The EA works with pending Buy Stop and Sell Stop orders.
The strategy applies the general view of British traders as well-known âstop level huntersâ. This means that the initial movement at the opening of the London session may not always be true.
The original rules for buying are as follows:
After the beginning of the London session, wait for the price to reach a new range low, which is less than the Open price at least by the Channel breakthrough value (the range is a price movement between the Frankfurt and London openings).
Then the pair reverses and hits the maximum.
Set a buy pending order with the volume of Lots to Order price shift above the range high.
Set stop loss (Stop Loss) and take profit (Take Profit) immediately.
Calculate the channel range strictly from Channel start hour::Channel start minute up to Channel end hour::Channel end time. Search for high and low within this range. Use the detected high and low as well as the dates Channel start hour::Channel start minute and Channel end hour::Channel end time to build a rectangle and visualize the channel:
A pending order is placed within a time range from Placing order start time (hours) to Placing order end time (hours). If we go beyond the specified range, while there is a a non-activated pending order, remove it.
