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Implementation of break-out strategy and adjustment of indicator required; simple integration of this into new EA format.
At present the indicator being used picks "range" trading very well, though loses when trending before a new range is established.
The EA needs to incorporate the following (screenshots below (the most important is the Breakout pattern).
Something of a "continuation trade" rule using MAs to stay in a trade if profitable and it breaks out past existing SR lines and will also filter out further buy/sell arrows until the turning of whichever MA the price is staying above (using 5 different MAs as trendlines).
The present indicator makes consistent profit when ranging, though loses when the range breaks out into a trend, so need some method of assessing there's a breakout and commencement of trend (i.e. idea of a Standard Deviation Channel indicator (pictured) and use of MAs to stay in a trade if it's the right direction trade already and it breaks above/below SR in the right direction, else close an incorrect direction and reverse the position to follow the established trend).
Getting the trend and MA system integrated into the EA so it's profitable in all conditions is the first objective.
More detailed requirement of the above:
- Breakout pattern via SR line analysis
- Horizontal line drawn when a break-out pattern strategy entry is detected
- Trend following system using specific types of MAs
- Switching of arrows for reversal if in wrong direction trade and break-out occurs
- Blending of Martingale into existing EA (already have the code written for it).
- Blending of Money Management code into existing EA (already have the code written for it also).
Can be used in conjunction with MAs from a directionality perspective (essentially channel trading in conjunction with multiple MAs) or as follows, on a larger timeframe, either for trendlines or when horizontal to show that the market is ranging and used as SR.
It's a standard deviation channel.
Screenshot of SDC4 and using it as a potential replacement for SR lines?