- gapdistance = 200
- opendistance = 200
- retrace = 300
- profit_lock = 91
- be_lock = 59
- profit_amount = 500
- be_amount = 150
- TP = 590
- SL = 500
gapdistance is if there is a gap on friday close to monday open how big of a gap up or down in pips should it ignore trades for this day? So its set at 200 or 20 pips, so if there is a gap up of 20 pips or more then it will not place a trade. This is because price often closes the gap so stops it opening a trade.
opendistance is if yesterday's high/low was near its close, therefore the open of today will already be near the high/low and will open a trade. They nearly always loose, because price rebounds in the early hours, so it will not place a trade. The larger the distance then the less chance of a trade being opened.
Retrace goes with the opendistance. Say you set open distance to 40 pips, and price opens within that. It will not open a trade now untill price retraces back the set pips you set for retrace. So say you set retrace to 100 pips, price must now retrace 100 pips before it will consider opening a trade for today.
profit_lock is a percentage of when you want a profit to be locked into an open trade. Say price goes up 40 pips and is near your take profit, but then comes back to hit your stop? This will lock a profit in should price go say 91% towards your target, then if it retrace you still make a profit.
be_lock is the same as profit_lock except to lock in a break even. So this should really have a lower percentage than the profit_lock. If you want price to go 20 pips up then lock in at break even just set the percentage for the profit target.
profit_amount goes with profit_lock. How many pips do you want to lock in with the profit_lock?
be_amount is the same as profit_amount but for be_lock. How many pips do you want to lock in with be_lock?
Then there is take profit and stop loss.
Hope this is clear, probably best to have a play around. I usually set up test conditions so keep all variables the same but gradually change one.
enjoy to the max friends