Donchian Channel Martingale EA

A. EA Strategy & Requirements:

Step 0: Initial Parameters Setup

Maximum trade for the session = 4 (Variable)

EA starts (X) and end (Y) at certain time (Variable)

Confirmation = 1.1 pips (Variable)

Step 1: Initial Trade Setup @ Time X

If price breaks upper Donchian channel + Confirmation, then trend is up
If price breaks lower Donchian channel – Confirmation, then trend is down

At time X, assess trend based on Donchian channel.

If Trend is Up at X time, then go Long
otherwise short at X time based on initial risk

Number of Trade = 1

Target profit (pips) is breakout bar Range + Confirmation

If Donchian channel moves in favour of trend, reassess risk and add position. Check if TP hits and add more position based on risk this until TP hits or trade is reversed.

Step 2: Reversal Trade

If Number of trade is <= 4, then continue

 If current trade is Long, Reversal trade is when highest Price of Lower Donchian channel  - Confirmation is broken by 0.1 pips (Note that if you have engulfing bar, ignore the engulfing bar and use the bar before engulfing bar as latest bar, see picture). Apply Martingale Money Management. 

Number of trade = Number of Trade + 1

Target profit (pips) is breakout bar Range + Confirmationx2

If current trade is Short, Reversal trade is when Lowest Price of Upper Donchian channel + Confirmation is broken by 0.1 pips. Apply Martingale Money Management
Number of trade = Number of Trade + 1

Target profit (pips) is breakout bar Range + Confirmation x 2

If Donchian channel moves in favour of trend, reassess risk and add position. Check if TP hits and add more position based on risk this until TP hits or trade is reversed.

If Time = Y; Close all position

B. Money Management: Martingale

Initial risk = 1% (Variable)
Profit factor (Risk/Reward) = Z (Variable)

Based on Initial risk and profit factor, the EA should be able to calculate the next trade's risk. 

Calculations may exclude commissions (Variable)

C. Price Execution

1. All price entry should be based on bid price (i.e. Long trades must be executed by bid price with controlled spread)
2. Optional: Price spike protection.

D. Trading Environment:

1. EA should work well with other manual trades
2. EA should be able to manage trade independently from other manual trades (i.e.: MM should be done independently of other trades)