The fundamental element of trend trading is to use the trailing stop of existing trades with a predetermined profit target. This allows you to continue working with the trade in the direction of the trend. This strategy effectively makes a profit if there is a reliable trend. This expert Advisor is designed to protect / lock profits when the price moves in the right direction. You can install an expert Advisor on any chart and use it simultaneously with other experts. You can also trigger a stop loss and allow the expert to trace the stop loss based on the desired price action method.
With the help of price action and swing points, the expert determines the last support/resistance level and sets a stop loss at the appropriate level, and does not just choose a value that may or may not coincide with how the currency pair really moves.
After opening a trade, the Expert Advisor performs the following tasks::
- Initial Stop Loss (pips): The pips you are willing to lose in a single trade. The Expert Advisor sets a stop loss for positions that do not have a stop loss. Specify zero (0) if you do not want the expert Advisor to set a stop loss for you.
- Pips threshold to trigger break even (0=Off): The distance in pips in the profitable direction from the order opening price, after which the breakeven function is activated. Specify zero (0) if you do not want to use the breakeven function.
- Pips for break-even: The distance in pips in the profitable direction from the order opening price, where the breakeven is set.
- Minimum percentage of target profit to lock (0~100): Trailing starts if the profit exceeds a certain number of percentages of your target profit. This function does not work for positions without a target price.
- Hammer / Shooting Star: On / off Hammer and Shooting Star patterns
- Bullish / Bearish Engulfing: On / off pattern of Bullish / Bearish Engulfing
- Bullish/Bearish Marubozu: On/off Bullish / Bearish Marubozu pattern
- Piercing Line/Dark Cloud Cover: On / off the Piercing Line and Dark Cloud Cover patterns
- Three White Soldiers/Black Crows: On/Off patterns of Three White Soldiers/Black Crows
- Bullish/Bearish Kicking: On/off Bullish / Bearish Kicking pattern
- Fractal Swing Point: On / Off the Fractal Swing Point pattern
- How many bars on either side of fractal: The number of bars on each side to form a high-quality fractal.
- Trailing Shift: The number of bars to move the stop loss to when moving to the next level, after the required price action method has been detected.