Hello, here is one idea for scalping the envelops, its very tricky to do it manually because price bounce fast from envelops, i hope someone has time to code it.
Strategy is to utilize bounce from the envelops(standard indicator in mt4) : Period 3, deviation 0.07 , shift: 0, MA method: linear weighted, Apply to :Open
Buy : When ever price- candle touches lower envelope (red one on picture), from above or below, ea should open a Buy position
Sell: When ever price- candle touches upper envelope (blue one on picture) from below or above, ea should open a Sell position
Today we would have 30 trades on m5 eurusd. Total profit with SL 3 pips and tp 5 pips would be 73 pips, and with sl 3 pips and tp as close on the opposite signal( if we open buy at redline and close it on blue line, and if we open sell on blue line and close it on blue line) would be 122 pips. I had time to take only 2 trades today since i had a hell in the office, both 5 pips tp. Strategy is very simple and very old, i am more of a swing trader, but this one is my dream if i had time to trade it on daily basis.
TP / should have two options a fixed one like 30 points OR close on opposite signal ( lets say we entered Buy (price touched red line ), and price moved to the Blue line...in this case ea should close existing buy position and open sell....and vice versa.
Sl/ fixed in points, like 30 points
Trailing Stop Starts / if we place 30 points here ea will start trailing
TRaill stepp / move sl how many pips / for example we place Trailing Stop Starts 30 points and Traill step 10 points. Ea will every 3o points move sl for 10 points .
If someone has time to code it it would be beneficial to all.