This cBot is designed to automate trading on the cTrader platform using a strategy of utilizing a combination of technical indicators and risk management techniques. Below is a detailed explanation of the key components and functionalities of the bot:
Key Features and Components
- Parameters:
- Risk Percentage (%): The percentage of the account balance to risk on each trade.
- Take Profit (pips): The number of pips to set as the take profit level.
- Trailing Stop (pips): The number of pips to trail the stop loss behind the current price.
- Initial Stop-Loss (pips): The initial stop loss level in pips.
- Maximum Risk per Trade (%): The maximum percentage of the account balance to risk on a single trade.
- Position Size Scaling Factor: A factor to scale the position size based on the number of open positions.
- Max Open Positions: The maximum number of positions that can be open simultaneously.
- Break-Even Profit (pips): The number of pips in profit required to move the stop loss to the entry price (break-even).
- News Event Start Time UTC (HH:mm ): The start time of the news event during which trading is avoided.
- News Event End Time UTC (HH:mm ): The end time of the news event.
- Indicators:
- S/R Bands: Used to identify potential support and resistance levels.
- Moving Averages: Different moving average durations on five different time frames are used to determine the trend direction.
- Relative Strength Index: Used to identify overbought and oversold conditions.
- Entry Conditions:
- Buy Entry: The bot enters a buy position if the price is above the band, above the MAs on multiple time frames, and the RSI is overbought.
- Sell Entry: The bot enters a sell position if the price is below the band, below the MAs on multiple time frames, and the RSI is oversold.
- Risk Management:
- Lot Size Calculation: The lot size is calculated based on the account balance, risk percentage, and the number of open positions. The position size is scaled down as more positions are opened.
- Trailing Stop: The stop loss is trailed behind the current price by a specified number of pips.
- Break-Even Stop: The stop loss is moved to the entry price once the trade reaches a specified number of pips in profit.
- Maximum Position Limit: The bot limits the number of open positions to a specified maximum.
- News Event Filter:
- The bot avoids opening new positions during specified news event times.
- Logging:
- The bot logs indicator values and trade execution details for debugging and monitoring purposes.
**Can grow a small account as low as $100.00 based on back testing results on a 1 month duration. Proving its probability of generating profits using strict rules in the automated scalping strategy I developed. Scanning multiple timeframes for confirmation of entries and strict risk management rules.
***Will not apply indicators on your clean chart but BUY/SELL orders are executed using indicator rules..
****Don't be worried if the bot is not entering trades even if you manually see a possible trend/entry. It just means that a rule hasn't been satisfied in one of the timeframes which could potentially initiate a sudden drawback upon entry. Less entry, less mistake, more wins.
*****Default TIME FILTER is applied for the bot not to enter trades during "High Impact News".
