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earlyOpenTrend EA
Simple and successful, multiple functions.
earlyOpenTrend(1).mq4 14.86 kb, 45 downloads since 2014-10-09
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The earlyOpenTrend EA automates trading by placing buy or sell orders based on the daily open price and certain conditions you specify. It can also modify and close positions, and it provides visual aids to help you visualize trade entry levels. It's important to understand the settings and test the EA thoroughly in a demo account before using it for live trading.
Here is a detailed explanation of how it works and its functions:
Auto Trading: This EA has an option called "autoTrading," which, when set to "true," enables automatic trading based on the defined strategy. You can turn this feature on or off.
Entry Types: The EA allows you to select your trading strategy:
0: Both Long (buy) and Short (sell) trades.
1: Only Long (buy) trades.
2: Only Short (sell) trades.
Risk Management: You can specify the risk for each trade in pips using the "Risk" parameter. This means that the EA will consider a trade if it meets the risk criteria you set.
Lot Size: You can set the lot size (trade size) for your positions using the "Lots" parameter.
Take Profit and Stop Loss: You can specify the fixed take profit (OrderTP) and stop loss (OrderSL) in pips, Take Profit (profit target) and Stop Loss (maximum loss) levels for your trades. If you don't set these, the EA uses default values of 100 pips for Take Profit and 1000 pips for Stop Loss.
Trading Hours: You can define the hours during which you want the EA to be active. You can set the start time (Start_Std) and end time (Schluss) for trading. It operates on weekdays (Monday to Friday) between these hours. For example, if you set "Start_Std" to 7, the EA will start trading at 7:00 AM. Similarly, you can set a closing time.
Holding Hours: You can specify how long you want to hold a trade. If you set "HoldingHours" to a non-zero value, the EA will automatically close the trade after that many hours.
Time Zone Adjustments: The EA makes adjustments for daylight saving time (Summer and Winter time) using "Sommerzeit" and "Winterzeit" parameters.
Rectangle: This option allows you to draw rectangles on the chart to visualize the trading ranges.
Daily Data: The EA fetches daily open, high, and low prices to help determine trading opportunities.
Comment Display: The EA can display various information on the chart, including trading hours, lot size, spread, and more, depending on your settings.
Order Management: The EA keeps track of your open and closed positions and allows you to modify and close them based on your trading criteria.
Here's a simple explanation of how it works:
You set your trading parameters, such as lot size, risk, and trading hours.
The EA monitors the market and looks for opportunities based on your settings.
When it identifies a suitable trade, it can automatically enter a buy or sell position.
It sets Take Profit and Stop Loss levels to manage the trade.
You can also use it for manual trading, as it displays information on the chart to help you make trading decisions.
Please note that the success of this EA depends on the specific settings you use and the market conditions, so it's important to understand and test it thoroughly in a demo environment before using it with real money.
earlyOpenTrend(1).mq4 14.86 kb, 6 downloads since 2023-11-06
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