Solution for a strategy with multiple errors. Configured on FXCE Giga.
This EA is a Semi-auto type, where you have to manually enter the first order.
When your entry is not a good position, this EA will help you average the cost (also known as Dollar-Cost Averaging trading algorithm).
This will reduce the risk when entering the market at the wrong time and eliminate the need to search for the best entry opportunities.
- Once you have carefully analyzed and identified a reasonable entry point, you will place the first order.
- The rest is handled by Giga, which will place a series of pending orders in the opposite direction to the position you just entered.
- When the market moves in the wrong direction, the pre-set pending orders will be triggered. The EA automatically moves the stop-loss level to the breakeven point based on the pre-defined price level. This feature of moving the stop-loss to break even prevents the open positions from incurring losses when the price suddenly changes direction.
- If the price moves strongly in a favorable direction, the EA will take profit at the pre-set target price (including the manually entered orders).
- The EA manages the risk based on the Max Risk parameter, which is determined by the initial account balance specified in the Account Initial Balance section.
Everything is straightforward, and you can find the setup and customization options for Giga Rayse DCA in the config file. Furthermore, you can customize it to optimize profitability and minimize risk during the order processing.