The EA works in a channel drawn by the ChannelInd indicator.
This indicator itself is not required for the EA operation, since its data are calculated inside the EA.
The EA trades on a time basis: At the trading time specified in the EA settings, the EA places two pending stop orders on the channel borders and sets Stop Loss levels on the opposite side of the channel, without setting Take Profit levels. At the end of the trading time, all the existing positions are closed and the orders that have not triggered are deleted.
The Expert Advisor has eight configurable parameters:
- Begin hour - trading start time;
- End hour - trading end time;
- Experts magic number - the unique identifier of the EA's positions;
- Lots - the volume of positions to open;
- Slippage of price - maximum allowable slippage when opening a position;
- Multiplier spread for stops - spread multiplier applied to calculating a proper distance for stop orders (*).
- Waiting for environment update (in seconds) - time in seconds to wait for the update of the trading environment (**);
- Number of attempts to get the state of the environment - the number of attempts to obtain accurate information on the trading environment (***).
To check the strategy, the default settings were tested using EURUSD H1 in the 1 minute OHLC mode within the interval from 2017.01.02 to 2018.03.29.
Then the trading start/end parameters (Begin hour and End hour) were optimized for EURUSD H1 in the 1 minute OHLC mode:
The best results were obtained with the following settings:
- Begin hour = 8;
- End hour = 10.