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Specification
**Objective**: Develop a trend-following Expert Advisor (EA) that opens trades based on a trend detected across multiple timeframes using the *AllAverages_v4.9_MT5* indicator. The EA should use a Martingale strategy, only adding trades in the same direction when the price moves against the initial position, and include several risk management settings.
### Strategy Overview
1. **Trend Detection**:
- The EA should detect a trend by analyzing the *AllAverages_v4.9_MT5* indicator across multiple timeframes.
- Execution timeframe will be set to M1, but the trend should be confirmed on multiple selected timeframes.
- **Condition for Entry**: The EA will open a trade only when all selected timeframes show a trend in the same direction, as indicated by the *AllAverages_v4.9_MT5* indicator.
- **Trend Identification**: The EA should use the uptrend/downtrend buffers of the indicator to determine the trend direction.
2. **Martingale Strategy**:
- If the price moves in the opposite direction of the open trade, the EA should open an additional trade in the same direction as the initial trade but with a larger lot size.
- The lot size for each subsequent trade should increase based on a configurable Martingale multiplier.
- The step size (in pips) for opening the next position when the price moves against the trade direction should also be configurable.
- There should be a configurable maximum number of trades in the Martingale sequence to prevent excessive risk.
- The EA should keep opening new trade sequences whenever the last sequence hits TP and the trend is still confirmend on all selected timeframes.
### Configurable Settings
1. **Trend Confirmation**:
- The EA should allow setting the number of timeframes that must show the same trend direction before opening a trade.
- Users should be able to select a specific type of moving average (e.g., HMA, EMA, DEMA, etc.) for each timeframe individually (e.g., H4 could use EMA while M1 uses DEMA).
2. **Trade Settings**:
- **Starting Lot Size**: Configurable starting lot size for the initial trade.
- **Martingale Multiplier**: Factor by which the lot size should increase with each subsequent trade in the Martingale sequence.
- **Step Size**: Number of pips the price must move against the last opened trade of the sequence before the EA opens the next trade in the Martingale sequence.
3. **Take Profit (TP) Settings**:
- TP should be configurable in terms of profit per trade (e.g., $20).
- When a new trade is added to a sequence, the TP should be adjusted to the same for all open trades so that if the TP is hit, the total profit is equal to the target profit specified for the first trade (e.g., if the first trade's target was $20, the cumulative profit for all trades in the sequence should still be $20 when the TP is hit).
- The TP should increase, if necessary, but should never result in a lower total profit than initially targeted.
- The TP should be updated only when a new trade is added to the sequence.
- Spread should be factored in the TP level.
- The TP should be updated only when a new trade is added to the sequence.
- Spread should be factored in the TP level.
4. **Stop Loss (SL) Settings**:
- Configurable SL as a percentage of total account equity.
- This SL should apply to the entire trade sequence, not individual trades. For example, if the SL is set to 5% of equity and there are 4 trades in the Martingale sequence, the SL should adjust to the same for all open trades such that the combined loss would equal 5% of equity if hit.
- The SL should be updated only when a new trade is added to the sequence.
5. **Time Filter**:
- The EA should have a configurable time filter to limit when new Martingale sequences can begin.
- Users should be able to set specific time windows for trading (e.g., 00:00-08:00 and 14:00-23:59).
- If a sequence is still open outside of the trading window, the EA should continue to manage the sequence (e.g., adding trades if necessary and changing TP/SL) until it closes via TP or SL.
- The time filter should use server time.
6. **Capital Loss Limit**:
- An option to set a maximum allowable loss in dollar terms. If this loss limit is reached (including floating losses), the EA should:
- Close all open trades immediately.
- Disable itself to prevent further trading.
- This feature ensures compliance with prop firm drawdown limits. The EA should continuously monitor floating losses on each tick to prevent violating drawdown rules.
7. **Magic Number**:
- The EA should have a configurable magic number to help distinguish trades it opens from other trades on the account.
### Additional Features
1. **Logging**:
- The EA should log all key actions, such as when a new trade sequence starts, trades are added to a sequence, TP or SL levels are modified, and sequences are closed.
2. **Alerts**:
- The EA should send an alert whenever a new sequence is opened and when a sequence closes.
- These alerts should be configurable for desktop notifications and push notifications to a mobile device.
### File Requirements
- The EA should be able to access the *AllAverages_v4.9_MT5* indicator directly to read trend up/downtrend buffers.
### Summary
This EA will serve as a trend-following system using multiple timeframes to confirm a trend direction, with a Martingale approach to manage trades when price moves against the position. Configurable settings will allow for precise control of trade entries, lot sizing, risk management, and time filters. Key logging and alerts will enhance monitoring, and robust risk management features ensure compliance with prop firm trading rules.
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Project information
Budget
50+ USD
VAT (19%):
9.5
USD
Total:
59.5
USD
For the developer
45
USD