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Proven Formula: TOPTREND EA + SL/TP for Profits
top trend is a good indicator with a combination of stop loss, and take profit it can be successful.
TOPTREND.mq4 5.71 kb, 69 downloads since 2016-10-29
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About TOPTREND.mq4 indicator
The TOPTREND.mq4 is an indicator and it provides visual signals and stop levels based on Bollinger Bands to assist traders in making trading decisions.
Here's a breakdown of how it works:
Bollinger Bands: These are technical indicators that consist of a middle band (typically a simple moving average) and two outer bands, one above and one below the middle band. The outer bands are usually calculated based on standard deviations from the middle band.
Trend Identification: The EA monitors price movements relative to the Bollinger Bands. When the price breaks above the upper band, it suggests the start of an uptrend, and when it drops below the lower band, it signals a downtrend.
Risk Management: The EA calculates stop levels (stop-loss and take-profit levels) to help traders manage their risk while riding the trend. It does this by adjusting the distance from the bands based on the "MoneyRisk" parameter.
Signal Display: You can choose to display trading signals (entry and exit points), stops (stop-loss and take-profit levels), or both, depending on your preference.
Adjustable Parameters:
Now, let's take a closer look at the adjustable parameters and what they mean:
Length: This parameter represents the period used to calculate the Bollinger Bands. A value of 20 is a common choice and works well for many traders.
Deviation: Deviation is the number of standard deviations used to calculate the width of the Bollinger Bands. Keeping it at 2 is generally a good choice, but you can experiment with this value to fine-tune your strategy.
MoneyRisk: MoneyRisk is an offset factor that influences the distance between the stop levels and the Bollinger Bands. A setting of 1.00 is often recommended for balanced risk management.
Signal: This parameter determines whether you want to see trading signals and stops. Choose 1 for both signals and stops, 0 for only stops, or 2 for only signals.
Line: Setting this to 1 displays lines on the chart to visualize the stop levels.
Nbars: Nbars defines the number of bars to calculate the EA's signals and stops. The default value of 1000 should work well for most traders.
Effective Strategies:
The EA can be effective for various trading strategies, but it excels in trend-following strategies.
Here are some guidelines for effective use:
Currency Pair: This EA can be used with various currency pairs, but it tends to work effectively with major pairs like EUR/USD.
Minimal Balance: To use this EA effectively, it's advisable to have a minimum account balance of $1,000. This ensures that you have sufficient capital to withstand potential drawdowns.
Time Frame: The recommended time frame for this EA is H1 (1-hour chart), as it aligns well with the Bollinger Bands' dynamics.
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