Little Help Required on EA
lol
Hi,
I like this indicator very much ! I'm working with EA developers. have you kept going on this project ?
Maybe we could join to help
cheers
Webi
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Timeframe: 4 Hrs
Pairs: EURUSD, GBPUSD, USDJPY, USDCAD, AUDUSD, NZDUSD, and EURGBP.
I have developed this indicator based on my observations. It is based on the principles of Support and Resistance using Murrey Lines and Trend strength & direction using ADX.
The indicator will plot Murrey lines. It will highlight areas from -2/8P to 0/8 AND 8/8 to +2/8P with a red color to indicate that these two areas follow additional rule. The rule is that only LONG positions will be allowed below 0/8 and only SHORT positions will be allowed above 8/8.
The indicator can automatically recognize the current Murrey support and resistance and will show how many pips still there to reach the levels.
BUY ENTRY
The indicator looks for the following:
SELL ENTRY
The indicator looks for the following:
The indicator shows status of each condition on real-time. Once conditions achieved, recommendations will be shown as “Go Long” or “Go Short” while “Hold!” is shown if any of the conditions is not satisfied. The indicator gives an alert once a signal is generated.
Once you get in LONG position, then your TP = next resistance (usually from 30 to 60 points based on Murrey span) and SL = -30 points.
RESULTS
So far, I am getting around 75% success rate and overall it is making good money based on manual trading on both Demo and Real accounts. I have been developing this strategy since 2005 and it evolved from different indicators and timeframes until it is in this form in this version (v2.2).
Next Development
I will be still developing the strategy further as required based on learnings and suggestions. I will need to develop EA based on this strategy as well because it will allow for more testing opportunities. My thought for the EA will be something like this:
- Money management will be external variable and default will be 10% to allow for highest possible testing.
- EA can open only one trade of the same pair but can open other trades on different pairs as long as money management allows.
- Once entry signal is generated, then it will enter with 2 lots (default size = 0.05 for each lot).
- SL will be initially -30 points for both lots OR close below EMA(6,open) in case of LONG or above EMA(5,close) in case of SHORT. Whatever condition happens first should be SL.
- TP of Lot #1 will be next murrey level while Lot #2 will be left to run and be closed only when close of 4Hr candle is less then EMA(6,open) in case of LONG or more than EMA(5,close) in case of SHORT. This is in order to catch any possible nice moves by the pairs.
- In case TP of Lot #1 is achieved SL for Lot #2 will be either ENTRY price or close below EMA(6,open) in case of LONG or above EMA(5,close) in case of SHORT. Whatever condition happens first should be SL.
I am not good with EA developments. Can somebody help develop EA based on this strategy?