Snipper Advisor: A Semi-Automated Trader Assistant
The Sniper trading strategy has created a huge amount of information noise around itself.
A simple, indicator-free strategy based on simple price patterns such as accumulation and distribution was sold for huge amounts of money.
Moreover, many dealing centers held webinars teaching their clients similar tactics.
However, due to its commercial component, the strategy has come under heavy criticism.
Despite this, the famous "Safe" rule, which helps preserve trader profits, has become quite popular among traders, given that this approach has become a kind of novelty in capital management.
In practice, this approach to order management presents some difficulties for beginners, so programmers have created a special assistant advisor, Snipper, to help implement it.
It is worth noting that the expert does not analyze the market by sniper strategies, but is an ordinary assistant for implementing a popular approach to capital management.
It's also worth noting that the advisor works with absolutely all possible time frames, making it a valuable addition to your strategy.
Installing the Snipper Advisor
The Snipper advisor is a custom assistant advisor, so you won't find this robot installed on any MT4 trading platform by default.
That's why, in order to use it, you need to download the expert file from the link at the end of the article, and then install it on the trading platform.
The installation procedure for the Snipper advisor follows a standard procedure and is no different from installing any expert advisor. Specifically, you will need to drop the downloaded file into the appropriate folder in the terminal data directory.
To launch the data catalog, open your MT4 trading platform and go to the "File" menu in the upper left corner. A list of options should appear, from which you should find and launch "Open Data Catalog.".
After opening the directory, a list of the platform's system folders will be displayed on your monitor screen. Among these, find the folder named expert and drop the previously downloaded Snipper advisor file into it.
In order for the terminal to see the installed file, you must close the data directory and perform an update in the Navigator panel, or restart the trading terminal.
After the update, Snipper will appear in the list of advisors, and to use it, simply drag the robot's name onto the chart:
Advisor Operation Algorithm. Practical Application and Settings
As we have already noted, the sniper advisor is semi-automatic, meaning it does not directly open orders.
To open orders on the chart, there is a special panel with buttons. When clicked, the expert will open two orders for the combined positions simultaneously.
The advisor operates according to the "Safe" rule, which involves opening a common planned volume with two orders, but with different targets. The probability that the price will reach the nearest target is an order of magnitude higher than a more distant one.
So, the advisor calculates the profit and stop in such a way that if the first order goes in your favor, and the second one closes on the stop order, you will break even.
The panel also features a "Accelerate" button, which reverses your position with a larger lot if a signal in the opposite direction appears after closing one of the orders.
So, in the “Take Profit” line, you can change the position target in points, and in the “Stop Loss” line, you can change the stop order value in points for both orders.
In the "Total Lot" line, you can enter a custom position volume, which will be split into two positions of the same lot. If you don't want the Expert Advisor to enter the market with two orders, select False in the "Open Two Orders" line.
However, in this case, the expert will partially close the position when the first target is reached.
In the line "Stop-loss "Accelerating Order" allows you to limit the potential loss in points for an order that is involved in a position reversal. The "Magic Order Number" line allows the advisor to identify only orders opened with its help.
In conclusion, it's worth noting that the "Safe" rule is ideal for any trend-following trading strategy, and with the Snipper advisor, you can eliminate routine actions and automate the process of opening and managing orders.
Download the Snipper advisor
