Create a Double Top Double Bottom (Triple Top/Bottom, Head and Shoulders, Reverse Head and Shoulders) Trading System Expert.
Please feel free to make suggestions on ways to make this EA better because these are just my thoughts.
Thanks!
Double Top Bottom Line
Trader EA System
·
Have an input folder containing:
1.
Take profit pending order____________ Points or
Pips
2.
Stop loss pending order ____________Points or Pips
3.
Lot size ____________ %
Equity
4.
SL move to %10 of TP ____________ Yes or No
5.
List of Currencies to scan ____________
·
Scan the chosen
Currencies and Detect Double Tops and Double Bottoms (Triple Tops Bottoms
as well. Ex. Head and Shoulders/Head and
Shoulders Reversal)
·
In the
event of a Double top (Triple Top, Head and Shoulders):
A)
Allow for a Line to be drawn at the neckline of
the Double top
B)
Perform a measurement of the most recent Top
High (From Candle Body-not wick) to the neckline which will be considered the
distance to the Target and Stop loss.
C)
Set the Stop loss and Take Profit using the
distance measured between the neckline and the most recent top (candle body).
D)
Set a Pending Sell Order at the neckline using a
lot size of 2% of Equity (changeable) and the total open trades not exceeding
50% of the total account size.
E)
Perform a Sell Entry when a candle body closes
below the neckline of the Double Top.
F)
Find the time that it took for the move to occur
that caused the trade to take place (Double Top, Triple Top, etc.) and set an
exit point for the trade at 1/3 of the time it took for the move to occur
G)
Move the Stop Loss to Break Even (plus spread) once
price closes below the 62% Fibonacci retracement level of the Neckline and Take
Profit Target.
H)
Allow for the trade to Continue until the Stop
Loss or Take Profit is achieved.
·
In the
event of a Double Bottom (Triple Bottom, Head and Shoulders Reversal):
A)
Allow for a line to be drawn at the neckline of
the Double Bottom
B)
Perform a measurement of the most recent Bottom
Low (From Candle Body- not wick) to the neckline which will be considered the
distance to the Target and Stop Loss.
C)
Set the Stop loss and Take Profit using the
distance measured between the neckline and the most recent Bottom (candle
body).
D)
Set a Pending Buy Order at the neckline using a
lot size of 2% of Equity and the total open trades not exceeding 50% of the total
account size.
E)
Perform a Buy Entry when a candle body closes
Above the neckline of the Double Bottom.
F)
Find the time that it took for the move to occur
that caused the trade to take place (Double Top, Triple Top, etc.) and set an
exit point for the trade at 1/3 of the time it took for the move to occur
G)
Move the Stop Loss to Break Even (plus spread) once
price closes above the 62% Fibonacci retracement level of the Neckline and Take
Profit Target.
H)
Allow for the trade to Continue until the Stop
Loss or Take Profit is achieved.
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