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REGISTER PARTICIPANTS Expert Gap Trader Mt4

Discussion in 'Forex Market MQL5' started by James Goldman, Sep 5, 2020.

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  1. James Goldman

    James Goldman Moderator
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    #gaptrader

    gap-trader-logo-200x200-8352.png

    Gap Trader Expert Advisor exploits one of the most common
    phenomena of the Forex market namely the weekend gap, a price difference
    between the last Friday’s closing price and the coming Monday’s opening one.
    This price jump is due to the fact that the interbank currency market continues
    to react on fundamental news during the weekend, opening on Monday at the most
    liquid level. Weekend Gaps are consistently been filled by the market and
    therefore fanatically traded by Forex expert traders. Gap
    Trader
    using H1 time frame fully automates the execution of the
    aforementioned strategy by:

    • Immediately
      spotting a weekend gap on Monday market opening and betting on its filling. Gap
      Trader can be used simultaneously in as many currency pairs as the user wants.
    • Managing
      all open positions with free-ride opportunity utilization
      orientation. (Trailing Stop Loss
      function
      )
    • Using
      the magic number feature to separate
      between any previous opened non-gap-trading positions and gap-trading ones,
      with the first being unaffected by the use of Gap Trader expert advisor. Magic number is also used for the
      distinction between gap-trading positions in different currency pairs.
    Strategy Description
    On Monday’s
    market open, if the Friday’s last H1 candle
    high (low) is lower (higher) than the Monday’s opening price by more than 10
    pips, three short (long) positions,
    position A, B and C, are opened. From
    now on this price difference will be called gap. All three positions have an initial Stop Loss set at a user
    specified level, although the default Stop Loss level is set to 100 pips. Position A has a Take Profit level that is
    set one gap distance away from the
    opening price, TP A =1xgap, position B has a Take Profit level equal to
    two gaps distance from the opening price, TP
    B=2xgap
    , and position C does not have a Take Profit level. (Picture 1) Once position A is closed, in other
    words once the first gap distance is reached, position’s B and C Stop Loss is set
    to the zero loss level (Stop Loss A=
    Stop Loss B=opening price
    ) and the Trailing Stop Loss Function kicks in
    starting the free-ride part of the strategy.

    Gap Trader
    will close all positions that are still open by next Monday and whose gap distance
    has not been filled, letting open all wining bets and their free-riding
    potential for maximum profits.

    Trailing Stop Loss Function
    Once the 1xgap is filled
    the Trailing Stop Loss function will
    get into action. It starts a free ride position by setting position’s B and C
    Stop Loss level at the zero loss point. Should the price move more to your favor it trails the stop loss level
    upwards for a long position or downwards for a short position maximizing your
    potential profits. The Trailing Stop Loss distance from the current price is
    set to a user defined level expressed in pips, with the default level set to 39
    pips. (Picture2)

    Magic Number Feature
    Every Forex
    pair at the initialization of Gap Trader expert advisor should be given a unique
    non zero integer
    magic number value by the user. This number is essential
    to the function of the expert advisor as it is used on the one hand to
    distinguish between any non-gap-trading positions that are already open and the
    gap-trading positions and on the other hand between gap-trading positions on
    different Forex pairs.

    Use of Gap Trader (Video)
    In order to
    use Gap Trader in a Forex pair, the user has to open the pair’s corresponding
    chart window in H1 time frame and
    simply drag and drop Gap Trader icon
    from the list of expert advisors in the navigate window to that of the forex
    pair chart. Once you do that the
    parameter window will be shown.

    Description of Input Parameters
    • Lotsize:The bet size can be either
      an integer or a decimal value. Default value set to 1.
    • Magicnoumber:A unique non zero integer, non negative value for each pair
    • StopLossPips:Initial Stop Loss value
      expressed in number of pips away from the opening price. Its value should be an integer! Default value set to 100.
    • TraillingStopLossPips:The Stop Loss
      value that will be used when the Trailing Stop Loss function will be activated.
      It is expressed in the number of pips away from the current price. It should be
      an integer! and its default value
      set to 39. If the gap value is less that the inputted value then Gap Trader will set it equal to the gap value otherwise it will be left
      unaffected.
    After the input
    parameters are set to their desired levels press the ok button and Gap Trader is on. Make sure that the
    expert advisors activation button on the toolbar is on and also a smiling face
    has appeared to the upper right corner of each chosen Forex pair chart.

    gap-trader-screen-1715.jpg gap-trader-screen-1254.jpg

     

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