This Expert Advisor shows that you can make a profitable automated trading robot using technical analysis and not too many rules. Only prices (to determine Doji) and a single indicator (ATR) is used. No extra files or custom indicators are necessary.
The EA is designed for the Daily time frame because technical analysis of candlesticks works best at higher time frames.
The entry will consist of two STOP orders, one BUY and one SELL, around each Doji candle. A Doji is a simple Japanese candlestick pattern that shows market indecision. Initial stop losses (SL’s) are set based upon volatility (ATR) from the high or low of the Doji candle.
Risk adjustment is handled by a volatility based (ATR) trailing stop loss, and EXITs occur when the SL is hit. This type of risk adjustment fulfills the adage, “let your profits run.”
Input variables are described in the code. They include volatility factors (ATR) for setting the initial SL and size of trailing SL. Also, the period of the ATR is avaiable.
You can watch, step-by-step, how this EA was built via YouTube videos. See the link in the code for details. A full transcript of each video is available in English.
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