米卡的突围策略 (Mika's Breakout strategy)

I found this old thread with a strategy that I really think is fine. Giving some profit. Mika's Breakout strategy | Forex Factory

I will trade that in my sandbox while my robots are doing their job elsewhere.

Specially the Mika's BO Channel indicator is good. But please see my note #3 below. The problem is a change in Windos functionality. So many old indicators have this problem.
If anybody know the MQ4 code for Mika's BO Channel or can tell me how it is calculated, I will be very interested.

As with most strategies you need to trade on a very trending instrument. This is not hard to find. Finding the trend | Forex Factory

COPY from Mikas Page 1:

Note:

1. I have added the trend tool 10 LWMA and 15 EMA. It filters very well some fake breakouts.
2. The Mika's BO Channel indicator is very old and these old indicators does not refresh in resent MT4 versions. Therefore you MUST have the AutoRefresh indicator at all charts you are trading.

Buy Entry Rules
1. Buy Signal arrow on "BO Channel" (Arrow means first closing bar above channel)
2. Nihilist ADX (7),(21),(42) is Green or Blue
3. RSI Historgam(7) is Blue Only (Avoid Green because overbought)
4. CCI Histogram(14) is Blue Only (Avoid Green because overbought)
5. 10 LWMA is over 15 EMA. Trade with the trend. It does filter some bad trades.

Sell Entry Rules
1. Sell Signal arrow on "BO Channel"(Arrow means first closing bar below channel)
2. Nihilist ADX (7),(21),(42) is Red or Orange
3. RSI Historgam(7) is Pink Only (Avoid Red because oversold)
4. CCI Histogram(14) is Pink Only (Avoid Red because oversold)
5. 10 LWMA is under 15 EMA. Trade with the trend.

StopLoss
For Long/Buy Trades
1. Below Lower Channel Line on the Entry Bar
2. Or recent Swing Low (Whichever you are comfortable)

For Short/Sell Trades
1. Above Upper Channel Line on the Entry Bar
2. Or recent Swing High (Whichever you are comfortable)

Take Profit
1. When decent profit achieved (up to you)
2. Equal to Stop loss (for 1:1 Risk Reward)
3. Value of the Channel Height on the Entry Bar (usually less than 1:1 RR)
4. (2X) Times the Value of the Channel Height on the Entry Bar (Suggested Max TP)
5. Let it run until LWMA10 shifts with 15EMA.

Read the complete set of rules at Mikas Thread.

Also thanks to Nihilist: Nihilist Forex Indicators | Forex Factory

Edit 16. august 2024
I have made a much simpler setup. See post #64.