Job finished
Specification
1. The idea of the strategy is as follows: Custom timeframe inputs used to create a defined range in price based on High/Low of price within the range and a secondary range based on highest and lowest body close of candles within the range (It would also need to display this range on the chart for visual purposes)
2. Once the defined time range finishes the EA would look for a candle close beyond either the low or high of the range (whichever comes first)
3. If broken and closed to the high for example the EA would only take trades that retrace back into the range and this would be based on standard deviation retracements of the inner range and a limit order set
4. Stops would be based on a standard deviation inputs within the range
4. Targets would have 2 input fields so I can optimise based on an R multiple from stop or a standard deviation extension
5. Time input to define when the EA can no longer take trades for the day
6. Day of the week filter so I can switch on what days it runs
7. Input to define if price moves away a certain standard deviation it would no longer look for trades
Here is an example of what a trade would look like and how I'd like the range to be displayed:
This is a trading concept based on TheMas7er youtube channel and a walkthrough can be found here: (10) 🔥 TOP SECRET TRADING STRATEGY REVEALED 💰 88 % PROBABILITY - YouTube
There have also been other developers create an MT5 indicator for this here: Buy the 'DR IDR Pro' Technical Indicator for MetaTrader 5 in MetaTrader Market (mql5.com)
I'd now like this concept built into an EA with all inputs left customisable so I can optimise as best as possible.
Here are the input fields I'd like included but please add in anything else required or not thought of:
=====GENERAL====
Magic Number
====DEFINING RANGE TIMINGS===
Range Start Time (Value)
Range End Time (Value)
Stop Taking Trades Time (Value)
====DAY OF WEEK FOR TAKING TRADES====
Mon (false/true)
Tue (false/true)
Wed (false/true)
Thu (false/true)
Fri (false/true)
====ENTRY====
Standard Deviation Retracement Level (Value)
====STOP=====
Standard Deviation Retracement Level (Value)
====STOP TO BREAKEVEN====
Use Standard Deviation Extension Level (false/true)
Standard Deviation Extension Level (Value)
===TARGET====
Use Standard Deviation Extension Level (false/true)
Standard Deviation Extension Level (Value)
Use R Multiple Based on stop size (false/true)
R Multiple Based on stop size (Value)
====NO TRADE ZONE===
Use Standard Deviation Extension Level (If price reaches this level before entering a trade, no trading will take place for that day) (false/true)
Standard Deviation Extension Level (Value)
====RISK SETTINGS====
% Balance Risked (Value)