Opening Order based on Consecutive Candle + Fibo

Hello All,

  I want to make an EA, and first, i plan to make 2 EA, to simplify things, but because i have issue with developers, so the EA has not been made at all.

So, i will tell you all upfront, if you can do this job, and if my spec is clear, please say so, and honestly tell me how many days will you be able to finish it. I am really frustrated with developers that accept my job, and did not follow the process to accept my requirement specification, maybe due to that he did not want to have overdue stats in his profile, i order from Dec 10th, and until Dec 16th there's still no demo / progress, so i tell in advance, if you accept my job, please tell me honestly you can do this job or not, if not, i can find another people to do it.

Okay, pardon my rumblings, the concept of the EA is :

A. Condition is met, which is candle formation

B. when condition is met, draw a fibonacci [you can draw in the background or not at all, but i expect the logic works]

C. open at specific fibonacci levels with specific lot

D. this is a simple trade, so it is a fixed SL TP, no need to manage it 

A. Condition is met, which is candle formation

for sell order :

1. there must be a consecutive 2 candle up

2. and after that a candle down [candle C] that close below the open price of last candle up [candle B]

3. and the down candle must not close below 1/2 of candle A

4. So, conclusion, for a candle to valid be "B", for sell order, the candle up must be the candle that close highest, and minimum 2 consecutive candle.

and for buy order, "B" is candle that close lowest and minimum 2 consecutive candle

B. when condition is met, draw a fibonacci [you can draw in the background or not at all, but i expect the logic works]

After condition met, draw fibo, for sell order, 100% level is the closing of candle C, and for 0% level is the high of candle B or the closing of candle B [we can make that option]

we will have global variable :

usehighorcloseforB = [maybe a dropdown to choose, use high / low, or the close price for candle B]

C. open at specific fibonacci levels with specific lot

This is the main core of the EA: 

The EA will need to be able to automatically place Pending Limit Orders on specific Fibonacci Retracement Levels or having a Market Order created whenever a specific Fibonacci Retracement Level has been reached.

for example, open at 23.6 level or at 50 level

so the parameter should be :

Use Fibonacci Order 1 = Yes/No

Use Fibonacci Order 2 = Yes/No

Use Fibonacci Order 3 = Yes/No

Use Fibonacci Order 4 = Yes/No

Use Fibonacci Order 5 = Yes/No

I should be able to choose from the above 5 Individual Fibonacci Orders, therefore I should be able to choose if I just want 1 out of the 5 placed or all of the 5 placed by the EA.

Fibonacci Order 1 Level

Fibonacci Order 2 Level

Fibonacci Order 3 Level

Fibonacci Order 4 Level

Fibonacci Order 5 Level

These Pending Orders should be placed at specific Custom Fibonacci Levels which are placed onto the EA settings by me.

For example if I make Order 1 at 0.236 and Order 2 at 0.382 then the EA will place the First Order at our 0.236 Level and the Second Order at the 0.382 Level.

Money Management:

Fibonacci Order 1 Lot Size =  [percentage to open trade]

Fibonacci Order 2 Lot Size = [percentage to open trade]

Fibonacci Order 3 Lot Size =  [percentage to open trade]

Fibonacci Order 4 Lot Size =  [percentage to open trade]

Fibonacci Order 5 Lot Size =   [percentage to open trade]

I should be able to set  5 Fibonacci Orders should use a Risk Percentage. 

Risk percentage is a formula on its own, it refers to GlobalExampleDistance and GlobalLots.

After we get the number, we can use fibonacci lot size for each level, for example 

fibonacci order 1 lot size = 0.5

fibonacci order 2 lot size = 1

it means we must open a trade 

[fibonacci order lot size] x [preferred lot size],

in the above example, when preferred lot size is 2.5, 

the formula is = 0.5 x 2.5 = 1.25, so open a trade 1.25 lot

and for SL :

Fibonacci Order 1 SL = (1) Fibonacci Level (2) Disable Stoploss

Fibonacci Order 2 SL = (1) Fibonacci Level (2) Disable Stoploss

Fibonacci Order 3 SL = (1) Fibonacci Level (2) Disable Stoploss

I should be able to choose the type of Stoploss used for any of the 5 Fibonacci Orders, so for example if I choose the Fibonacci Level option then the EA will need to place the Stoploss at a specific Fibonacci Level or if I choose to disable the Stoploss than the EA shouldn't place the Stoploss.

Fibonacci Order 4 SL = (1) Fibonacci Level (2) Disable Stoploss

Fibonacci Order 5 SL = (1) Fibonacci Level (2) Disable Stoploss

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Take Profit:

Fibonacci Order 1 TP = (1) Fibonacci Level (2) Disable Take Profit

Fibonacci Order 2 TP = (1) Fibonacci Level (2) Disable Take Profit

Fibonacci Order 3 TP = (1) Fibonacci Level (2) Disable Take Profit

Fibonacci Order 4 TP = (1) Fibonacci Level (2) Disable Take Profit

Fibonacci Order 5 TP = (1) Fibonacci Level (2) Disable Take Profit

I should be able to choose the type of Take Profit used for any of the 5 Fibonacci Orders,

so for example if I choose the Fibonacci Level option then the EA will need to place the Take Profit at a specific Fibonacci Level 

Now if I choose to disable the Take Profit than the EA shouldn't place the Take Profit.

So, in real world application, let's make it simple with example,

Use Fibonacci Order 1 = Yes

Use Fibonacci Order 2 = Yes

[and fibonacci order 3 to 5 is no]

Fibonacci Order 1 Level = 50

Fibonacci Order 2 Level = 23.6

Fibonacci Order 1 Lot Size = 0.5

Fibonacci Order 2 Lot Size = 1

 

GlobalExampleDistance = 20

GlobalLots = 0.5

MinDistancefrom0to100 = 5.3

Fibonacci Order 1 SL = level 0

Fibonacci Order 2 SL = level -23.6

Fibonacci Order 1 TP = level 100

Fibonacci Order 2 TP = level 161.8

So, basically, it means the EA only look at 2 order, because the parameter only use order 1 and 2.

And whenever the EA finds a pattern, with a minimal distance from 0 to 100 is 5.3 pips, it will wait price to retract to level 50 to open order #1, and level 23.6 to open order #2

For the lot size, GlobalExampleDistance = 20

GlobalLots = 0.5

for example if the EA finds distance from 0 to 100% is 25 pips, so preferred lot is 20/25  x 0.5 = 0.4

we got the number, 0.4

Fibonacci Order 1 Lot Size = 0.5

Fibonacci Order 2 Lot Size = 1

So, if price retrace to level 50, open 0.5 x 0.4 = 0.2 lot

and if price retrace to level 23.6, open 1 x 0.4 = 0.4 lot

order#1, with SL at level 0, and order #2 with SL at level -23.6

order #1 with TP at level 100, and order #2 with TP at level 161.8

D. Like i said above, there's no need to manage the trade, there's only open trade, with SL and TP predefined.

And for the Flow, the EA should constantly checking for the condition that met, here is the picture, that shows, A1, B1, C1 shows that a buy signal is trigerred, A2, B2, C2 shows sell signal trigerred, and EA keeps checking A3, B3, but C3 is not a valid trade.

I think that is all, final words, if you're interested, just tell me honestly do you grasp the specification or not, and ever do fibo / can do this or not, and honestly how long do you need to finish it.

Thanks