M15 10ema Touch

CHOROS_M15_10_Notify

When this parameter is true, possible M15 10ema touch trades will be notified and higlighted.

CHOROS_M15_10_Min_Tilt

To trade a M15 10ema touch, the steepness or inclination of M15 10ema needs to be considerable. This parameter value indicates the minimum tilt for the M15 10ema projection to consider it as valid for a possible trade. Please read more about how and why tilt is calculated here.

CHOROS_M15_10_Min_10_3550_Dist

When M15 10ema is too close to M15 35sma or to close to M15 50ema, then price may pass through it, so use this parameter to indicate the minimum distance between M15 10ema and M15 35sma and between M15 10ema and M15 50ema to consider it as valid for a possible trade.

CHOROS_M15_10_Min_Confluence

When the current price of the projection of M15 10ema is in confluence with some S/R Level, there is a higher probability that the trade may work. Use this parameter to indicate with how many levels should the M15 10ema projection should be in confluence to consider it as valid for a possible trade. If this value is zero, S/R Levels will not be considered.

CHOROS_M15_10_Confluence_Height

Confluences with S/R Level will rarely happen exactly at the M15 10ema projection price, so use this parameter to consider an area around the M15 10ema projection price where S/R Levels can be in confluence.

Example

Step 1: When all the analysis conditions are met, the EA notifies and highlights the area of interest with a blue rectangle. You can see more details about the notification in the Experts Tab of the Terminal Metatrader 4 window.

Step 2: You decide if you are going to trade or not this possible setup, you can wait to trade it manually when the area of interest is reached or you can use the EA Sell Levels to indicate when the EA should Sell. In this case we are going set a Sell Level and let the EA trade the setup if the price gets there. As you can see on the following image, I'm setting the Sell Level right before Daily S2, in this case that would be the safest entry because price usually reacts to Daily Pivots. The Stop Loss level could be set above Round Number for -10 pips, the EA calculates the lot size to risk TRADE_Risk of the account, in this sample 2%.

Step 3: Price reached the Sell Level where the EA sends a Market Order and also sets the Stop Loss (SL) and Take Profit (TP) levels. TP level is set based on the value of TRADE_TakeProfitPips, in this sample 20 pips. You can also see that the current order information is displayed on the left as "Sell Order #1" because INFO_Open_Orders_Show parameter is set to True.

Step 4: After the Market Order is sent, you can adjust the SL and TP levels as you feel necessary by dragging the SL and/or TP lines. In this sample we are moving SL to be exactly 10 pips, and moving TP above the lowest pin bar; that could be a level where price can bounce from. The Order Info on the left shows the percentage that your account will increase in case TP is hit or decrease in case the SL is hit.

Step 5: When profit is equal or greater than TRADE_PipsToBreakEven, the EA moves the SL level to Break Even + TRADE_BreakEvenPlus. In this sample TRADE_PipsToBreakEven is 10 and TRADE_BreakEvenPlus is 1.

Step 6: Take Profit level has been hit, the EA will draw arrows and a line at entry and exit points and also Daily, Weekly and Monthly account growth is displayed at top/right corner of the chart because INFO_Profit_Statistics_Show is True. As you can see on the following image all the analysis conditions are still valid, that is why the EA is still displaying an area of interest and is also notifying the possible setup. You may decide to enter or not but in this case a re-entry might be risky.

IMPORTANT: Don't take trades from these signals blindly. Read the manual and comments on the CHOROS System Thread to understand the system and, if you want, use this EA as a tool to help you find the setups. If you don't know what you are doing you will lose money.