Mind the Gap EA
KT Mind the Gap EA
MT4 | MT5
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After a weekend or holiday, there can be a discrepancy occur between the "last closed" and "current open" price. Across all the time-frames, the open price of a bar is usually equal to the close price of the last bar.
When this pattern is not followed, there occurs a difference between the currently open and last closed price. This phenomenon is known as the market "GAP." It happens because the interbank currency market continues to react to the fundamental news during the weekend.
It is generally believed that the market almost always tries to fill the gap because there is no support/resistance between the gap, so the price has complete freedom to roam around.
The "price gap" alone is not sufficient to provide a statistical edge with positive expectancy over the long term, that's why the "Mind the Gap EA" use a more sophisticated algorithm which analyzes the price gap utilizing a custom made meanness index and emerging volatility. It carefully throws out the price gaps that have occurred randomly without any significant reason.
On successful detection of the required pattern, Mind the Gap EA fire long/short trading orders simultaneously on eight selected currency pairs. Once it executes the trading orders, a trade management module activates that capture the available profits quickly before degradation of the edge.
- It trades eight currency pairs simultaneously from a single chart, truly a multi-currency EA.
- Every order is protected by a fixed stop-loss.
- Even if you don't use the spreads filter, EA still looks for the suitable difference between the Ask/Bid price to ensure the optimal entries.
- The strategy produces over four thousand trades in 16 years that proves its statistical edge in the long run.
- Pairs: EURUSD, GBPUSD, USDCAD, GBPJPY, NZDUSD, EURGBP, EURCHF and GBPCHF.
- Time-Frame: 1-Hour
"Mind the Gap EA" deploys the strategy on eight currency pairs simultaneously, it collects and processes the massive tick data in the background so the backtesting could be a little bit slower.
- Lot Size Method: Fixed Lot Size | Auto Lot Size
- Risk Per Trade: Risk percentage per trade.
- Max. Slippage in points: 200 (recommended)
- Max. Spreads in points: 0==off (recommended)
- EA Mode: Trade only Single Pair | Trade Multiple Pairs from Single Chart (recommended)
- Symbol Suffix used by the broker: if your broker uses a symbols suffix, add it here.
- 1st Symbol: EURUSD
- 2nd Symbol: GBPUSD
- 3rd Symbol: USDCAD
- 4th Symbol: GBPJPY
- 5th Symbol: NZDUSD
- 6th Symbol: EURGBP
- 7th Symbol: EURCHF
- 8th Symbol: GBPCHF
- Stoploss Method: Pips | Volatility (recommended)
- Logging: if true, EA logs all its operation in the journal tab.
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