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Indicator with Growing Number of Stop Losses... for MT4 and Forex Tester 2 (Martingale Style) VERY EASY TO UNDERSTAND PICTURE DESCRIPTION INCLUDED!
We NEED an indicator that sets parameters automatically, right after a (Green Dotted)Line is Drawn ABOVE or, BELOW the Candle/Price....
IF ABOVE, will set a BUY STOP for 50 pips(Default) TARGET/TAKE PROFIT(can customize the amount of pips)(0.1LOT = $1)(Default But, Changeable).... Next, the parameters will be drawn on the chart as follows.
7 Additional Lines will be drawn BELOW(for Price Drawdown)....
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* First additional Line Below ORIGINAL BUY STOP, will be 50 pips(Default) below the FIRST placed Line... BUY LIMIT(0.2LOT = $2.0)<<--- Default BUT, Changeable
Take Profit @ ORIGINAL BUY STOP Entry ...Stop Loss
When 0.2LOT BUY LIMIT is in position then moves 50 pips positive... ORIGINAL BUY STOP will be closed(stop loss) IF 0.2LOT BUY LIMIT Hits TAKE PROFIT(@Buy Stop entry)
* Second additional Line Below will also be placed 50 pips below the second placed line... BUY LIMIT(0.4LOT = $4.0)<<--- Default BUT, Changeable
Take Profit @ FIRST ADDITIONAL LINE ...Stop Loss @ FIRST ADDITIONAL LINE
When 0.4LOT BUY LIMIT is in position then, moves 50 pips positive... ORIGINAL BUY STOP & 0.2LOT BUY LIMIT will be closed IF 0.4LOT BUY LIMIT Hits TAKE PROFIT(@ 0.2LOT BUY LIMIT entry)
* Third additional Line Below will also be placed 50 pips below the third placed line.... BUY LIMIT(0.8LOT = $8.0)<<--- Default BUT, Changeable
Take Profit @ SECOND ADDITIONAL LINE ...Stop Loss @ SECOND ADDITIONAL LINE
When 0.8LOT BUY LIMIT is in position then, moves 50 pips positive... ORIGINAL BUY STOP & 0.2LOT BUY LIMIT & 0.4LOT BUY LIMIT will be closed IF 0.8LOT BUY LIMIT Hits TAKE PROFIT(@ 0.4LOT BUY LIMIT entry)
* Fourth additional Line Below will also be placed 50 pips below the fourth placed line... BUY LIMIT(1.6LOT = $16.0)<<--- Default BUT, Changeable
Take Profit @ THIRD ADDITIONAL LINE ...Stop Loss @ THIRD ADDITIONAL LINE
When 1.6LOT BUY LIMIT is in position then moves 50 pips positive... ORIGINAL BUY STOP & 0.2LOT BUY LIMIT & 0.4LOT BUY LIMIT & 0.8LOT BUY LIMIT will be closed IF 1.6LOT BUY LIMIT Hits TAKE PROFIT(@ 0.8LOT BUY LIMIT entry)
* Fifth additional Line Below will also be placed 50 pips below the fifth placed line... BUY LIMIT(3.2LOT = $32.0)<<--- Default BUT, Changeable
Take Profit @ FOURTH ADDITIONAL LINE ...Stop Loss @ FOURTH ADDITIONAL LINE
When 3.2LOT BUY LIMIT is in position then, moves 50 pips positive... ORIGINAL BUY STOP & 0.2LOT BUY LIMIT & 0.4LOT BUY LIMIT & 0.8LOT BUY LIMIT & 1.6LOT BUY LIMIT will be closed IF 3.2LOT BUY LIMIT Hits TAKE PROFIT(@ 1.6LOT BUY LIMIT entry)
* Sixth additional Line Below will also be placed 50 pips below the sixth placed line... BUY LIMIT(6.4LOT = $64.0)<<--- Default BUT, Changeable
Take Profit @ FIFTH ADDITIONAL LINE ...Stop Loss @ FIFTH ADDITIONAL LINE
When 6.4LOT BUY LIMIT is in position then moves 50 pips positive... ORIGINAL BUY STOP & 0.2LOT BUY LIMIT & 0.4LOT BUY LIMIT & 0.8LOT BUY LIMIT & 1.6LOT BUY LIMIT will be closed IF 6.4LOT BUY LIMIT Hits TAKE PROFIT(@ 3.2LOT BUY LIMIT entry)
* Seventh additional Line Below will also be placed 50 pips below the seventh placed line. BUY LIMIT(12.8LOT = $120.80)
Take Profit @ SIXTH ADDITIONAL LINE ...Stop Loss @ SIXTH ADDITIONAL LINE
When 12.8LOT BUY LIMIT is in position then, moves 50 pips positive... ORIGINAL BUY STOP & 0.2LOT BUY LIMIT & 0.4LOT BUY LIMIT & 0.8LOT BUY LIMIT & 1.6LOT BUY LIMIT & 6.4LOT BUY LIMIT will be closed IF 12.8LOT BUY LIMIT Hits TAKE PROFIT(@ 6.4LOT BUY LIMIT entry)
*** SAME for SELL ***
...IF LINE IS DRAWN BELOW the Candle/Price, indicator will set a SELL STOP for 50 pips TARGET/TAKE PROFIT(can customize the amount of pips)(0.1LOT = $1).... Next, the parameters will be drawn on the chart as follows.
7 Additional Lines will be drawn ABOVE(for Price Drawdown)....
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* First additional Line Above ORIGINAL SELL STOP will be 50 pips below the FIRST placed Line... SELL LIMIT(0.2LOT = $2.0)<<--- Default BUT, Changeable
Take Profit @ ORIGINAL SELL STOP ...Stop Loss
When 0.2LOT SELL LIMIT is in position then, moves 50 pips positive... ORIGINAL SELL STOP will be closed IF 0.2LOT SELL LIMIT Hits TAKE PROFIT(@ Sell Stop entry)
* Second additional Line Above will also be placed 50 pips below the second placed line... SELL LIMIT(0.4LOT = $4.0)<<--- Default BUT, Changeable
Take Profit @ FIRST ADDITIONAL LINE ...Stop Loss @ FIRST ADDITIONAL LINE
When 0.4LOT SELL LIMIT is in position then, moves 50 pips positive... ORIGINAL SELL STOP & 0.2LOT SELL LIMIT will be closed IF 0.4LOT SELL LIMIT Hits TAKE PROFIT(@ 0.2LOT SELL LIMIT entry)
* Third additional Line Above will also be placed 50 pips below the third placed line.... SELL LIMIT(0.8LOT = $8.0)<<--- Default BUT, Changeable
Take Profit @ SECOND ADDITIONAL LINE ...Stop Loss @ SECOND ADDITIONAL LINE
When 0.8LOT SELL LIMIT is in position then, moves 50 pips positive... ORIGINAL SELL STOP & 0.2LOT SELL LIMIT & 0.4LOT SELL LIMIT will be closed IF 0.8LOT SELL LIMIT Hits TAKE PROFIT(@ 0.4LOT SELL LIMIT entry)
* Fourth additional Line Above will also be placed 50 pips below the fourth placed line... SELL LIMIT(1.6LOT = $16.0)<<--- Default BUT, Changeable
Take Profit @ THIRD ADDITIONAL LINE ...Stop Loss @ THIRD ADDITIONAL LINE
When 1.6LOT SELL LIMIT is in position then, moves 50 pips positive... ORIGINAL SELL STOP & 0.2LOT SELL LIMIT & 0.4LOT SELL LIMIT & 0.8LOT SELL LIMIT will be closed IF 1.6LOT SELL LIMIT Hits TAKE PROFIT(@ 0.8LOT SELL LIMIT entry)
* Fifth additional Line Above will also be placed 50 pips below the fifth placed line... SELL LIMIT(3.2LOT = $32.0)<<--- Default BUT, Changeable
Take Profit @ FOURTH ADDITIONAL LINE ...Stop Loss @ FOURTH ADDITIONAL LINE
When 3.2LOT SELL LIMIT is in position then, moves 50 pips positive... ORIGINAL SELL STOP & 0.2LOT SELL LIMIT & 0.4LOT SELL LIMIT & 0.8LOT SELL LIMIT & 1.6LOT SELL LIMIT will be closed IF 3.2LOT SELL LIMIT Hits TAKE PROFIT(@ 1.6LOT SELL LIMIT entry)
* Sixth additional Line Above will also be placed 50 pips below the sixth placed line... SELL LIMIT(6.4LOT = $64.0)<<--- Default BUT, Changeable
Take Profit @ FIFTH ADDITIONAL LINE ...Stop Loss @ FIFTH ADDITIONAL LINE
When 6.4LOT SELL LIMIT is in position then, moves 50 pips positive... ORIGINAL SELL STOP & 0.2LOT SELL LIMIT & 0.4LOT SELL LIMIT & 0.8LOT SELL LIMIT & 1.6LOT SELL LIMIT will be closed IF 6.4LOT SELL LIMIT Hits TAKE PROFIT(@ 3.2LOT SELL LIMIT entry)
* Seventh additional Line Above will also be placed 50 pips below the seventh placed line. SELL LIMIT(12.8LOT = $120.80)
Take Profit @ SIXTH ADDITIONAL LINE ...Stop Loss @ SIXTH ADDITIONAL LINE
When 12.8LOT SELL LIMIT is in position then, moves 50 pips positive... ORIGINAL SELL STOP & 0.2LOT SELL LIMIT & 0.4LOT SELL LIMIT & 0.8LOT SELL LIMIT & 1.6LOT SELL LIMIT & 6.4LOT SELL LIMIT will be closed IF 12.8LOT SELL LIMIT Hits TAKE PROFIT(@ 6.4LOT SELL LIMIT entry)
We will just require to test the two Indicator versions for 24 hours for MT4 and 24 hours for Forex Tester. Which will be a total of 48 hours of testing... Or, less.
... Additional help @ Forex Tester's Forum for connecting to their API
http://www.forextester.com/forum/search.php?keywords=custom+indicator
