Job finished
![](https://c.mql5.com/i/avatar/avatar_na2.png)
![](https://c.mql5.com/i/avatar/avatar_na2.png)
Specification
Applicable to all symbols.
Main idea and summary of more relevant points:
Confirmation:
After signal, 2 min chart.
Resistance and supports are checked in
15 minutes chart. If TP is outside, it is
reduced to 2.5. If not, to 2 times. If not,
trade is not opened.
Forecasted Price in 3 charts (5/15/30)
should be cut by TP level. If not,
it is reduced at 2.5 times. If not, 2 times.
If not, trade is not opened.
Indicators:
5 periods simple average.
Supports and resistance: dark support resistance mt5.
Forecasted Price: MetaForecast mt5.
Money management:
User introduces máximum amount to lose in
any individual trade.
SL below signal candle.
EA calculates, based on SL level, máximum
number of lots.
Trailing break even option: user indicates
distance and profit in terms of % TP.
No more than one trade per symbol at a time.
User options:
Change info in the three indicators.
Change levels of trailing break even option.
Euros to lose per trade.
Maximum spread.
Buy and sell trades, or only buy, or only sell.
Number of pullbacks (negative slopes) until signal candle:
one, two, or three.
Number of candles within the trend and until pullback (in intervals; eg. between 3 and 6).
Visual document attached, and further details on some specificities below. They do not contradict the main idea and document. But provide further details I have found needed after interacting with some developers:
In terms of money management:
The user should be able to state a maximum number of lots per trade. This condition would come as a second layer of conditions. For example: the EA estimates that for a particular trade, given the amount in euros introduced by the user, and the SL, the number of lots would be 12.35. But, the user had stated in this other different field that not a single transaction should be higher than 10 lots. So 10 lots prevails. However, if the estimate of the EA for that same trade would have been 6.75 lots, for example, as this is lower than 10, these 6.75 should be the size of the trade.
The maximum spread for a particular symbol when trying to open a trade. The user should be able to introduce the maximum tolerable spread. If spread is higher, no matter the conditions, the trade will not be open.
In terms of indicators used:
The Forecast price indicator. In the document it is stated that TP should be cut by this Forecast price in M5, M15 and M30. This remains the same. But until reaching that point, not a single forecasted price should touch or be lower than the original SL. What happens after the cut with the TP is irrelevant. But not the walk from current price and until cutting TP.
Resistance and Supports indicator. This indicator defines 4 levels for resistance, and 4 levels for support. If the trend we are is upwards, so trying to open a buy trade, we will look only at resistance level 1. If it is a downwards trend, so trying to open a sell trade, we will look only at support level 1.
The logic of the two indicators is the same. But, Forecast indicator looks to three time frames (M5, M15 and M30), while Support and Resistance only looks at M15 and M30. However, the reasoning for Resistance level 1, and Support level 1 remains the same (even if the indicator offers 4 points for each, I am only interested in the first one of each).
Type of trade:
The order type is automatic. It will always be Market and not limit. Sorry, I took that picture as an example. But it will always be a market order. As soon as confirmation is fine using M2 candles (better explanation later on in the document), Support and Resistance indicator, and Forecast indicator are fine, the trade will be opened.
Trend and pullbacks:
For first and positive slopes number of candles must be 3, 4 or 5 (as default; but it is desired a number chosen by user always as an interval). While for rest of negative slopes a minimum of 1 candle is required. When counting the number of candles (3, 4, 5... depending on the interval), the trend must remain strictly positive all the time.
The third positive slope is signal. The candle must be bullish if in an uptrend, and closing higher than before the pullback, so marking a relative maximum in the zone. If in a downtrend, the logic is the same, but the other way around.
I would like to clarify that these number of candles (3, 4 or 5 -or number chosen by user as interval-) will be selected by the user.
During the negative slope, there is a condition of one minimum bearish candle. There is no maximum of them. But, signal must always close higher than this pullback area for the pre conditions of the trade to be fine.
I would like also to precise, that the number of pullbacks should be also an element for the user to be able to change it. So, if the user selects one pullback, signal candle comes after the first pullback. While if the user selects two pullbacks, signal candle must be considered after this second pullback. The same logic if three pullbacks are selected, but signal candle is evaluated as such after the third pullback.
Confirmation in M2:
After signal, we move to M2. There we need two compulsory bullish candles (if in an uptrend; because if in a downtrend, these two confirmatory candles in M2 must be strictly bearish). The second one must close higher than the signal candle in M5 (if in an uptrend). Just at this moment, and always that the two other indicators (Support & Resistance, and Forecast price) are fine, the trade is open as market order, setting automatically the SL and TP (TP level depending on corresponding levels in these two other indicators).
Please bear in mind that this is only part of the confirmation. Then it comes the two other indicators, that also have an effect on the level of TP (support & resistance, and forecast price). Please kindly double check this indicators can be used by the EA. Many thanks.
Break even levels:
Let’s imagine that trade is open at a price of 10. SL is established at a price of 5, and TP at a price of 20.
So, the distance between opening price and TP is set at 20-10 = 10. This goal of 10 as difference in prices will (fortunately) be conquered little by little by the current price. Depending on the % of this difference that is being conquered, we move our SL little by little.
Let’s imagine that after a while, the current price is 14.5. This means that the new price has conquered 45% of the goal to be conquered (4.5/10). In this moment SL should be moved to a price of 10.5. This extra 0.5 over the opening price represents 5% of the difference between opening price and TP.
For example, if at a particular point the current price is 16, this means that the price has conquered 60% of the goal. In this case SL moves directly to 12.5, because 2.5 represents 25% of the original distance between opening price and TP.
Many thanks
Best