PZ Day Trading with SR fxr_sr_zones_3.18
This idea was sent to me by Vu Long. Thanks for the strategy.
How the EA works?
- Wait for a PZ Day Trading Signal Up/Down arrow
- Use fxr_sr_zones_3.18 to get nearest Support/Resistance
- If price is already too close to opposite SR line, it will skip trade. Meaning for BUY if price is too close to Resistance then skip. It uses minSRDist for checking distance.
- For BUY: Keep StopLoss below Support – slBuffer. Keep TakeProfit1 at Resistance1. And TakeProfit2 at Resistance2.
- For SELL: Keep StopLoss above Resistance + slBuffer. Keep TakeProfit1 at Support1. And TakeProfit2 at Support2.
For setting StopLoss farther, set it at Support2 (S2) or Resistance2 (R2). If StopLoss is too far, it will check for maxStopLoss and set it to that distance instead.
- useTrend is true: EA also using THV4_Coral__TkH_zep indicator to find current trend and only trade towards the trend.
- closeOnTrendReverse is true: When trend reverses, it will close the order. Keep it false if you aren’t using trend (if useTrend is false).
Download:006_PZ_DayTrading_with_SR_EA_v1.0_Abiroid.rar (123 downloads)
Make sure to use EA only when market is trending. During a slow ranging market, you will most likely lose money. Because Support/Resistance fluctuate a lot.
Also, avoid News Events because market won’t follow Support/Resistance rules then.
I haven’t been able to test it out much. Please write to me in comments if you’ve improved on this strategy. Thanks.