RichLazyBreakout Indicator
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Indicators have their uses but most are of limited use and require a lot of user discretion. Of course, I'd have to say the original Rich Lazy TrendLine indicator does a good job but even that is best used in conjunction with our additional Trend indicator at the bottom of the chart. There can be no Black and White rules in trading! However, one of the best long-standing indicators of possible action has always been Support and Resistance, which works on any instrument and on any time frame. The concept being that price bounces off these two levels but it does not mean that the bounce will be substantial enough to be worth trading. However, the breakout from these levels usually is - so we have created a modified S & R indicator to specifically show breakouts... Working on any instrument and on any time frame it clearly shows when to Buy and Sell and a little observation will tell you the best Stop Loss and take profit to use. It works on most instruments and time frames but the best is Gold or the S&P500, GBP/JPY and USD/JPY on the H4charts but it is also very profitable on M15 and H1 Gold.
We have extensively backtested the indicator and found the following parameters most profitable at the present time and while it can be used on other instruments and time frames, the following are tested and proven. Obviously, we Buy when the price breaks above the magenta arrows and Sell when the price breaks below the Lime arrows (even by half a pip). Yes, logic would dictate the colours should be the other way around but then they would get lost in the same colour candles! Gold H1 03:00 to 19:30 SL18 TP65 Move SL up at 7 in profit. Gold H4 03:00 to 18:00 SL80 TP150 Move SL up at 70 in profit. US500 H4 06:00 to 20:00 SL50 (safer 52) TP50 Move the SL up at 12 in profit. This gave 31 wins out of 31 last 2 months!! GBP/JPY H4 02:00 to 17:00 SL24 TP26 Move the SL up at 12 in profit. USD/JPY H4 02:00 to 17:00 SL25 TP30 Move the SL up at 10 in profit. Best to use our TradeOpener with a Trailing Stop with the following settings in all cases the Step in 1 except H4 Gold. This automates the input of the TP and SL and the Trailing Stop so once manually opened it can be left unattended. H1 Gold TP65 SL18 Trigger 7 Distance 5 H4 Gold TP150 SL80 Trigger 100 Distance 70 Step 15 H4 S&P TP 50 SL 52 Trigger 12 Distance 5 H4 GBP/USD TP26 SL24 Trigger 12 Distance 6 H4 USD/JPY TP30 SL25 Trigger 10 Distance 7 All of these can safely be traded with 0.1 Lots per $1,000 and a maximum of 0.2 lots per $1,000. If you are using it for Prop Trading, then the figures at 1 Lot to 2 lots per $25,000. This has the potential to pass the evaluation in one month. Installation (Brief because I assume clients for this product are experienced) Top left on MT5, File - Open data folder. Double click MQL5 and copy paste the indicator into Indicators. If you are installing TradeOpener, copy and paste it into Experts. Restart your MT5, open up Navigator and drag the indicator onto the appropriate chart and the same if you are using TradeOpener. Double click the TradeOpener icon top right on the chart, make sure Allow Algo Trading is ticked and input the correct parameters.
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