If MA2 Crosses Under (starts below then goes over) MA1 then buy. (begin
eFibo algorithm LONG) during this trade, if the lines reverse, i.e. MA2 Crosses Over
MA1, then:
if there is a profit in total on all trades, close
all positions and wait for another cross (reset)
if there is a loss, set a 15 pip trailing stop.
If MA2 Crosses Over (starting above going under) MA1 then sell (begin
eFibo algorithm SHORT) during this trade, if the lines reverse, i.e. MA2 Crosses Under MA1,
then:
if there is a profit in total on all trades, close
all positions and wait for another cross (reset)
if there is a loss, set a 15 pip trailing stop.
parameter 4: RSI Filter on/off
if off, module is off
if on, Do not enter any new long trades if RSI is greater than RSI High
Do not enter any new short trades if RSI is lower than 30.
MQL4 users - See Algorithm in PDF - Mindjet. This is not a conventional way to document an algorithm so it doesn't look like a traditional algo - but the logical flow is intact. http://eesfx.com/eesfx/images/fbfiles/files/Elite_eFibo_Trader_MJ_Algo1.pdf p.s. There isn't any way to upload this file to mql4.com connected to this code - could this be an added feature? For example it would be useful to upload template files in relation to this EA.
This is fully automated, however it is not a full trading solution. That means it does not require any human intervention, it is 100% automated, but it is most effective with an underlying bias of the markets.
Thanks for the updates. I will give this a test. I take it is still to be used only as semi-auto, but then I think you probably would only advise that for any automated trading.