Donchian stoploss expert - great exit strategy

[stemplar]

The EA set or modify the stoploss level of the opened position to the upper or lower bands of donchian indicator. IMHO this exit strategy much better than the trailing stop because you will leave the market only if the trend changing. If you buy the stoploss will be the lower band of the donchian if you sell of course the upper band.

 

screenshot: http://img338.imageshack.us/img338/5205/picture16d.png

 

http://r@[email protected]/files/376869497/donchianstoploss.mq4

http://r@[email protected]/files/376872258/DonchianBands.ex4

 

Install:

...'MT4 folder'../experts/DonchianStoploss.mq4

...'MT4 folder'../experts/indicators/DonchianBands.ex4

Don't forget to restart the Metatrader :)

 

Usage: Move the DonchianStoploss from experts advisors and DonchianBands from costume indicators to the chart. In the opened windows you should give the period of candles. In M15 timeframe I prefer the default number '20', in M5 timeframe the best number is '14' but this is your choice. At the 'diff' field at expert you should give the difference between the band and the stoploss. The default is 4 pip (1x-2x spread of the symbol).

The stoploss will changing in every change of the candle (not at all price changing).

 

Try on demo first!

Enjoy. Many pips for everyone...