The Forex Fraus Slogger Expert Advisor is a reversal-based script that identifies reversal trades using the Envelopes Bands indicator. It manages trailing stops of trades opened by the Expert Advisor, as well as trades opened by other Expert Advisors, or manually by the user.
The Envelopes Band indicator provides an Upper Band and a Lower Band in which prices typically trade during sideways markets.
When the price enters the Envelope from outside, it continues to move towards the center of the Envelope, or towards the other end of the Envelope. The EA identifies such scenarios and converts such situations into trading opportunities.
Sell Trade Entry conditions for Forex Fraus Slogger Expert Advisor
When the price is above the Upper Envelope, and crosses below the Upper Envelope from above, the Expert Advisor generates a SELL trade. The expectation is that the price will continue falling towards the center of the Envelope.
BUY Trade Entry conditions for Forex Fraus Slogger Expert Advisor
Similarly, when the price is below the Lower Envelope, and then crosses above the Lower Envelope from below, the Expert Advisor generates a BUY trade. The expectation is that the price will continue rising towards the center of the Envelope.
Stop Loss for Forex Fraus Slogger Expert Advisor
The stop-loss is typically set to 50% of the height of the Envelope, and similarly the take-profit is set to 50% of the height of the Envelope. The lot-size is calculated based upon the RISK_PERCENT, and is bounded by MIN_LOTS on the lower side and by MAX_LOTS on the upper side.
Trailing Stop mechanism fo Forex Fraus Slogger Expert Advisor
The Forex Fraus Slogger Expert Advisor manages the trailing stops of the trades it opened. However, if ALL_POSITIONS is set to TRUE, then it manages the trailing stops of all pairs currently opened – even if they were not opened by the Expert Advisor.
If PROFIT_TRAILING is set to TRUE, then the trailing stop is triggered only when the trade profit is equal or greater than TRAILING_STOP value.
However, if PROFIT_TRAILING is set to FALSE, then the trailing stop is triggered immediately once the trade is in profit, even it if is below the TRAILING_STOP threshold value.
Configurable Inputs for Forex Fraus Slogger Expert Advisor
- ALL_POSITIONS– Specifies whether the Expert Advisor should manage trailing stops of all instruments that are open, or only for the current chart instrument to which it is applied.
- PROFIT_TRAILING– Specifies whether the trailing stop should be employed only when the position is profitable by amount of TRAILING_STOP, or whether it should employed immediately once the position is opened.
- TRAILING_STOP – The trailing stop amount in points.
- TRAILING_STEP – The trailing step amount in points.
- RISK_PERCENT– The maximum allowed risk per trade used to calculate the lot-size.
- MIN_LOTS– The minimum lot-size allowed per trade.
- MAX_LOTS – The maximum lot-size allowed per trade.
- USE_SOUND – Specifies whether to use sound to signal new trades and alerts.
- SOUND_FILENAME – The name of the sound file that will be played when a sound alert is generated.