Outside Daily Bar EA

Outside Daily Bar EA

UPDTATE - BETTER EXPLINATION

2nd Post

Rules buy setup

Entry: Buy at the close of the candle if price forms a bullish outsidebar candle

Stop: Low of the lower wick of the outsidebar candle – spread (if low of the wick is 1.5022 and spread is 2 pips, it makes the stop 1.5020.)

Take profit: When the indicator gives a red or yellow signal.

 

Bullish outsidebar explanation:

The outsidebar is a candle with a low lower than the previous candle’s low. The outsidebar is a candle where the body close above the previous candle’s high.

 

Rules sell setup:

Entry: Sell at the close of the candle if price forms a bearish outsidebar candle

Stop: High of the higher wick of the outsidebar candle – spread (if high of the wick is 1.5022 and spread is 2 pips, it makes the stop 1.5024.)

Take profit: When the indicator gives a red or yellow signal.

 

Bearish outsidebar explanation:

The outsidebar is a candle with a high higher than the previous candle’s high. The outsidebar is a candle where the body close below the previous candle’s low.

 

General rules:

The EA should take every outsidebar setup. So, if there is already a position open, it should also take the next one.

Risk = x% of the balance.

 

Indicator is supplied.

 

See next page for examples.

 

The pictures with example show a stoploss arrow not exactly to the high or low of the outsidebar. Keep that in mind. The stop is based on the rules mentioned above.

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First Post

·       Trigger when the outside bar completely engulfs the previous day’s bar including the wick. Direction for a buy or sell will be determined with the colour of the bar, green would be a buy, red for a sell position. 

·       Bullish

Takes out the previous day’s low with the wick.

Closes with the body above the previous day’s high (including wick).

·       Bareish

Takes out the previous day’s high with the wick.

Closes with the body below the previous day’s low (including wick).

·       A pre-determined lot size to be applied, e.g., 0.005/1.00/2.00 etc.

·       Stop is placed at the opposite end of the bar from the direction. Bottom side for a buy, top side for a sell.  

·       TP when a red or yellow ZZ indicator appears, not the blue. (Indicator's supplied)

I am aware it re-paints on the examples, yellow or red when it first appears.

·       Multiple positions can be opened if the outside bar pattern appears.