This expert advisor, named 'Find Closing Price Reversal with Alerts', is designed to detect potential reversal patterns in the market based on the closing price. It is developed by the Forex Robot Easy Team and can be found on their website forexroboteasy.com.
gapSize: Size of the gap in points. Default value is 5.barCheckCount: Number of bars to check for potential reversal pattern. Default value is 3.
This expert advisor works by iterating through the historical price data and checking for potential reversal patterns. It follows a specific set of conditions to identify a reversal pattern:
-
It checks if the absolute difference between the closing price of the previous bar and the opening price of the current bar is greater than or equal to
gapSizemultiplied by the point value. -
It checks if the opening price of the current bar is higher than the highest price of the previous bar.
-
It checks if the closing price of the current bar is lower than the closing price of the previous bar.
-
It checks if the closing price of the current bar is lower than the lowest price of the current bar.
If all these conditions are met, it considers it as a potential reversal pattern and triggers an alert. The alert is shown only once to prevent multiple alerts.
The expert advisor can be used on any currency pair and timeframe. It is recommended to optimize the input parameters for different trading instruments and market conditions.
Please note that Forex Robot Easy is not the official developer of this product. This code is provided as a sample and can work as described in the product. To find the official developer of this product, please refer to the MQL5 platform.
The 'Find Closing Price Reversal with Alerts' expert advisor is a powerful tool for traders looking to identify potential reversal patterns in the forex market. This expert advisor is based on a proven strategy and can help traders spot potential trend reversals with high accuracy.
By analyzing the closing price of each bar and comparing it with the previous bar's opening and closing prices, this expert advisor can detect situations where a reversal may occur. When such a pattern is detected, an alert is triggered, notifying the trader of the potential reversal.
With its customizable input parameters, traders can adjust the sensitivity of the reversal pattern detection to suit their trading style and preferences. By optimizing the parameters for different currency pairs and timeframes, traders can maximize the accuracy and effectiveness of this expert advisor.
The 'Find Closing Price Reversal with Alerts' expert advisor is suitable for both beginner and experienced traders. It can be used on any MT4 platform and is compatible with all major currency pairs. It provides a valuable tool for traders to enhance their trading decisions and improve their overall profitability.
For detailed reviews and trading results of this product, please visit forexroboteasy.com.