This article will explain how the cTrader Polynomial Regression Channel Auto-Trader will assist you in opening trades and managing take profit targets.
Getting Started
If you have already installed the cTrader PRC Helper cBot and configured your parameter settings, you can go ahead and start it, you will notice that the PRC indicator is not shown on the chart, this is because the PRC Helper cBot uses the indicator in its memory, so it does not need to display it. You will need to manually add the indicator to the chart so you can see what is going on as well as trade manually on the signals.
Important - Make sure that the settings for the PRC indicator that you use in your PRC Helper cBot match the settings for the PRC Indicator that you added to the chart.
Example Short-Trade Setup
The diagram below shows how the robot could open a short position on either the inner or outer band of the PRC indicator, configurable settings of the robot will allow the trader to set which one they want to use. Also, take profit targets can be set on either the middle or lower inner and outer bands.
You should already have a system that works for you before you start using this help robot, the PRC indicator is a free download that you can use to start learning how to trade successfully and once you have a system that works then we recommend that you use this semi-automated trading robot.
What about a stop Loss?
You can pre-set value in the settings so that when the robot opens a position a predefined stop loss is used, these will vary depending on the timeframe you are using, but most traders will have a system using price action and other levels to place the stop loss.
How many trades open at the same time?
The idea is to have only a single position open at any time per cBot instance, so for each chart that has the cBot attached, but it is possible to have both a buy and sell open, this will depend on your strategy. You can attach the cBot on as many charts as you want and each chart can have the same symbol with different timeframes and or settings if you wish to use the same symbol with multiple robots then make sure you set a different unique instance name.
How to Receive Instant Message Alerts Instead
If you wish to receive instant alerts in the form of an email, telegram message or even an SMS text message then you may want to use the Polynomial Regression Signals robot instead.