All orders
Rules
Job finished
Specification
need an EA to trade based on the EMA entered by the user i.e. 8 EMA and 21 EMA for example.
1) User should be able to enter the day EMA that he/she like for the short and long ema
2) Set a priceDifference as explained below as to how close the current price is to the shorter ema price in order to execute a trade (see attached picture).
3) User be able to enter a SL pip and TP pip which is set by the EA upon executing an order against the order price
4) PipOverEnteredPrice = number of pips where the price has increase/decrease upon entered order which would then trigger the #5 below for buy order or #6 below for SELL order.
5) SLPercentBUY is when the trade turn profitable then the SL will be set to x% of the current price. Let say from number 4 above where we set the PipOverEnteredPrice is 500 pip. The order was executed at $100.00 and then the price increases to $105.00 or higher, the SLPercent will set in to set a new stop loss. The SLPercent entered by the user is 99%, thus the new SL price to be set is .99 x $105.00 = $101.97.
IF the price NEVER reaches the $105+ then do not set any new stop loss, it should be the original stop loss that the user has set based on #3 above.
EVERYTIME the current prices increase resulting in more profit, then the new SL should be .99% x current price for example. So if the price is to increase to $120, then the new stop loss is .99 x 120 = $118.8 - this is for the BUY scenario.
6) SLPercentSell is the same as #5 above, but for the SELL order.
The REVERSE is true for a SELL trade. i.e. the sell order entered is $100 and price dropped to $95 which would trigger the SL to be current price x SLPercentSell, in this case the SLPercentSell needs to be 1.02 for example. Thus the new stop loss is $95x1.02 = 96.90. If the price drops to $80, then the new stop loss is $81.06 so on and so forth. So every time the current price goes down, the new SL is adjusted as noted above.
7) EA should works fine on any time frame and also should display the Enter Price (Bought/Sold), SL and TP onto screen so that I can make sure it's working properly as discussed - especially the SL movement mentioned above.
EA Buy/Sell Algorithm
So when we have a confirmed close price of the candle where the shorter EMA crosses over/under the longer EMA, the BOT will then compares the current price to see if it's close the the shorter ema and execute the trade accordingly. The two case scenario can be seen in the attached picture and case. The EA only needs to execute 1 order based on the ema cross over or under. It will then closed based on the Take Profit (TP) or Stop Loss (SL) set by the user. HOWEVER there is a SL override for example explained above, when the trade goes into profit the EA will need to update the stop loss to ensure we capture the profit.
I have the source code for the confirmed EMA crossed over as seen in the picture below with the DOWN RED ARROW or UP GREEN ARROW. Now I just need the EA to execute the order along with the TP and SL as discussed above in the parameters.
