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The Forex Fraus Slogger Expert Advisor is a reversal-based VertexFX client-side script that identifies reversal trades using the Envelopes Bands indicator. It also manages trailing stops of trades opened by the Expert Advisor, and can also manage trades opened by other Expert Advisors, or manually by the user.
The Envelopes Band indicator provides an Upper Band and a Lower Band in which prices typically trade during sideways markets. The idea behind this Expert Advisor is that when the price enters the Envelope from outside, it continues to move towards the centre of the Envelope, or towards the other end of the Envelope. The Expert Advisor identifies such scenarios and converts such situations into trading opportunities.
When the price is above the Upper Envelope, and crosses below the Upper Envelope from above, the Expert Advisor generates a SELL trade. The expectation is that the price will continue falling towards the centre of the Envelope.
Similarly, when the price is below the Lower Envelope, and then crosses above the Lower Envelope from below, the Expert Advisor generates a BUY trade. The expectation is that the price will continue rising towards the centre of the Envelope.
The stop-loss is typically set to 50% of the height of the Envelope, and similarly the take-profit is set to 50% of the height of the Envelope. The lot-size is calculated based upon the RISK_PERCENT, and is bounded by MIN_LOTS on the lower side and by MAX_LOTS on the upper side.
The Expert Advisor manages the trailing stops of the trades it opened. However, if ALL_POSITIONS is set to TRUE, then it manages the trailing stops of all pairs currently opened – even if they were not opened by the Expert Advisor.
If PROFIT_TRAILING is set to TRUE, then the trailing stop is triggered only when the trade profit is equal or greater than TRAILING_STOP value. However, if PROFIT_TRAILING is set to FALSE, then the trailing stop is triggered immediately once the trade is in profit, even it if is below the TRAILING_STOP threshold value.
