All orders
Rules
Specification
I need to develop an EA that based on SMC concept on any Forex Pairs and timeframe.
The action flow of the EA will be as following link: https://fxopen.com/blog/en/smart-money-concept-and-how-to-use-it-in-trading/#:~:text=The%20Smart%20Money%20Concept%20(SMC)%20is%20a%20trading%20strategy%20focused,as%20banks%20and%20hedge%20funds.
The EA's entry points will always be within the order block.
The block will be determined after the BOS. There can be a fake BOS, to avoid this, we will determine by the Closing Point of the candle, if closing point stays below breakout point (bearish), or above breakout point (bullish), then BOS is confirmed.
The edge of the block will be calculated [a] pips below (above) the previous low, and [b] pips below (above) the breakout point. Please refer to the following chart.
Everytime there is a BOS, a new block will be created.
After there’s a ChoCh point, the EA needs to wait for the first BOS (1st block is created) to start determine the entry point.
EA will be opening 5 different positions with [x] lot, each position is [y] pips from each other - [y] is determined by [z] % of pips between the top and bottom edges.
All positions will have the same SL set above or below [d] pips from the edge of the block, depending on the trend. . the TP will be set as RR 1:1, 1:2, 1:3, 1:4, 1:5. When the chart reaches another BOS (Break of Structure), the SL for all opening positions will be moved as well to [d] pips above or below the edge of the new block until either TP or SL is reached.
There should be graphic on chart to give tracking numbers for "Current Profit", "Current Loss", "Current number of lots". There should be buttons to add positions manually "Buy" or "Sell, button to "Close All".
The parameters needed will be as follows:
[a] Pips: pips below (above) the breakout point (Edge 1 of the box, if chart is bullish, is top edge and vice versa)
[b] Pips: pips below (above) the previous low point (Edge 2 of the box, if chart is bullish, is bottom edge and vice versa)
[x] lot: number of lots for each entry
[y] is calculated based on [z] and the difference between top and bottom edges. [y] = (Top Edge - Bottom Edge) x [z]%
[z] %: 1 to 20 %
[d] Stoploss Pips below the bottom edge if bullish and above top edge if bearish
I have the flows on real chart attached.
In the attached Flow, the example is XAUUSD 15M chart, please analyze and let me know if you have any questions.
