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A Bar-Color Change Entry System Using the KWAN_NRP Indicator

Article MQL5 code base
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Summary

This document outlines an Expert Advisor that trades when the KWAN_NRP indicator changes its direction, represented by a color change. The signal is evaluated when a bar closes, making the bar close the decision point for detecting a change and generating a trade.

The text notes that the compiled indicator file must be available to the trading terminal and that the cited trading library assumes brokers support nonzero spreads and simultaneous stop-loss and take-profit settings. The reported test used default EA inputs on GBPJPY at the four-hour timeframe during 2016; stop loss and take profit were not used. The document refers to a chart and test results but provides no numerical performance measures in the text, so profitability and robustness cannot be assessed from the available evidence.

Key ideas

  • The EA generates a signal when the indicator’s direction changes at a bar close.
  • A compiled copy of the KWAN_NRP indicator is required for the EA to run.
  • The example test used GBPJPY on a four-hour chart during 2016.
  • Stop loss and take profit were not used in the described test.
  • The text provides no numerical results to assess performance or robustness.

Tags

ForexTechnical indicatorsBacktesting

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.