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Rules
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Specification
As mentioned on the title, EA will trade based on MTF and paid indicator from the marketplace. Both indicators will be provided by me.
Buying/Selling will happen on the first candle-bar when the indicator changes from blue to red or red to blue. EA will go long or short depending on the indicator and all trades will be closed when indicator changes colors or stop loss/take profits hit (whatever happens first). If Take Profit hits, EA will wait until indicator changes again to open new position.
"X" means input from the user on the properties list below.
Adjustable expert properties as shown below:
- MTF buy/sell signal: False or true. If true, buy when the indicator is bullish and close when the indicator changes colors. Short when the indicator turns bearish and close when the indicator changes colors.
- Paid indicator buy/sell signal: False or true. If true, buy when the indicator is bullish and close when the indicator changes colors. Short when the indicator turns bearish and close when the indicator changes colors.
- Stop loss: If long, stop loss will be the lowest price on the last "X" candle-bars. If short, stop loss will be the highest price on the last "X" candle-bars.
- Stop loss buffer: False or true. If true, this input will be a 0 decimal place number. This buffer allows the user to add/subtract an "X" number of pips to the calculated stop loss when long or short, the reason for this is to prevent EA from getting wrongly stopped out by other algorithms.
- Risk per trade ratio (based on stop loss): This input will be a 2 decimal place number and will be based on the stop loss. If set to "0.01" means 1% of total portfolio value will be used to determine lot size, "0.02" means 2%, "0.10" means 10%, etc... Example: if input is "0.01", portfolio is $10k and calculated stop loss is 100 pips, then position would be $10k since 100 pips is 1% in a $10k portfolio. If the calculated stop loss is 200 pips, then position would be $5k since a 200 pips stop loss is 1% in a $10k portfolio.
- Take profit: False or true. If true, input will be a 2 decimal place number and will be based on the stop loss. If set to "1.50" means is *1.50 the stop loss. Example: If set to "1.50" and calculated stop loss is 100 pips, then the Take Profit is 100*1.50 = 150 pips. If set to "2.50" and calculated stop loss is 100 pips, then the Take profit is 100*2.50 = 250 pips. If Take Profit hits, EA must wait until indicator changes colors to open new trade again.
- Martingale ratio: False or true. If true, this input will be a 2 decimal place number and will only be used when previous trade is a loser. If the previous Risk per trade ratio was 1% of total portfolio and Martingale ratio is set to "1.50" then next trade lot size will be 1*1.5 = 1.5% of total portfolio value.
- Exit on Friday: False or true. If true, adjustable time as per "XX:XX" New York time.
I will be using this EA with only 1 indicator as "True" on each chart, so only 1 trade at the time should be open on each chart.
MTF indicator I am thinking about using: https://www.mql5.com/en/market/product/32933?source=Site
I will discuss which paid indicator I am thinking of using once the developer has been selected.
If you have any questions, please let me know before accepting the job.
PLEASE... DO NOT add extra "Expert Properties", I only need the ones mentioned above. Thank you :)
