the Expert Advisor is the execution of 4 distinct trading strategies if using the Break out PANKA EAGLE index. The index will be helpful for those traders use the Break Out PANCA EAGLE index, working using it manually.
Break Out PANCA EAGLE is a Forex station index that shows the channel of a currency set throughout the Asian trading session. The indicator determines the budget for the chosen trading period and provides to create trades on the breakdown of this range. occasionally, as evaluations show, the Expert Advisor must be configured so that the price range includes the period from the European session. For the Expert Advisor to work, the presence of the Break Out PANCA EAGLE indicator is not required.
All strategies are united by the fact that in the time period from periodbegin to periodend, a price channel is formed, and when the time comes , from the boxend parameter, regardless of profit or loss, all orders will be closed. In the time period from periodend to boxend :
- for breakout method-at a distance of Distance from the channel, BUYSTOP and SELLSTOP orders are set. After the breakout of the level, the order can be moved to breakeven or start a trail.
- for Market execution – virtual levels are set at a distance of Distance from the channel. When the levels are crossed, BUY or SELL orders are opened. If you select the “use_ema” or “use_rsi “ options, additional conditions for opening orders will be whether emafast and emaslow are located above or below, or what level of RSI.
- for Retest method-at a distance of Distance from the channel, virtual levels are set. When the price of one of the levels crosses, pending BUYSTOP or SELLSTOP orders are opened at the Pending Distance from the price. If the “use_slipping” option is selected, pending orders will “slide” behind the price to enter the market at the best price.
- for Final Destination-the BUYSTOP bid is set above the upper limit at the Distance removal and the SELLSTOP bid with the same lots is set below the lower limit at the Distance removal. After one of the orders is triggered, an order with a lot multiplied by Multiplier is opened in place of the 2nd one . The strategy repeats the trading logic of the Final Destination Expert Advisor (c). (It is recommended to set the stop loss at a distance exceeding the breakeven level.)
- MagicNumber – “magic” number
- periodbegin – the beginning of the channel formation period
- periodend – the end of the channel formation period. Start of the trading period
- boxend – End of the trading period
- TakeProfit – take profit
- StopLoss-stop loss
- Distance – the number of points from the channel borders to the orders
- Reinvestment – trade in % of the deposit. Related to the PercentOfDepo value
- PercentOfDepo – the lot value is calculated as a percentage of the available funds
- Lot – initial value of the lot, if Reinvestment = false
- mode-strategy selection
- Use_trail-apply a trailing stop. Starts after reaching Profit.
- Trailing Distance – the minimum distance from the price to the trailing stop in points.
- Use_step-apply the trailing stop step.
- Step – by what distance (step) in points the price should change in order for the trailing stop to move.
- Use_breakeven-apply breakeven at the Profit level.
- Profit-closes all orders when the target level is reached.
- Use_slipping – use the “sliding” mode of pending orders for the Retest method.
- Pending Distance – distance in points from the price to pending orders for the Retest method.
- Multiplier – the multiplication factor of lots for the Final Destination of the method.
- max_lot the maximum possible lot for the Final Destination method.
- Use_ema – use the order opening condition for the Market execution method. Above or below are emafast and emaslow.
- emafast – period of “fast” EMA.
- emaslow – the period of “slow” EMA.
- Use_rsi – use the condition of the RSI indicator to open orders for the Market execution method.
- rsiperiod – the RSI period.
- rsi_up – if the RSI value is greater than the threshold value, a BUY order is opened.
- rsi_dn – if the RSI value is less than the threshold value, a SELL order is opened.
- performance_day – the maximum number of times a day to open orders for one instrument (excluding Final Dest. strategy)
- Sun, Mon,Tue,Wed,Thu, Fri,Sat – on which days of the week to launch the Expert Advisor.
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