BUT FIRST, WHAT IS PRICE ACTION TRADING
Price action trading is basing trading decisions on the price movements of an asset. Indicators or other methods of analysis are not used, or given very little weight in the trading decision process. A price action trader believes that the only true source of information is the price itself. If a stock is going up, that tells the price action trader that people are buying. The trader will then assess, based on how aggressive the buying is, whether it is likely to continue. Price action traders don’t typically concern themselves with “why” something is happen.
Using historical charts and real-time price information the price action trader looks for a favorable entry point. A favorable entry point is one that allows risk to be controlled, but that also offers a potential profit.
Price Action Algo
This expert advisor is perfect for traders that follow price action strategies especially when a price breaks out of a range. The algorithm uses multiple entries each with a stop loss, trailing stop and take profit and users can therefore create the most sophisticated money management settings. Users are able to adjust number of entries, stop losses, take profits, trailing stops, lot size, accumulators which makes this EA a very very suitable for manual traders who recognize the problems of trading in multiple pairs when markets are moving rapidly with a high volatility. Even whilst trading you are able to adjust settings. Iforexrobot will constantly monitor the settings and inform users about improvements.
This indicator is a great tool for manual traders that fancy the price action trading method and also works great during news events.
We offer this indicator including a full price action training course for free in combination with a partner broker account. For more information click here