loss of the original trade.
TrailingStep1: Modify the trailing stop loss in steps of price moves.
Slippage1: Slippage for market orders.
LotMultiplier1: The lot size of the original trade is multiplied by it.
StartHour1: Trades are opened after this hour. It is in hhmm format.
EndHour1: No trades are opened after this hour. It is in hhmm format.
ClosedBarSignal: A closed bar RSI value is used for an entry signal.
CloseAllOrders: True means that all open orders are closed after a defined hour.
CloseAllHour: All open orders are closed after this hour. It is in hhmm format.
RSI_Period: Period of RSI indicator.
RSI_TF: Timeframe of RSI indicator.
RSI_Buy: A long order is opened if RSI falls below this level .
RSI_Sell: A short order is opened if RSI rises above this level .
RSI_Buy_Reset: If a long order was opened, RSI should go above this level for the next long order to be enabled.
RSI_Sell_Reset: If a short order was opened, RSI should go below this level for the next short order to be enabled.
AdditionalTrade: This is an additional trade to the same direction of the original one. If false it is not taken.
MagicNumber2: Magic number of the additional trade.
Comment2: The comment of the additional trade as shown at the Metatrader terminal.
UsePendingOrder2: True means that additional trades are placed as pending orders. If false they are placed as market orders.
Distance2: Distance between original and additional trade opening price.
StopLoss2: Stop loss of the additional trade.
TakeProfit2: Take profit of the additional trade.
BreakEven2: The stop loss moves to the opening price after price is in profit for the defined pips.
TrailingStop2: Trailing stop loss of the additional trade.
TrailingStep2: Modify the trailing stop loss in steps of price moves.
Slippage2: Slippage for market orders.
LotMultiplier2: The lot size of the additional trade is multiplied by it.
DeleteAfterEndHour2: Pending additional orders are deleted after EndHour2.
DeleteIfOriginalClosed: Pending additional orders are deleted if the original trade is closed in profit or loss. If set to false pending additional orders are not deleted if the original trade is closed, they are deleted when RSI reaches RSI_Buy_Reset or RSI_Sell_Reset levels for long or short orders respectively.
StartHour2: Trades are opened after this hour. It is in hhmm format.
EndHour2: No trades are opened after this hour. It is in hhmm format.
HedgeTrade: This is a hedge trade to the opposite direction of the original one. It is taken only if there is currently an open or pending order. If false it is not taken.
MagicNumber3: Magic number of the hedge trade.
Comment3: The comment of the hedge trade as shown at the Metatrader terminal.
UsePendingOrder3: True means that hedge trades are placed as pending orders. If false they are placed as market orders.
Distance3: Distance between original and hedge trade opening price.
StopLoss3: Stop loss of the hedge trade.
TakeProfit3: Take profit of the hedge trade.
BreakEven3: The stop loss moves to the opening price after price is in profit for the defined pips.
TrailingStop3: Trailing stop loss of the hedge trade.
TrailingStep3: Modify the trailing stop loss in steps of price moves.
Slippage3: Slippage for market orders.
LotMultiplier3: The lot size of the hedge trade is multiplied by it.
StartHour3: Trades are opened after this hour. It is in hhmm format.
EndHour3: No trades are opened after this hour. It is in hhmm format.
Lots: The lot size if money management is not used.
MaxLots: Maximum lot size allowed.
MoneyManagement: True means that the lot size is defined by the money management.
AllowMicro: True means that 0.01 or micro lots can be used.
LeveragePercent: Risk of each trade.

January 29, 2010  Tags: , , , ,   Posted in: Metatrader, forex trading

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