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SUMMARY
The idea of the trading system is as follows- Trading levels will be manually inserted for each currency pair on a weekly basis (or any timeframe)
and valid for the week (Monday to Friday)
Each level is either ‘buy above’ or ‘sell below’
The EA will execute a trade (on the 1hr or 4hr - depending on what is selected) when those levels are broken in the direction that qualifies the level as follows:
a. Open long position when a ‘buy above’ level is broken
b. Open short position when a ‘sell below’ level is broken
The breakout condition is true when the close of the candle crosses the level in the direction that qualifies the level
There are three different order strategies that should be able to be set true simultaneously and work independently
The entry orders will also be conditioned by filters and the filters should be able to be set to true simultaneously.
ORDER STRATEGIES
Order strategies for an uptrend and downtrend are explained below.
Strategy 1 - Two candlestick pattern entry
|
| Uptrend | Downtrend |
| Step 1 | The body of candlestick #1 breaks and closes above the trading level ‘buy above’ | The body of candlestick #1 breaks and closes below the trading level ‘sell below’ |
| Step 2 | Set buy stop at top of candlestick #1 (including wick), set stop loss at the bottom of candlestick #1 (including wick), set take profit at a 1:1 risk to reward ratio | Set sell stop at bottom of candlestick #1 (including wick), set stop loss at the top of candlestick #1 (including wick), set take profit at a 1:1 risk to reward ratio |
| Step 3 | Pending order will be executed when candlestick #2 begins to form | Pending order will be executed when candlestick #2 begins to form |
| Step 4 | If entry order is not executed and candlestick #2 closes below the trading level, cancel trade | If entry order is not executed and candlestick #2 closes above the trading level, cancel trade |
Strategy 2 - Three candlestick pattern entry
|
| Uptrend | Downtrend |
| Step 1 | The body of candlestick #1 breaks and closes above the trading level ‘buy above’ | The body of candlestick #1 breaks and closes below the trading level ‘sell below’ |
| Step 2 | The body of candlestick #2 closes above the trading level but its high is lower than candlestick #1’s high | The body of candlestick #2 closes below the trading level but its low is higher than candlestick #1’s low |
| Step 3 | Set buy stop at top of candlestick #1 (including wick), set stop loss at the bottom of candlestick #1 (including wick), set take profit at 1:1 risk to reward ratio | Set sell stop at bottom of candlestick #1 (including wick), set stop loss at the top of candlestick #1 (including wick), set take profit at 1:1 risk to reward ratio |
| Step 4 | Pending order will be executed when candlestick #3 begins to form | Pending order will be executed when candlestick #3 begins to form |
| Step 5 | If entry order is not executed and candlestick #3 closes below the trading level, cancel trade | If entry order is not executed and candlestick #3 closes above the trading level, cancel trade |
Strategy 3 - Multiple candle stick pattern entry
|
| Uptrend | Downtrend |
| Step 1 | The body of candlestick #1 breaks and closes above the trading level ‘buy above’ | The body of candlestick #1 breaks and closes below the trading level ‘sell below’ |
| Step 2 | The body of candlestick #2 and up to #n (to set as a variable) closes above the trading level but their highs are lower than candlestick #1’s high | The body of candlestick #2 and up to #n (to set as a variable) closes below the trading level but their lows are higher than candlestick #1’s low |
| Step 3 | Set buy stop at top of candlestick #1 (including wick), set stop loss at the bottom of candlestick #1 (including wick), set take profit at 1:1 risk to reward ratio | Set sell stop at bottom of candlestick #1 (including wick), set stop loss at the top of candlestick #1 (including wick), set take profit at 1:1 risk to reward ratio |
| Step 4 | Pending order will be executed when the nth candlestick breaks the high of candlestick #1 | Pending order will be executed when the nth candlestick breaks the low of candlestick #1 |
| Step 5 | If entry order is not executed before candlestick nth, delete trade | If entry order is not executed before candlestick nth, delete trade |
To include options for all 3 strategies:
- increase or decrease the number of candlesticks up to #n
- add/subtract spread or a fixed pip value from entry, stop loss and take profit level
- increase or decrease risk to reward ratio by applying a % of the candlestick #1 and/or by extending 1:1 in increments of 0.1
TRADING SETTINGS
Lot sizing
- Ability to define fixed lots – starting from 0.01
- Ability to define risk per trade as % of account balance - risk calculated in % along with stop loss from 0.1% per trade;
- Ability to define max lot – maximum lot size;
Weekday
- Ability to select days of the week where trades are allowed, from Monday to Friday
Trailing Stop
- Enable Trailing Stop – true or false
- Trailing Stop Start Level – in pips
- Trailing Stop Distance – in pips
Break Even:
- Enable Break Even – true or false
- If price is 0.75 or 75% of TP, move SL to breakeven
- Break Even Level – in pips
- Break Even Profit – in pips
Notification Settings:
- Extended Journaling (log) - true or false
- Emails – true or false
- Push notification – true or false
- Alerts – true or false
General Settings:
- Max Slippage – in pips