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Rules
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Specification
I am looking for an experienced programmer to create an EA based on a simple three step pattern strategy. (Bear in mind the original entry idea is not mine.) See the attachment for supporting charts.
The goal is to create a trading bot that will trade automatically according to the below rules:
Entry Rules:
1. On the previous hour price makes a new low for the day
2. After the open of a new hour price retraces towards the low of the day (minimum of 0.5) but can not breach the low (in other words it cant make a new low)
3. Price comes back up through the open of the current hour > go long
(reverse these rules to go short)
Additional rules:
A. A06:00 GMT+1 (so London time) is the start of the day
B. BUse bid prices for longs and ask prices for shorts
C. C Stop loss 3 pips below low for long and 3 pips above high for shorts.
D. D Adjustable maximum stop size. In other words, for differen currencies I want to use maximum stop size. I.e. Maximum stopsize on GBPUSD is 30 pips. If the trade would require a stop fo 31 the trade become invalid.
E. E Potential trade is only valid for one hour. So, if 08:00 made a new low, you would wait for a trigger on the 09:00 hour. If no trade was triggered by 09:59 the trade will become invalid.
F. F Only one trade per hour is allowed.
G. G Exit half position at 1:1 risk:reward. In other words: when price has moved the equivalent of entry price – stop price in your favour, sell half the position and leave the remainder of the position at the original stop loss.
H. H Manually adjustable position size.
Optional Requirements:
A. The other half of the position I want an adjustable take profit target in terms of
pips.
B. A time filter for when trades can be made. For example I only want to take trades at 11:00, 14:00 and 15:00.
C. Trade only to be taken in direction of Daily (5) EMA
D. Plot of the stop loss and take profit target on the graph.
Part 1. Proof of understanding ($75)
First I would like:
A. A simple indicator on the chart that marks where trades could have been taken within the specified time session.
B. A line where the current high and low for the specified time session is
If we are both satisfied with the results of part 1 we move on to part 2.
Part 2. Automation ($75)
Trade automation and order execution of the strategy.
Looking forward to hear from you and to discuss our options :)
