Apart from the pattern recognition indicator and scanner, we offer an autotrading strategy. The strategy is an add-on to the indicator and is sold only together with the indicator. Unlike many other strategies sold other the internet ours is not a “blackbox”, it is a highly customizable open source strategy. We do not sell it basing on hypothetical test results, instead we offer every user ability to adjust it to their trading style and instrument, or customize by including their own indicators and filters.
Basing on our users experience the greatest autotrading success is achieved by incorporating support/resistance lines as places to trade the patterns as well as filters for accidental flat period patterns. Various reversal indicators to confirm patterns and custom trailing stops are also popular among traders. We offers customization service for this strategy and indicator please feel free to contact us with any queries.
The default strategy contains the following options:
- Pattern switches. Ability to switch on/off certain pattern type.
- Pattern sensitivity. How much you allow the price to deviate from the ideal pattern proportions.
- Whether to enter long, short or both.
- Minimum risk/reward settings for entry.
- Stop loss buffer
- Three options for profit taking:
1. Safest and closest target only.
2. Second farther target with the first acting as break even trigger. (not all patterns have second target in that case the first will be used)
3. Fixed number of ticks profit target.
- Customizable trailing stop. It tightens the stop when the price gets closer to the target.
- Trading times. In case you want to restrict the strategy from trading outside desired trading window.
- Trade quantity.
The strategy works on any chart available in NinjaTrader.
While the autotrading strategy works straight out of the box, we recommend you to familiarise yourself with the method and strategy before starting fully automated trading. Read the other material about chart patterns and trading them on our website or other internet resources.
Before applying the strategy to trade real money, we recommend testing it on paper trading account. Also read our disclaimer as there is risk of loss in trading.