This scripts have been developed by Arturo Lopez, founder of Point Zero Trading Solutions.
This set of scripts has been designed to scale-in your trades as price action runs in your favor. This will maximize profits due to proper pyramiding, decrease the impact of unprofitable trading decisions and make your life much easier. There are four different tasks you can perform with these scripts:
Buy at market price and place 3 further pending orders
Sell at market price and place 3 further pending orders
Place a buy stop order at the high of the previous bar and 3 further pending orders
Place a sell stop order at the low of the previous bar and 3 further pending orders
Some other facts you should know:
The first trade has a risk allocation of 2%.
All further pending orders decrease in lotsize to avoid overbetting.
All orders have an ATR-based stop-loss. Default is ATR(30)*2 from the opening price.
All pending orders have an ATR-based distance between them. Default is ATR(30)/2.
Additionally, a fifth script is provided to delete all pending orders if desired. Use with caution since it affects all pending orders.
Foreign currency exchange trading is highly speculative and is suitable only for those who (a) understand and are willing to assume the risks involved, and (b) are financially able to assume significant economic losses. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. Trading on margin can amplify both gains and losses in your account. Before deciding to trade foreign currencies, you should carefully consider your investment objectives, level of experience, and risk appetite. You should be aware of all the risks associated with foreign currency exchange trading and seek advice from an independent financial advisor if you have any doubts.
All contents or information displayed or contained on Piphut.com are based on a number of assumptions which may not be fully disclosed or explained. Hypothetical trading or performance has many inherent limitations, including the benefit of hindsight and the fact hypothetical trading or performance involves no economic risk. Variables such as the ability to adhere to a particular trading program despite trading losses and maintaining adequate liquidity are material considerations that can adversely affect actual trading results. No representation or warranty is being made or given that any account will or is likely to achieve profits or losses similar to those displayed on Piphut.com. There are frequently substantial differences between hypothetical performance and the actual performance subsequently achieved by a trading program. You must exercise independent judgment when making investment or trading decisions. Past performance is not indicative of future results. Please read the User Agreement and Risk Disclosure Statement for more information.