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The Trap Play EA MT5 – Trading System – May 8, 2024
This semi-automated Expert Advisor (EA) is built to quickly participate in the market as it forms. trap play, ensuring optimal decision-making and timing. Given that human response time is not sufficient in shorter time frames, this EA bridges the gap for efficient trading.
This EA was programmed as follows:
- Automatically calculates lot size based on account risk % per trade.
- Once a trap play is formed with a risk-reward ratio of 1:1 to 1:10, market entry begins.
- Place your stop loss just above/below the signal candle.
- These are filtered out signals that do not meet the trader’s criteria.
Your tasks include:
- Manually adjust or implement trailing stops as prices surge in the market.
- Or use your preferred risk reward ratio.
parameter
- Account Risk Per Transaction (%) (MM) Decide how much risk you want to take per trade. Lot size is determined by account balance and risk %.
- Minimum, signal size Filters out trap plays smaller than the signal size (pip).
- maximum signal size Filters out trap plays larger than the signal size (pip).
- risk reward ratio Choose a risk to reward ratio from 1:1 to 1:10. The ratio is based on the size of the signal candle (in pips).
- Stop Loss Extension This option allows the trader to extend the stop loss further on the signal. Keep in mind that changes will affect your risk-to-reward ratio.
- maximum slip Allow maximum slippage during trading.
- Magic number Unique EA ID (e.g. 12345)
- period Determines the number of intervals the Donchian channel will evaluate to identify trap plays.
- sound notification Play a sound for new notifications.
- sound file name your Sound file for new alerts.
- mobile push notifications Send notifications to your mobile device.
- Send email notifications Send an email to your inbox.
- Pop-up notification We will notify you directly from your MT5 terminal.
