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Experts

Range Follower - expert for MetaTrader 5

Boris
Views:
11367
Rating:
(19)
Published:
2020.07.24 17:12
Updated:
2020.08.11 14:16
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  • This expert opens trade in the direction of the trend (buy for uptrend, sell for downtrend) if a specific rate of average daily range has been exceeded.
  • Average daily range is calculated by ATR indicator with period of 20 bars.
  • Default rate is 80 percent. if 80% of average daily range is exceeded it opens trade.
  • Default stop-loss is daily high for sell order, daily low for buy order.
  • Default take-profit is remaining part of the average range in pips.
  • This expert is only for intraday trading, so opened positions will be automatically closed at midnight.
  • Expert is successful on long body candles, unsuccessful on long tail candles.
  •  Comments are self-explanatory.
  • Trend: intraday trend.
  • Average: Daily ATR for 20 bars.
  • Trigger: level of which trade will open if it is reached.
  • Rest: remaining part of average range after trigger range is subtracted. also take-profit in pips.
  • Daily: range between daily high and low.
  • To High: distance to daily high in pips.
  • To Low: distance to daily low in pips.
  • Trade Opened: true if trade is opened.
  • Range Reached: true if trigger level has been passed.
  • Seconds Left: seconds left until midnight. 24:00. after reached opened order is closed automatically if sl or tp is not reached.
  • End Time: time when the opened position will get closed and start new setup at.

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    The story behind this indicator is really interesting. I've published last week a script called "Identify potential Trends/Range (Pivot Points)" and a huge number of MQL5(ers) contacted me to ask if it is possible to have it as an indicator. So I was glad that lot of people actually like my scripts and indicators so that is why I've decided to convert the script to this indicator.