Introduction The Donchian Channel Multi-Currency EA leverages the Donchian Channel to identify breakouts, trends, and potential reversals, enabling precise entry and exit points. With customizable parameters, this EA provides flexibility to trade across multiple currency pairs while implementing additional features like grid recovery, hedging, and martingale strategies for advanced trade management.
MT4 Version is available here Donchian Channel Multi Currency EA MT4
MT5 Version is available here Donchian Channels Multi Currency EA MT5
Features Overview
- Multi-Currency Trading
- Monitor and trade multiple currency pairs simultaneously.
- Example: EURUSD, GBPUSD, USDCHF.
- Donchian Channel Strategy
- Entry and exit conditions based on the Donchian Channel.
- Customizable parameters for period, margins, and entry/exit strategies.
- You can find the detailed strategy here
- Recovery Strategies
- Grid Recovery: Adds trades in a grid pattern to recover losses.
- Hedge Strategy: Opens counter trades to manage risk.
- Martingale Strategy: Increases trade size progressively to recover losses.
- Flexible Filters
- Day Filter: Enable or disable trading on specific weekdays.
- Time Filter: Define active trading hours to suit market conditions.
- Position Sizing
- Dynamically calculate lot sizes based on risk or fixed lot settings.
- Alerts and Notifications
- Receive notifications for significant trading events via platform alerts or email.
Input Parameters
Core Indicator Settings
- Donchian Timeframe:
- Select the timeframe for Donchian Channel calculation.
- Default: PERIOD_CURRENT .
- Donchian Period:
- Defines the period for calculating the upper and lower bands.
- Default: 20 .
- Extremes:
- Specifies the type of extreme points for band calculation.
- Default: HIGH_LOW_CLOSE .
- Margins:
- Defines the additional margin in points for the channel.
- Default: -2 .
- Shift:
- Shifts the Donchian Channel by the specified number of bars.
- Default: 0 .
Entry Strategy
- ENTRY_STRATEGY1: Buy on reversal at the lower band, sell at the upper band.
- ENTRY_STRATEGY2: Buy when the price crosses the upper band, sell when it crosses the lower band.
- Default: ENTRY_STRATEGY1 .
Exit Strategy
- EXIT_STRATEGY1: Buy exit on reversal at the upper band, sell exit at the lower band.
- EXIT_STRATEGY2: Buy exit when price crosses the lower band, sell exit when it crosses the upper band.
- EXIT_STRATEGY3: Exit (both buy and sell) when price crosses the middle band.
- EXIT_STRATEGY4: Disable exit strategy.
- Default: EXIT_STRATEGY4 .
Multi-Currency Settings
- Pairs:
- A comma-separated list of currency pairs to monitor and trade.
- Example: EURUSD, GBPUSD, USDCHF .
Group Stop-Loss/Take-Profit Settings
- Group Stop-Loss (in Currency):
- Close all trades if the combined loss across all pairs reaches this value.
- Default: -100.0 .
- Group Take-Profit (in Currency):
- Close all trades if the combined profit across all pairs reaches this value.
- Default: 100.0 .
Additional Features
- Refer to the EA’s settings for configurations related to:
- Grid Recovery
- Hedge Strategy
- Martingale Strategy
- Day and Time Filters
- Position Sizing
- Alerts and Notifications
How It Works
- The EA evaluates the Donchian Channel for each specified currency pair.
- Trades are executed based on the selected entry strategy (e.g., buying when the price crosses the lower band).
- Exit strategies are applied based on the Donchian Channel signals, or the strategy can be disabled for manual control.
- All trades are monitored for cumulative profit or loss. If thresholds for the Group Stop-Loss or Group Take-Profit are reached, all trades are closed.
- Recovery strategies (Grid, Hedge, Martingale) are applied as specified in the input settings.