Sometimes the markets are in such a trending phase that it is impossible not to notice and it is enough to simply buy with the trend.
As an assistant tool, I use the Buy by Trend utility.
1) So, we scroll through the charts of different instruments, and see a good entry point, so let’s specify the desired price for the first order in the Price_for_First_Order parameter and the direction in the Trend_Direction parameter, this is already enough for a good deal. (If Price_for_First_Order=0, the position will open immediately at the market price.)
2) The Price_for_TakeProfit parameter specifies the price at which all positions will be closed. If you have entered a long-term trend that lasts for weeks, then you can take your time and edit this parameter in the utility settings another time.
3) A long-term trend implies big goals, so it’s appropriate to increase positions as the price rises or rollbacks. This is set in the Scheme_for_Opening_New_Orders parameter, and there is no need to calculate the distances in points for each character separately, just take the universal values through the ATR indicator.
4) It is possible to limit losses in the Price_for_StopLoss parameter in case of an unsuccessful trend forecast.
5) If you need additional control for positions, I recommend using this product: Close by percentage.
I post my trades in this channel: Trends and Levels.
Chat discussion: Age of Expert Advisors.
Detailed description of parameters
- Magic_for_orders – the magic number for trades (the utility works with trades of its own magic number and chart symbol).
- Comment_for_orders – the comment number for trades.
- Trend_Direction – select the direction of trades (Bullish or Bearish).
- Price_for_First_Order – the field for the price of the first order, if it is 0, then a position will be opened immediately at the current market price, otherwise a pending order will be placed.
- Single_opening_First_Order – if true, the first trade will be executed once; if false, after closing trades and returning to the price of the first order, trading will resume again.
- Lot_size – the trading lot size for orders.
- Scheme_for_Opening_New_Orders – the scheme of opening additional orders; trend – on trend (pending Stop orders), rollback – on rollbacks (pending Limits orders), trend_and_rollback – on trend and on rollbacks.
- special_for_rollback – specification of the scheme for opening additional orders on rollbacks; rollback_in_negative_zone – only below the price of the first order (for BUY, for SELL on the contrary – above the price of the first order), rollback_in_positive_zone – only above the price of the first order (for BUY, for SELL on the contrary – below the price of the first order), rollback_in_negative_and_positive – take into account all rollbacks.
- TimeFrame_for_ATR – ATR indicator timeframe for calculating the step of additional orders.
- Period_for_ATR – ATR indicator period for calculating the step of additional orders.
- multiplier_for_ATR_of_trend – ATR value multiplier for the step of additional orders according to the trend.
- multiplier_for_ATR_of_rollback – ATR value multiplier for the step of additional orders on rollbacks.
- Price_for_TakeProfit – TakeProfit price (for all orders and positions).
- if_negative_then_TP_to_FirstPrice – place TakeProfit at the price of the first order if an additional order is triggered in the negative zone (for BUY – below the price of the first order, for SELL – above the price of the first order).
- Price_for_StopLoss – StopLoss price (for all orders and positions).
- Shift_SL_at_opening_prices – move StopLoss as the price moves along the trend.
- Maximum_number_of_positions – the number of open positions at which the placing of new pending orders stops.