Content: Expert: smMagicGator EA_v1.1.ex4, Indicators: smPriceBoat Signals_v1.0.ex4, smMagicGator Signals_v1.2.ex4, smAverageTrueRange_v4.ex4, Template: PriceBoat.tpl, pdf: How to install MT4 files.pdf
The indicator is intended for traders on D1, H4 who don’t like scalping.
At your own responsibility, you can also trade on H1, M30 or M15 …
The essentials at the moment are the trading levels in the direction of the trend, and those who pay attention will recognize the advantages.
- The levels are at least Factor*ATR apart, so that e.g. as TP can take this value into account.
- The fast MA changes color depending on the position of the Close MA compared to Open MA.
- The slow MA corresponds to the trading direction depending on the position of the bar close.
- As a first strategy you can take SL and TP = FactorATR. Because there is a sudden candle reversal, especially at the end of a trend, I would install a small hedge with 2Lots after -0.50FactorATR. So you can either bring the loss for the SL to zero, or accept the loss. There is an EA to analyze that and will post it later.
- Breakeven can be set after +0.50FactorATR. Sometimes it’s an advantage, sometimes not.
- If you want to use a trailing stop, you can do that of course. I currently like the idea that can be seen in the “FX Mantra” indicator (Google …).
Later I will post my own version of this indicator.
For the “Draw_Patterns” parameter we have:
Signals for “Fractal Pattern (1×1)”
Signals for “Smash Bar Pattern”
Signals for “Reversal Bar Pattern (Magic100)”
Signals for “All Patterns”