FX Sniper is an advisor for the Forex market created to support the corresponding trading strategy simplifying the work of a trader. To take a closer look at the specific features of such an adviser, we have to consider the very essence of the Sniper trading strategy.
In this strategy, trading is conducted only within the trending market during the working day. A trader opens positions on short time frames (5 minutes, 1 minute) after the analysis is done for extended periods.
- Lines connecting the minimums and maximums of the asset price for the previous day are drawn to find the points to open a position;
- Further, a trader tracks the breakdown moments of these levels, and opens the orders on the shorter time frames based on the indications of the local price pulses;
- To verify the entry direction of the market, a trader analyzes the impulse levels on ranges bigger than or equal to one hour.
Another feature of such a strategy is the partial transaction closure. At the partial closing, the trader takes the profit equal to the stop-loss. In the case of a market reversal, the remaining order will be closed on the stop-loss, and in the case of the correct entry point, the second order will bring profit at the take-profit level.
Now let's take a closer look at the robot.
Features of the robot
This semi-automatic robot is designed primarily for the parallel orders opening within conditions set by the trader. This robot doesn't analyze the market, nor determine the entry point itself. When a trader has found the desired entry point, the advisor opens the order.
But this tool is designed not only to open the double orders but also to accelerate the deposit. In this case, as soon as one of the orders was closed with the profit, another order, the accelerating one, is opened. It works in the opposite direction. The robot, taking into account the pre-selected stop-loss, and analyzing the market conditions, recounts the lot. The value of the lot is such that in the case of the second order is closed by the stop-loss, the profit from all the transactions to be minimal; At the same time, if the price moves in the acceleration order direction, the profit will increase many times.
The "Input Parameters" tab contains all the settings necessary to work with such a tool:
- Take-profit - here is the take-profit value of the second order. For the first order, it equals to the stop-loss;
- Stop-loss - this parameter sets the stop-loss for both orders. It must be less than or equal to 1% of the deposit amount;
- Total lot - the amount of two orders;
- Open two orders - if the trader sets the “real” value, then a lot of each order will be equal to half of the value set in the previous option;
- Stop-loss of the acceleration order;
- The magic number of orders - with a value of zero, the adviser will also use the orders the trader opened manually, and will also have the opportunity to use the additional advisors simultaneously;
- The corner of the graph is the place where the adviser data will be displayed.
After the configuration, you will see an additional chart panel with the buttons of opening, closing the transactions, accelerating, and also the advisor statistics.
Using the FX Sniper
The trading cycle of the Sniper advisor work looks like this.
In the beginning, a trader searches for the required levels on the time frames of M30 and H1. At the same time, the order will be open on the M5 period.
Suppose that the take-profit is 30.0, stop-loss is 15.0, and the stop-loss order equals 10.0.
After establishing the entry points, the advisor opens two orders at the same price, with the similar stop-loss levels, but different take-profits. Further, when the price movement approaches the first take-profit level, the first order will be closed. It's worth to remember that the second order is still open. When the price chart reaches the take-profit level (30 points) - the total profit of the transaction will be equal to 45 = 30 + 15. In the case of the stop-loss closing, you won't lose anything, since the amount of loss equals the size of the first order take-profit.
When the first order closes, the advisor activates the acceleration order. As described above, the robot calculates the cost of such an order automatically. Now, if the stop-loss closes the order, you will get the least profit, but if the market moves in a positive direction, the order will be closed with an excellent profit, in a manual mode.
The FX Sniper is an indispensable tool for any trader who prefers the corresponding strategy. Working with such an approach in a manual mode requires an extra accuracy while setting the input points, which is difficult due to the price graph movement. The robot does all the technical work on orders.
However, this advisor isn't suitable for traders looking for an automatic tool. It should be noted that this expert advisor cannot analyze the market, nor set the entry points automatically. That's why the trader must get used to the “Sniper” strategy, as well as to have good trading skills.