This EA looks at (3) time frames and determines either to short or to long a trade based on the highest time frame. This EA accesses the !LinRegrBuf indicator and determines the trend/slope for M1, M5, and H1 time frames.
If the H1 trend/slope is heading in a positive direction(+), then the EA waits until M5 is oversold, and M1 is oversold, then the EA enters a long trade. M5 and M1 oversold conditions are determined by waiting until the iLow of M5 and M1 is lower then the respective supports of the !LinRegrBuf indicator on M5 and M1 time frames. The takeprofit of the long order is the center line of the !LinRegrBuf indicator on a M5 chart. The stoploss of the order is half of the takeprofit.
If the H1 trend/slope is heading in a negative direction(-), then the EA waits until M5 is overbought, and M1 is overbought, then the EA enters a short trade. M5 and M1 overbought conditions are determined by waiting until the iHigh of M5 and M1 is higher then the respective resistances of the !LinRegrBuf indicator on M5 and M1 time frames. The takeprofit of the short order is the center line of the !LinRegrBuf indicator on a M5 chart. The stoploss of the order is half of the takeprofit.
This EA can be applied to any chart, and any time frame, and it will show the slope of the trend of each time frame, as shown in the top left corner of the image above. In the chart above the M1 slope reading is -0.1212, this negative trend/slope can be visually seen in the chart above with the help of the !LinRegrBuf indicator. Slopes of other time frames are shown below the M1 slope.
EA Properties:
Trade | this enables the trading based on trends/slopes
barstocount | this number is passed to the !LinRegrBuf indicator, to determine the trend. See the following link for details of the !LinRegrBuf indicator.
Lots | lots to use in orders
Slippage | allowed slippage in orders
MagicNumber | number to track orders opened by this EA
More Information:
Download the !LinRegrBuf.mq4 to the MT4 indicator directory, i.e. ‘experts\indicators’
To find out more details on this strategy review the content in the following link:
Investopedia information on multi time frame trading:
