This trading concept was conceived by the notion that at particular times of the day, the market can show a defined direction.
Example of this are -
- After a particular stock market opens.
- After a significant news release
- After a stock market closes
It does not use any technical analysis but it based purely on price action and the EA will optionally automatically place trades or just scan the market for trading opportunities. You can trade multiple instruments on a single chart and all trades will be automatically managed.
For the very first time, back testing and optimization is built into the EA.
The scenario is that you nominate the time period of the day to review and once the minimum or maximum prices of the time period are breached (with the option of a buffer) a trading opportunity will be provided to either auto trade or by way of a scan list with the option for a manual trade. Your entries can specify a maximum forward time as well as an option to close the trade based on a time period. This system is excellent for day trading and would normally involve less than 1 hour per day. A number of brokers are now introducing stock CFD's (Contracts For Difference) and grouping a selection of these is a great trading opportunity. In fact any group of symbols whether it be forex, metals, commodities, indicies or stocks can be used.
I have included a diagram explaining the mechanics of specifying the conditions. Whilst this input may appear unusual, it is the look and feel of the upcoming release of Agility Trader 3 (see this post) which will included limitless trading strategies with technical indicators including user indicators.
Please review the video and I look forward to your comments. Note: Allow DLL imports in Tools, Options, Expert Advisors
Update Log
V2.00 - Initial Release (427 downloads)
V2.01 - Update to address display of existing trades
V2.02 - Correction of input parameters
V2.03 - Further update to address display of existing trades
V2.04 - Fix Auto/Scan differences, Low Res display issue, Sell Order logic