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RUBBERBANDS_3 EA
This EA is intended to be less prone to big drawdowns than former RUBBERBANDS EA and RUBBERBANDS_2 EA.
The basic idea is the same as its predecessors, RUBBERBANDS EA and RUBBERBANDS_2 EA, it works in any timeframe for any currency pair, preferrably, EUR/USD, GBP/USD, and USD/CHF.
It opens orders in both directions (BUY & SELL) at a time initially, then opens an additional order in the forward direction everytime the price goes up or down, i.e., opens an additional BUY order everytime the price goes up by multiples of "pipstep" above the initial BUY order, and opens an additional SELL order everytime the price goes down by multiples of "pipstep" below the initial SELL order (this is opposite to RUBBERBANDS_2 EA).
RUBBERBANDS_3.mq4 12.37 kb, 64 downloads since 2014-10-17
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Hi,
I have heard about Rubber band indicator before. Now, I can know this ea from you. Thanks.
Can you share more information such as: backtesting or forward-testing results of this ea so that we can know about the max Array, profit factor, net profit gain % per month, etc?
Thanks a lot
James
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About RUBBERBANDS_3 EA
https://mt4talk.com/viewtopic.php?pid=2303#p2303
This EA is designed to identify moments when the price of a currency pair seems stretched or extended, like a rubber band that's been pulled too far. When it detects such situations, it takes action:
When the price has moved away from a certain level, it may trigger a buy order, anticipating that the price will bounce back up.
Conversely, if the price has moved too far upwards, it might trigger a sell order, expecting a downward correction.
The EA keeps an eye on your trading account's profit and loss. It can close trades automatically to lock in profits or limit losses based on the parameters you've set.
This strategy aims to capitalize on short-term price movements and market reversals.
This EA is suitable for traders who prefer short-term trading and are comfortable with frequent trades. It's ideal for those who want to automate their trading decisions and don't have the time to analyze the market constantly.
Here are some key characteristics of traders who might find RUBBERBANDS_3 beneficial:
Day Traders: If you like to open and close positions within the same trading day, this EA aligns with your trading style.
Scalpers: Traders who seek to make small, quick profits from tiny price movements can benefit from RUBBERBANDS_3.
Risk Management: This EA can help you manage risk by setting predefined stop-loss and take-profit levels, reducing the need for constant monitoring.
Technical Analysis Enthusiasts: If you base your trading decisions on technical analysis and chart patterns, this EA can execute your strategies automatically.
Diversification: You can use RUBBERBANDS_3 alongside other EAs or manual trading strategies to diversify your trading portfolio.
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