Logic:
- Trend Following Strategy:
- Utilizes the Average Directional Index (ADX) to identify and follow market trends.
- Executes trades based on ADX main line and directional movement lines (DI+ and DI-).
- Signal Generation:
- Generates buy signals when ADX main line crosses below the DI+ line and DI+ crosses above ADX main line.
- Generates sell signals when ADX main line crosses below the DI- line and DI- crosses above ADX main line.
- Order Management:
- Places buy and sell orders based on ADX levels and directional movement lines.
- Adjusts stop loss dynamically and implements trailing stops for open orders.
- Risk Management:
- Uses customizable lot sizes and ensures sufficient free margin before placing orders.
- Implements stop loss and take profit levels to manage risk and secure profits.
Detailed EA Explanation:
- Initialization and Deinitialization:
- Initializes key variables such as lot size, stop loss, take profit, trailing stop, and ADX settings.
- Sets initial values for various trading parameters, ensuring optimal performance.
- OnTick Function:
- Main function where all trading decisions and order management occur.
- Continuously monitors market conditions and manages open orders.
- Places buy and sell orders based on ADX levels and directional movement lines.
- Adjusts stop loss levels dynamically for open orders.
- Closes orders if specific profit or loss thresholds are met.
- Order Management Functions:
- Count(int type): Counts the number of open orders of a specified type (buy or sell).
- ordersprofit(int type): Calculates the total profit of open orders of a specified type (buy or sell).
- Closeorders(int type): Closes all open orders of a specified type (buy or sell).
- DeletePending(): Deletes pending orders.
- TimeTrade(): Checks if the current time falls within the configured trading hours.
- Risk Management Functions:
- Implements stop loss and take profit levels for all open orders.
- Uses customizable lot sizes and ensures sufficient free margin before placing orders.
- Ensures trading occurs only within specified hours using a time filter.
Additional Features:
- Display Function:
- Displays key statistics on the chart, such as spread and current price.
- LABEL Function:
- Draws text on the chart to display various statistics and information.
- Time Filter Function:
- Checks if the current time falls within the specified trading hours.
- Trailing Stop Function:
- Implements trailing stops to secure profits as the market moves in favor of open orders.
- Confirmation Filters:
- Uses ADX main line and directional movement lines (DI+ and DI-) to confirm trade entries.
- Only places orders if conditions are met, enhancing trade accuracy and reducing risk.
This EA employs a trend-following strategy with the ADX indicator. It includes comprehensive risk management features such as stop loss, take profit, trailing stops, and time filters to ensure controlled and strategic trading.
