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TWO CONDITIONS TO OPEN ORDER WHEN OPEN TIME IS HIT
(1). When EMA 5 (Fast EMA) is below EMA 200 (Slow EMA), open Buy Order (not Sell) and simultaneously place a pending order that will open at SL price and in opposite direction to the open order.
(2). When EMA 5 (Fast EMA) is above EMA 200 (Slow EMA), open Sell Order (not Buy) and simultaneously place a pending order that will open at SL price and in opposite direction to the open order.
WHEN ORDER IS OPEN ACCORDING TO ONE OF THE CONDITIONS ABOVE, DO THE FOLLOWING …
(i). If SL is hit and pending order is triggered and opened, the EA must again place next pending order that will open at SL price and in opposite direction to open order on the chart.
(ii). Repeat step (i) above every time SL is hit until maximum of 5 iterations is reached. Number of iterations must be an input variable.
(iii). If TP is hit in any of the iterations, the EA must still remain active incase price retraces back to trigger pending order and open it. If it does, the cycle must repeat according to step (i) above.
ADDITIONAL NOTES
(a). The trader must enter lot size for first initial order as input variable. The lot size for each succeeding pending order must be automatically increased by 2 times the size of preceding order. The lot size multiplier must be specified by trader as input variable.
(b). TP and SL (measured in pips) are fixed for all subsequent pending orders. It is specified by trader as input variables.
(c). The EA must include Order Open Time and Order Close Time. The time format is HH:MM
*If Order Close Time is hit, close open order (if running) and delete pending order.
*If Order Open Time is hit, open new order according to step (1) and (2) above and repeat the cycle.
*Note that every time new order is opened, the lot size automatically adjusts back to initially specified in input
MORE NOTES:
*The EA will be used mainly on one hour chart with 5 period EMA and 200 period EMA
*The name of the EA must be called “Snare Bot”