32 points strategy - breakout with sell/ buy stop
This idea I have found in the education area of Roboforex.
When I go back thru the D1 chart it seems that the strategy is working good.
Example:
In order to place pending orders the closing price of the previous day will be used. From this price the EA should place pending orders: BUY STOP and SELL STOP at the distance of 32 pips.
The level of Take Profit: 35 pips.
The level of Stop Loss: 28 pips.
Example of placing a pending order
For example, the price of the previous day was 1.1516.
The level of BUY STOP will be calculated as follows: closing price of 1.1516 + 32 pips = 1.1548
The level of SELL STOP will be calculated as follows: closing price of 1.1516 - 32 pips = 1.1484
The pending order should be placed with beginning of new day candle. If none of the orders have been activated within a day, pending orders will be cancelled at end of day candle
To make the strategy more flexible the distance of the pending orders, TP and SL should be indivual set able.
I like this idea! :)
I would suggest to make it a bit more free to configure and also link the breakout settings to the newstrading options.
New Inputs could be as follows:
Bars to calculate: "number of bars to calculate High-Low or Open-Close in that period OR use the last bar's close price if set to 0 "
Timeframe: "Timeframe used for the bars calulation"
Applied Price: "High-Low / Open-Close" // will only be used if Bars to calculate is not 0
Distance calc mode: "points / Coefficient to Volatility"
Distance to Order: "Distance the pending Orders will be placed"
TP and SL could be set with Global TP/SL
This way it could be used for the 32 points Strategy as well as for Market open breakouts and for News Breakouts.
For News Breakout the Inputs "Trade during News only" and "minutes before" would then trigger this breakout settings.