For the majority of simple strategies, most of the work is done in this part.
At first, you should set a “Robot Name” which distinguishes a specific plan. Use a short name for your robot and make sure it is unique between all of your other plans. If you need to run two instances of ESB on the same symbol, you must use different magic numbers to get rid of conflicts between positions. Note that if ESB is activated on different symbols with the same magic number, there is no conflict and ESB can determine its positions.
The third option is “Trade Action Type”. For marking or checking the entry points instead of running an expert, you can set “No Action” or “Indicator Mode” option which acts just as an indicator (in indicator mode, ESB doesn’t care to any limitation like time limitations or sessions or news and mark all entries on the chart). For marking entry points just set the relating setting “Mark Entry Points on Chart” to true. In “Logger Mode” ESB just logs the signals and indicators in log files without any trading. You’ll normally need your strategy to work via a VPS to be safe 24/7. If you need to be notified (directly in your phone or by alarm or message box) when entering a new position or rally you can set “Notify Entries” to be true.
Max Open Positions or Max Open Martingale|Grid Rallies: one of the most important options here is “Maximum Allowed Open Positions”. The maximum number of open positions and open rallies for martingale and grid can be set by this option. Suppose you select “Buy and Sell” as the type of action and you set 2 for this parameter and suppose we have two open trades now. If ESB gets a new entry signal, it will reject it! You must check this option every time to implement a plan. Suppose you write a candle based plan that opens trade every time RSI is bigger than 70. If RSI goes up and crosses 70, ESB enters new trade. If you don’t set “Max Open Positions” when a new candle is received, ESB checks RSI again and if RSI is still greater than 70, it opens a new trade again. Now, imagine your plan is “Tick Based”, ESB can open hundreds of trades per hour!
Design Steps: automation by ESB needs to follow 7 simple steps, the same steps that you’ll need to take if you would manually design a strategy. The first step is setting all your indicator and functions which are used in your strategy. You can use any of the indicator fields Indicator 1 to indicator 33 to set them. for example, you may have one RSI, two moving averages and one ATR each with their parameters.
The second step is to set the entry conditions for example once the MA1 crosses MA2 and RSI is greater than 70 and ATR is less than 20, we will enter a buy position. This should be written as an expression and written in one of the Buy expression fields. Similarly, you can write some expressions in the sell expression fields.
The third step is for setting your TP and SL which can also be an expression.
The fourth step is money management settings, where you can determine the risk of your position for example, as a percentage of your current balance.
The fifth step is about position closing conditions which can be checked by each tick or by each candle and you can set these conditions as a logical or functional expression as well
The sixth step is to set parameters for half break even and break even. This means that you can define under some conditions your position risk cut to half of the initial value, by moving the Stop Loss level. And you can also determine the conditions for your position to become breakeven which means moving the Stop Loss to the entry point.
And the seventh step is trailing stop loss, where you can set conditions for trailing your Stop Loss.
With all these seven steps you are programming the robot to understand what you mean by your strategy. We’re now going to explain these steps in more detail with the following examples.
Just be noted that for Martingale and Grid strategies only need to set Step1 and Step2 and the rest of options are made in Martingale and Grid sections separately.