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Rules
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Specification
My system includes 5 indicators. Here are the rules:
Indicators:
ATR
Trend Strength indicator
Waddah Attar Explosion
Keltner Channel
Bollinger bands stop (source code is pinescript. May need converting)
** THE EA SHOULD NOT REQUIRE THESE INDICATORS IN INDICATORS FOLDER TO RUN **
Use 2% of account per trade (default setting, but should be able to adjust in inputs)
ONE candle rule: Wait one candle after confirmations for indicators to catch up (i.e. wait for close of current candle after all conditions are met)
Stop loss:
1.5X ATR for SL
1X ATR for TP1. If this is reached, close half of the position then move SL to breakeven, and activate trailing stop 1.5x ATR (leave trade running)
1.5X ATR TP 2, close 25% of the remaining position, leave remaining to run.
Stop loss/exit strategy:
2 - Bollinger bands stop loss. If the Bollinger band stop loss changes colour (i.e. for buy, changes from blue to red) then close the trade completely.
There should be an option to use both at the same time. i.e. use Trail stop but when bollinger band changes colour, close the trade.
Exiting the trade:
If price closes above the middle band (for sell) and below the middle band (for buy) then close the trade completely.
BUY:
Confirmation 1:
Coral trend indicator shows price bar is green (uptrend)
Price has to close within the bands in order for the trade to be valid. If price is outside of the bands then wait 1 more candle to see if it closes (pull back)within the bands, if it does then take the trade (valid pullback entry). If it does not, no trade taken, set up Is invalidated
Confirmation 2:
Trend strength indicator has to show a green bar
Confirmation 3 (volume indicator):
Waddah Attar indicator has to be green (volume) and above the move average line (explosion line)
SELL:
Confirmation 1:
Coral trend indicator shows price bar is red (down trend)
Price has to close within the bands in order for the trade to be valid. If price is outside of the bands then wait 1 more candle to see if it closes within the bands, if it does then take the trade (valid pullback entry). If it does not, no trade taken, set up Is invalidated
Confirmation 2:
Trend strength indicator has to show a red bar
Confirmation 3 (volume indicator):
Waddah Attar indicator (volume) has to be red and above the move average line (explosion line)
Please use my settings for the indicators (I will provide you with the inputs)