Search for the third Elliott wave. We analyze the market as a wave structure in the format of 1-2-3 waves.
The Expert Advisor analyzes closed bars using a simple algorithm with the ability for the user to adjust different parameters. The reference point is the touch of the max/min of a certain range of bars. After the price momentum towards the reference point, we are waiting for a pullback – this is the second wave. As soon as the second wave is formed, we have an entry point to the third wave.
The Expert Advisor can be used in two modes. The “Trader mode” mode is convenient to use for optimizing parameters in the strategy tester.
I recommend using the Expert Advisor inthe “Oracle mode” mode. In this mode, you will only receive signals. You will be able to filter the entry into the transaction using your personal filters and experience.
The algorithm does not exclude receiving signals with a loss-making outcome of the transaction. Therefore, the Expert Advisor needs to select parameters according to your trading style and the risks that you are ready to accept. The default settings were generated for the period 27.11.2017-23.02.2018 for the EURUSD H1 pair. As a test, the forward test was launched from 23.02.2018 to 23.04.2018. The forward test was launched using the “Martingale” algorithm and without. You can see the results of this testing in the screenshots. Also, you can repeat this testing by downloading the demo version.
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- Work method – The mode of operation of the Expert Advisor
- Range reset to begin new waves finding – range of bars to search for a reference point
- Entry level % – the percentage of rollback from the first wave to form the second wave
- Use long trade – on/off the use of long trades
- Max buy open orders – the maximum number of open purchases at the same time
- Use short trade – on/off using short trades
- Max sell open orders – the maximum number of open sales at the same time
- Close by reverse signal – on / off hedging
MM
- Lots calc mode-lot selection
- Fixed Lot Size – fixed lot values
- Risk per trade % – risk per trade
- Day risk % – the risk for the day
- Week risk % – risk for the week
- Month risk % – the risk for the month
If the fixed loss for the period reaches the one specified by you, the Expert Advisor stops trading during this period.
- SL_Mode-selection of the StopLoss level method
- SL buffer for 1st wave-SL buffer in points for the first wave
- Stop Loss fixed – StopLoss in points
- Min SL in pips – the minimum SL value for the First wave method
- Max SL in pips – the maximum SL value for the First wave method
TP
- TP_Mode – selection of the TakeProfit level method
- Risk Reward value-coefficient for risk-profit
- Take Profit fixed – TakeProfit in points
Martingale
- Use martingale – using an algorithm to increase the volume of a position after a series of losses
- Number of losses to start martingale – the number of losing trades in a row to activate the volume increase
- Martingale ratio – coefficient of increasing the volume of the position
Partial close
- Use Part Close-An algorithm for partially closing a position
- First part for closing(% of SL) – The level of activation of partial closing. It is calculated as % of the StopLoss value
- First part of lots for closing(% of open lots) – a percentage of the volume of the position for profit-taking.
Other
- Show setting status – on / off display of information on the working screen
- Drawing – drawing 1-2-3 waves on the chart
- Bull labels color – the color for the bull formation
- Bear labels color – the color for the bear formation
- Magic_Number – the magic number of the Expert Advisor
- slippage – slippage
- com-comment of orders
- Font Size – The font size on the desktop screen
- Font Text Color – The color of the parameters on the screen
- Font Value Color – The color of the values on the screen
Attention! The test results and the profit in the past DO NOT guarantee a profit in the future.
We wish you a favorable trend and a profitable third wave!
With respect,
Sergey Mikhalchuk
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