We highly recommend you running this expert at EURUSD H4.
This expert has the name Triple Trailer because it employs Trailing Stop and is based on 3 following elements:
- Slow Moving Average
- Fast Moving Average
- Money Flow Index Indicator
Main Information
MA intersection is mostly a criteria for closing positions, while MFI is used to open ones .
The signal for buying is received when fast MA intersects slow MA from the bottom AND MFI is in its oversold area (< 20)
Respectively, the signal for selling is received when fast MA intersects slow MA from the top AND MFI is in its overbought area (> 80)
The Trailing Stop is used to maintain at runtime a stable and profitable Profit/Loss ratio
The Trailing Stop can be moved only to decrease possible loss. The offset is to be decided by the user.
Stop Loss is counted out from the minimum (maximum) of the preceding bar and current Bid (Ask)! Take Profit is counted from the opening price, as usual.
You cannot have more than one position open at a time
Input Parameters
- Fast Period of MA
- Slow Period of MA
- Lot
- Stop Loss - Initial SL. Counted out from the min(max) of the low of the previous bar and current price
- Take Profit
- MFI Period
- Trailing Level - the offset(in pips) for the Stop Loss to be shifted by when prices go in the right direction
- Magic Number - the identifier of a particular expert in a terminal. By default it is 3. If you want to run several experts in one terminal, make sure they have unique magic numbers.
Timeframes and currencies
We highly recommend you running this expert at EURUSD H4.
Being careful, you can also try using the expert with other currency pairs and/or timeframes, after performing backtesting.
Notes:
Default Take Profit and Stop Loss parameters are supposed to work with four-digit quotes (i.e. 1.1520). If you are trading at the account with five-digit quotes, you should multiple the parameters by 10.
Should you have any questions, please feel free to contact the author directly.
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