Here are the settings that can be used to refine this EA. Note that it can also be used as a strategy tester because it presents results on the chart and in the journal.
If you don't know how to use EA's please don't ask here - instead just Google it. There are plenty of very easy to follow videos on Youtube
My aim is to find settings that can deliver ~5-10 trades per day at +60% ITM with few 'step 4 losses' (OTM). Because I am shooting for very few trades a day across multiple pairs and time frames, I can be very conservative on the settings for each pair. For example, if I trade 5 pairs on 5m and 15m TF's then I have 10 charts to trade from. That means less than one trade per day from each would suffice.
I have had an EA built by a developer on MQL5.com. I have spent the last few weeks refining it and making sure everything works as I want. I am open to people making suggestions as to how it can be improved and I will share any changes I make as a result of suggestions, but please don't view your suggestions as 'requests' that I should be obliged to take on board
Here is the EA.
Magic Number: This has to be unique for every chart that you run the EA on. Please make sure you change this for every pair you are trading.
The number of times the EA will try to place a trade if brokers rejects attempts. The are a few microseconds between each trade attempt.
Money management amounts.
Use the ‘Strategy’ Option to toggle between the two options. Use the settings variable below that option to refine the strategy chosen.
Place orders when X consecutive bars close outside the BB. Setting to 1 will run the classic strategy and take every trade. Setting to 2 will skip the first bar outside of BB and open trade only if the very next bar is outside also.
Place orders when X signals have past. Setting ‘NumberSignals’ to 1 will run the classic strategy and take every trade. Setting to 2 will ignore the first trade – win or loss – and open the potential trade (i.e. when bar closes outside BB).
This is designed to filter in/out trades when extreme price changes occur in a short period. You can discard trades when the signal candle is x% larger than the preceding Y candles. For example – do not trade based on a signal candle that is 200% larger than the average of preceeding 15 candles. If you want to avoid scenarios such as the above, set ‘UseMaxVolatity’ to true. If you want to only trade extreme price changes, set ‘UseMaxVolatity’ to false. Using the same example, you will only trade based on a signal candle that is 200% larger than the average of preceeding 15 candles.
The number of seconds that trading will be paused for if a series of losses occur.
Times for trading.
Sets a profit target for each day and stops trading when it is reached. DailyProfit is a %. ProfitReward is the return that your broker provides on the pair you are trading (i.e. 80% in eur/usd with CLM).
This is the count of trades in the top left corner. You can run this EA in strategy tester visual mode and see results totalled here. Note that you can also see results presented in the journal tab. The final line will present the same totals once the test is complete
There are the usual obvious settings for things like indicator settings, colour, alerts etc.