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If you would like to trade based on bounces from a channel you may use this Expert Advisor to do the job for you. All you need to do is to attach the EA to a chart, move the channel lines in proper location, and then define the direction of the trade and the trade settings. The EA enters the trade without your presence when the price bounces off the channel lines*.

How the "TradeChannelBounce" EA Works

When you attach the EA to a chart it builds a channel line for you. You need to correct the positioning and size of the channel manually. Then press F7 and change the settings of the EA to enable long trading and/or short trading (you may enable both of them). You may also change the default values for Stop Loss, Take Profit and Lot size per trade. The following image shows a scenario that could happen with this EA if both long trading and short trading are enabled.

Follow the numbered boxes on the chart to see how this EA could trade in a channel environment. Note that the EA won't enter or manage trades under pale purple boxes because either another trade in the same direction is open or the price has not bounced back from a channel line.

This EA has many similarities to the "TradeChannel" EA. You may also click here to read about that EA and watch a video. It helps you have a better understanding of the current EA.

Download TradeChannelBounce [download]

Click here to download the EA. This is the compiled version of the EA which can be used both on demo and live accounts. The source code is only available to my paid students. If you would like to register to my online MQL course and have access to the source code of this Expert Advisor and many other EAs, Indicators, and Scripts click here.

Important Note: This EA is not a fully automated trading system. I have designed it to help you with your existing trading strategy. Do not consider it as a trading system. It is just a tool to make your trading experience more comfortable. I strongly suggest finding a trading strategy that matches this EA before using it. Also I do not take responsibility of the results you may get by using this Expert Advisor or any other tools published on ForexBrace.com. Neither this website nor I offer financial advice. I am also not responsible for any malfunctions of the programs offered on this website. Risk Warning!

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*I cannot be held responsible for the malfunction of this Expert Advisor. User discretion is advised.