BeST_Profit Taker Exits is a Metatrader Indicator based on the corresponding vital part of Jim Berg’s
Trading System.It timely locates the most likely points/bars of significant Profit Taking and can be easily used as
Trading System.It timely locates the most likely points/bars of significant Profit Taking and can be easily used as
an add-on to any Trading System/Method.
The Indicator consists of 2 Take Profit lines deriving as (MA ± times the ATR) usually the upper one above the prices (for Long Trades) and the
lower one below prices (for Short Trades). When the Close (or High by choice) of a bar is above the upper line (PTL = Profit Taker Long) or a
bar Close (or Low by choice) is bellow the lower line (PTS = Profit Taker Short) –
lower one below prices (for Short Trades). When the Close (or High by choice) of a bar is above the upper line (PTL = Profit Taker Long) or a
bar Close (or Low by choice) is bellow the lower line (PTS = Profit Taker Short) –
always filtered by the current level of RSI – this can be used as a signal to lock in profit exiting the Market.
The full Trading System originaly used for Long Trades only, is described in Jim’s article “The Truth About Volatility”
(
(
TASC/February 2005).His method caught attention in 2002 when he won a trading competition for Personal Investor Magazine. It has
been noted that Jim produced a 30% return trading the Australian market during a year that the market had dropped 20%.
The BeST_Profit Taker Exits Indicator is non-repainting and non-backpainting while using it you can get:
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- Definite Exit Signals of Taking Profit
- Draw of the Profit Taker (PT) Lines and/or the corresponding MAs of H/Ls (optionally)
- An Info/Alert Comment Table (optionally)
- All the Metatrader Alerts for the bars of Exit Signals (optionally)
- Fully customizable colors, sizes and distances of all the chart objects
- Definite Exit Signals of Taking Profit
- Draw of the Profit Taker (PT) Lines and/or the corresponding MAs of H/Ls (optionally)
- An Info/Alert Comment Table (optionally)
- All the Metatrader Alerts for the bars of Exit Signals (optionally)
- Fully customizable colors, sizes and distances of all the chart objects
Basic Settings
- ATR Period – LB Period for calculating ATR
- Moving Averages Period – LB Period for calculating MAs of Highs and Lows upon which the Take Profit Lines are based
- Moving Averages Method – Method used for calculating the above MAs
- Exits Mode – for selecting to use Closes or H/L crossings of Take Profit Lines to define the Exit points/bars
- PTL/S lines ATR Factor – ATR Factor for calculating the Take Profit Long/Short Lines
- ATR Period – LB Period for calculating ATR
- Moving Averages Period – LB Period for calculating MAs of Highs and Lows upon which the Take Profit Lines are based
- Moving Averages Method – Method used for calculating the above MAs
- Exits Mode – for selecting to use Closes or H/L crossings of Take Profit Lines to define the Exit points/bars
- PTL/S lines ATR Factor – ATR Factor for calculating the Take Profit Long/Short Lines
RSI_Filter Settings
- RSI Period – 7 by default
- Price applied to RSI – Close by default
- RSI Level for locating Exit Long Points – 70 by default
- RSI Level for locating Exit Short Points – 30 by default
- RSI Period – 7 by default
- Price applied to RSI – Close by default
- RSI Level for locating Exit Long Points – 70 by default
- RSI Level for locating Exit Short Points – 30 by default
Displaying Settings – for selecting which chart objects and features to show/activate and for selecting the distances of
drawn Exit objects
drawn Exit objects
Alert Settings – for controlling the use of Exit points MT5 alerts
For EA Developers
- TP_Long Exit Signal: Buffer = 1
- TP_Short Exit Signal: Buffer = 2
- TP_Long Exit Signal: Buffer = 1
- TP_Short Exit Signal: Buffer = 2
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