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Specification
Chart setup
· Ichimoku – default settings (9, 26, 52)
· EA to display text on top left : last running signal (Long/Short) above price level, active qty, TSL value
EA Parameters
· Quantity – fixed lots
· Offset pips – specify (entry order will be placed at high of candle + offset pips or Low of candle – offset pips)
· Protective SL type – fixed pips / Kijun
o Pips - specify
o Kijun – SL be placed 2 pips below the Kijun line (26 period line) for LONG, and 2 pips above for Short positions
· TP – fixed / auto
o Partial booking: On/off
§ If ‘ON’ – book 50% qty at TP levels (as listed below under ‘Auto’)
o Trade exit type: TP auto / reversal
§ TP Auto:
· Timeframe H4 – TP will be 90pips
· Timeframe H1 – TP will be 60pips
· Timeframe M30 – TP will be 35pips
· Timeframe M15 – TP will be 20pips
§ Reversal – meaning exit the position when a reversal signal is generated on any of the active trading strategies being traded
In the Ichimoku strategy – we refer to the following parts of the indicator:
1. Tenkan (T) – 9 period line. The slope of T line represents trend, and a flat T line denotes consolidation and neutral market
2. Kijun (K) – 26 period line. The slope of T line represents trend, and a flat T line denotes consolidation and neutral market
3. Kumo cloud (created by two lines – Senkou A and Senkou B): Senkou A is above Senkou B when market is trending UP. A crossover of the Senkou A and B (meaning A above B changes to A below B – this will represent a change in trend from Bullish to bearish)
Chikou – current price, shifted 26 periods back
Strategy
Long trade setup
· Signal: T line crosses aboveK line at the close of candle AND Candle close should be ABOVE Tenkan (T) line – for LONG
· Confirmation criteria : This can take a few candles – so, EA should check each candle after the signal candle for confirmation, and enter a trade when validation is achieved on the close of candle
o Chikou: Establish Chikou is ‘free’, meaning that Chikou value should be above high of the candle 26 periods back for LONG trades
· Entry: Buy ABOVE high of signal candle @ pending order (High of candle + Offset)
· Stop loss: Initial stop loss as per ‘Protective stop loss’
· Trailing SL: Value of Trailing SL = value of Kijun line; Update trailing SL after every candle
· Exit (either of the criteria below)
o Initial protective SL hit, OR
o TP achieved (if selected under TP Type)
§ Timeframe H4 – TP will be 90pips
§ Timeframe H1 – TP will be 60pips
§ Timeframe M30 – TP will be 35pips
§ Timeframe M15 – TP will be 20pips
o Hit trailing SL on Kijun line
o Reversal – SHORT reversal signal, i.e. TK cross below AND candle closes BELOW Tenkan line
· Re-entry
o Re-entry only valid if no open trades
o Re-entry may be required if the initial entry gets stopped out due to a quick price movement against the trade but still the larger trend remains the same
o Criteria:
§ Tenkan line should be above Kijun line, AND
§ Candle close ABOVE Tenkan line (for LONG)
§ Chikou: Establish Chikou is ‘free’, meaning that Chikou value should be above high of the candle 26 periods back for LONG trades