script Hunting for the Channel Breakout

The script is designed for semi-automatic trading. It can place required number of pending SellStop orders with preset StopLoss and TakeProfit levels in one go.

The script calculates the channel width using the ZigZag indicator and places a grid of pending SellStop orders according to specified settings. The first pending SellStop order is placed at the specified distance from the channel's borders. This distance is set in parameters as percentage from the calculated channel width. The channel width is calculated by preset number of extremum points of the ZigZag indicator. Each order has StopLoss and TakeProfit levels (set in parameters). The next order is placed on the TakeProfit level of the previous pair.

The script distinguishes two-three and four-five digit quotes. Values of parameters are specified in points (the second or the fourth decimal place).

Usage:

Drag the script name on the chart from the navigator panel and specify required parameters in the window appeared.

Make sure that trading is allowed. Check the box on the second tab. Otherwise orders will not be placed!

Adjustable parameters:

• The size of the bet - size of the bet for each grid order in lots
• The TakeProfit level - take profit for each grid order in points
• The StopLoss level - stop loss for each grid order in points
• The number of bets in the series - number of orders in a series
• The indentation from the channel to % - indent of the first pair of pending orders from the channel's border as percentage of the channel width
• Number of calculation points zigzag - number of the Zigzag's reference points to plot the channel
• Depth - the setting of the zigzag indicator - the Depth parameter of the Zigzag indicator (see below)
• Deviation - the setting of the zigzag indicator - the Deviation parameter of the Zigzag indicator (see below)
• Backstep - the setting of the zigzag indicator - the Backstep parameter of the Zigzag indicator (see below)
• To create the signal line Dn - Dn signal line - horizontal line with a relevant name used for visual monitoring of the channel's borders by the Zigzag indicator (true - create, false - not to create)
• Slippage - slippage (parameter for placing orders)
• Arrow color orders SellStop(Blue) - color of the SellStop order arrow - no arrows by default

By the way: Depth is a minimum number of bars, which will not have the second maximum/minimum smaller/larger by Deviation pips, than the previous one. Backstep - is a minimum number of bars between maximums/minimums.

The Dn signal line can be used by Signal on the Channel Breakout for notifying a trader about crossing the calculated channel's border.

It makes sense to set the shift (indent) of the first pending order by Fibonacci levels - 23.6, 38.2, 50.0, 61.8.

Comment:

The script displays the following comment in the upper left corner of an active chart:

• script name and its main parameters
• calculated channel width
• calculated shift of the first order

Alternative usage:

The script can be used instead of News Hunter Bot OneTime for manual placement of the orders before news release, or directly during the release when results are published and and the quote is expected to fall.

Similar products:

Use Hunter on the channel breakout BuyStop if you want to place a grid of pending BuyStop orders.

Use Hunter on the channel breakout BuyStop SellStop if you want to place a grid of pending BuyStop and SellStop orders.