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Rules
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Specification
Indicators to Use:
RSI to measure Momentum
MACD Histogram to measure Trend
EMA 10 to confirm entries/Exits
MA 200 to confirm BUY or Sell entries
ADX to measure strenght of trend
1. 5 indicators are used. RSI, MACD, ADX, 1 EMA and 1 MA. Each will be set at default setting. All settings will be made customizable and can be set manually.
2. Default time frame will be set at 15 minutes. All time frames needs to be added.
3. Position Management;
Position size should be set according to that
Lot Size = Risk in $ / Sl in point
Sl in point = Sl in pips x 10
For example. The total equity is 5000. User wants to take the risk of 1% which is 50. The Sl is set to 20 pips which is 200 points. So
Lot Size = 50 /200 = 0.25 Lots
It should have an option of manually entering the risk size. For example; 1% risk, 2% risk and so on.
It should also have an option to allow max re-entry 0, 1, 2 ,3 etc. at the current price. The EA should also have an option of placing trades once per trading session, so as to not re-enter multiple times if price is ranging through.
4. Should have tick boxes to select trading sessions. Trading session (Asia, Europe, USA) or multiple should be selected.
5. Should have fields for HOUR to START and HOUR to STOP so the EA can work within the mentioned times if all three sessions are selected.
Long Entry:
A. Entry will be taken on price candle close on a paticular timeframe.
B. MACD histogram is postive. The buy trade will execute if the momentum is rising. i.e. the last bar of the histogram is higher than its previous bar. If the previous bar of the MACD Histogram is bigger and current bar is lower, that means the momentum is decreasing therefore the trade will not open.
C. RSI is above the set level. i.e. the top boundary is set to 70. Buy position will only activate when the price is closed above 70.
D. There is a moving average cross. 10 EMA has crossed above 200MA
E. Price candle stick closes above 10ema
F. ADX is above a set level. i.e. Buy position open when the ADX is above 25.
G. If the price have moved above a certain numbers of pips from the 200MA, the trade will not open. An option should be given to enter this parameter manually. For example, the candlestick is too big and it moves 50 pips and the parameter is set to 30 pips, the trade will not execute.
H. When the price and 10 EMA is above 200MA but all of the above indicators are not giving buy signal, the EA will attempt to take a buy trade for only X number of candles. An option should be given to enter this parameter manually. For example, the X is set to 3. The EA should only attempt to get into trade for the next three candles after the candle has crossed 200MA.
I. SL will be set below the low of the candle which has crossed and closed above the 200MA. An option to set manual SL should be given
J. TP and trailing stop will be discussed with the developer later
Short Entry;
A. Entry will be taken on price candle close on a paticular timeframe.
B. MACD histogram is negative. The sell trade will execute if the momentum is rising. i.e. the last bar of the histogram is higher than its previous bar. If the previous bar of the MACD Histogram is bigger and current bar is lower, that means the momentum is decreasing therefore the trade will not open.
C. RSI is above the set level. i.e. the top boundary is set to 30. Sell position will only activate when the price is closed below 30.
D. There is a moving average cross. 10 EMA has crossed below 200MA
E. Price candle stick closes below 10ema
F. ADX is above a set level. i.e. Sell position open when the ADX is above 25.
G. If the price have moved above a certain numbers of pips from the 200MA, the trade will not open. An option should be given to enter this parameter manually. For example, the candlestick is too big and it moves 50 pips and the parameter is set to 30 pips, the trade will not execute.
H. When the price and 10 EMA is below 200MA but all of the above indicators are not giving buy signal, the EA will attempt to take a sell trade for only X number of candles. An option should be given to enter this parameter manually. For example, the X is set to 3. The EA should only attempt to get into trade for the next three candles after the candle has crossed 200MA.
I. SL will be set above the high of the candle which has crossed and closed below the 200MA. An option to set manual SL should be given.
J. TP and trailing stop will be discussed with the developer later.
Strategy will be discussed in detail with the developer. Its not a difficult task as all the indicators are easily available and are very common. Pictures can be shared to explain the entries and exits in a better way.