Spec for Breakout EA

Specification for EA – MT4

Below you will find the details of the Session BO V3 EA which I would like built.

Name: Session BO V3

Copyright: Paul LANGHAM Exact Trading

Parameters:

·         Session Window – It must be possible to set the session window to a start time and an end time. Example: Start = 08: 30 End = 09:25 (Times taken from broker sever)

·         Risk: Risk will be fixed dollar amount: Example: $100 or % of account size : Example : 1%

·         Stop Time: Time the trade will be closed if not stopped out: Example: 16:30

·         Trailing Stop: Yes/no

Rules LONG

·         Measure the High and low points of the session window.

·         When price breaks out of the high then GO LONG

·         Place a Stop at the low of the session window

·         Take profit based on the parameter “Stop Time” – close any open position at this time

Rules Short

·         Measure the low and high points of the session window

·         When price breaks below the low then GO SHORT

·         Place a stop at the high of the session window

·         Take profit based on the parameter “Stop Time” – close any open position at this time

Risk/Position Sizing:

·         Calculate the distance between the hi/lo point as measured by the sessions window.

·         Using either:

o   The $dollar amount to be risked

o   The % amount to be risked

Calculate the position size necessary to ensure no more than the maximum loss size based on the criteria input.

Trailing Stop

·         Where the trailing stop has been selected = Y as soon as the trade is taken into the market start trailing the stop pip by pip. Using the standard stop point as the starting point.