EnvelopesTrail Trading, Scalping strategy Forex

General Information

• Version: 1.00
• Author: Forexgoods.com

Input Parameters

• TakeProfit: Default is 0 (no take profit).
• Lots: Default is 0.01 (minimum lot size).
• StopLoss: Default is 30 (points).
• Trailing Start: 40 points.
• Trailing Step: 30 points.
• MagicNumber: Unique identifier for orders.

Main Functionalities

• Automatic Lot Calculation: Adjusts lot size based on free margin and market conditions.
• Order Types: Supports both buy and sell orders.
• Trailing Stop: Dynamically updates stop-loss levels to protect profits.
• Signal Conditions: Based on Envelopes indicator and candlestick patterns.

Core Components

• OnInit: Initializes the Expert Advisor and generates a unique MagicNumber.
• OnTick: Monitors market activity and manages trading logic.
• CheckConditions: Determines whether to open a buy or sell order based on market signals.
• CalcLots: Calculates the appropriate lot size based on account parameters.
• Buy/Sell Functions: Handles the execution of buy or sell orders.
• Trailing Stop Functionality: Adjusts stop-loss levels as price moves favorably.

Notes

• This Expert Advisor is designed for automated trading and uses a combination of technical indicators and candlestick patterns for decision-making.
• Ensure proper risk management and backtesting before using it on live accounts.