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I'm interested in creating an expert advisor that is based on the donchian breakout system. Your input as to what is possible or what might work better is more than welcome.
The expert advisor would function as an mechanical trader, following the rules illustrated below, used on a H4 time frame:
- buy when price exceeds 10 bars high (donchian channel setting 10 bars)
- sell when price exceeds 10 bars low (donchian channel setting 10 bars)
- stop loss 2 pips below the high / low of the breakout candle I.e the candle that breaks above / below the donchian channel.
- exit position when price exceeds the previous 10 bar high or low. (A trailing stop loss below the 10 bar donchian channel might do)
Trade management rules:
- if a long trade is initiated, a new long position would be initiated when price exceeds 20 bar high. Stop loss would be moved accordingly to the low of the breakout candle - 2 pips
- if a short trade is initiated, a new short position would be initiated when pr...
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