The Binario 31 Expert Advisor is a powerful VertexFX client-side script that trades breakouts based on Exponential Moving Averages (EMA).
It relies on Exponential Moving Averages to define a price band which acts as Support and Resistance levels, which when breached generates new trend breakouts. Pending SELL-STOP and BUY-STOP orders are placed just outside the Support and Resistance levels to catch potential breaks.
If the price reverses after a breakout, which is termed as a false breakout, and then hits a stop-loss, the pending order of the opposite direction is triggered, thus providing another opportunity to trade the breakout in the opposite direction.
In the first step, it calculates the 144-period Exponential Moving Average of the High prices. This is considered the Resistance level.
It then calculates the 144-period Exponential Moving Average of the
Low prices. This is considered the Support level.
It then calculates the 144-period Exponential Moving Average of the
Low prices. This is considered the Support level.
A BUY-STOP pending order is placed at a distance of PIP_DIFFERENCE above the Resistance. The stop-loss of this BUY-STOP pending order is one pip below the Resistance level and the take-profit is set to the TAKE_PROFIT value. If a LONG position is already open, a pending BUY-STOP order is not placed.
Likewise, a SELL-STOP pending order is placed at a distance of PIP_DIFFERENCE below the Support. The stop-loss of this SELL-STOP pending order is one pip above the Resistance level, and the take profit is set to the TAKE_PROFIT value. If a SHORT position is already open, a pending SELL-STOP order is not placed.
If the Support and Resistance levels change while the order(s) are pending, the entry price, stop-loss and take-profit values are adjusted accordingly.
The Expert Advisor protects profitable positions with a trailing stop defined by the TRAILING_STOP parameter.
Configurable Inputs
1. LOTS – The lot-size of each trade opened by this Expert Advisor.
2. MAXIMUM_RISK– The maximum risk per trade in the account currency. For example, if this value is set to 10, the maximum risk allowed is $10, and the lot-size is reduced if the risk based on the default lot-size (LOTS) is greater than this value.
3. TAKE_PROFIT – The take profit of each trade in points.
4. TRAILING_STOP – The trailing stop of each trade in points.
5. PIP_DIFFERENCE – The maximum allowed spread in points used to adjust the entry price of a trade and the stop-loss of the opposite directional trade.
To use Binario 31 EA download it from here, then place it at VertexFX VTL directory:
C:\Users\"Username"\AppData\Roaming\VertexFX Client Terminals\"Company name"\VTL10\Local VTL Scripts
Then right click on the tree and select refresh or restart your client station and you will find under VTL local scripts in your client terminal.
You can check this video that talks about the Binario 31 EA: