MT4 EA Intraday Forex Break out strategy traded on the 5min timeframe

Developer will need to be able to:

• Code an EA for MT4.
• Identify market high and low points between user specified times.
• Determine recent Swing Low/Highs within a price range.
• Daily ATR.
• Draw lines & markers on a chart for back testing.
• Correctly size position lot sizes based on account free margin and user specified risk amount.
• Source code to be provided.

Definition of swing low/high:

• A swing high is a bullish candle or series of bullish candles followed by a single bearish candle to complete the swing and form the peak. Candles that open and close at the same price should be ignored in determining the swing but included in determining the highest high point of the swing.

• A swing low is a bullish candle or series of consecutive bullish candles followed by a single bearish candle to complete the swing and form the trough. Candles that open and close at the same price should be ignored in determining the swing but included in determining the lowest low point of the swing.

A video showing the strategy can also be provided.

User Input Variable: Shown between ' ' below.

MarketClose: 21:00

MarketOpen: 06:55

EquityRisk: 1%

PositionRisk: 1.5

SLRangeHigh: 50 (Points)

SLRangeLow: 15 (Points)

TradeTime: 12:00

Variables:

DailyHigh

DailyLow

DailyATR (14 day period)

ExtremeHigh

ExtremeLow

StopLoss

TargetProfit

Strategy Definition:

At the 'MarketOpen' time:

Calculate the 'DailyATR' (14 day period).

Determine the highest 'DailyHigh' and lowest 'DailyLow' points between 'MarketClose' time and the 'MarketOpen' time.

'ExtremeHigh' = 'DailyLow' + 'DailyATR'

'ExtremeLow' = 'DailyHigh' - 'DailyATR'.

Draw lines from the 'MarketClose' time to the 'MarketOpen' time (120 candles in length) at: 'DailyHigh', 'DailyLow', 'ExtremeHigh', 'ExtremeLow'

From the 'MarketOpen' time until the 'TradeTime':

When a candle Closes either above 'DailyHigh' (BUY):

Determine a recent swing low OR if the Open price of the breakout/thrust candle is between: CurrentPrice - 'SLRangeLow' & Current Price - 'SLRangeHigh'

'StopLoss' = low of swing low - 1 (point).

Draw a line 10 candles in length at 'StopLoss' from the swing low candle OR breakout/thrust candle Open (if used).

'TargetProfit' = CurrentPrice + ((CurrenPrice - 'StopLoss') * 'PositionRisk')

If 'TargetProfit' < 'ExtremeHigh' then go to Place_Order

Else Exit for the day

When a candle Closes either below 'DailyLow' (SELL):

Determine a recent swing high OR if the Open price of the breakout/thrust candle is between: CurrentPrice + 'SLRangeLow' & Current Price + 'SLRangeHigh'.

'StopLoss' = high of swing high + 1 (point).

Draw a line 10 candles in length at 'StopLoss' from the swing low candle OR breakout/thrust candle Open (if used).

'TargetProfit' = CurrentPrice - (('StopLoss' - CurrenPrice) * 'PositionRisk')

If 'TargetProfit' > 'ExtremeLow' then go to Place_Order

Else Exit for the day

Place_Order:

Calculate Lot size based on account free margin * 'EquityRisk'.