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TradeChannel

TradeChannel

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How It Works


First, the price channel is determined (maximum High (MaxH) and minimum Low (MinL) over the period specified in the parameters). The obtained values are then used to calculate the reference level (MaxH+MinL+Close)/3.

Signals for opening a position appear as follows: if the bar closing price is below the upper limit of the channel and above the reference level, we get a Sell signal. If the bar closing price is above the lower limit of the channel and below the reference level, we get a Buy signal.

Signals for closing a position appear as follows: if the High price of the closed bar is equal to the upper limit of the channel and the upper limit value of the channel is equal to the value on the previous bar, we get a signal for closing a Buy position. If the Low price of the closed bar is equal to the lower limit of the channel and the lower limit value of the channel is equal to the value on the previous bar, we get a signal for closing a Sell position. These conditions can very rarely be satisfied so in addition to the above closing options, the Expert Advisor also uses Stop Loss. The Stop Loss value is determined using the ATR indicator, whereby the level is calculated from the channel limits: from the lower limit when buying and from the upper limit when selling.

The Expert Advisor takes profit using a trailing stop function.

The image below shows the Expert Advisor performance in the strategy tester's visual mode.

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Author
Salvador
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