Specification
Requirements Specification: Prop Account Trading Bot (Master Bot)
Overview
The Prop Account Trading Bot is designed to trade on a Prop MT5 account and simultaneously take opposite trades on a connected account, adhering to predefined risk management rules, profit targets, and daily drawdown limits. Both accounts will operate under the same Expert Advisor (EA), with one designated as the master account.
The Trading Idea
The bot will automate trading while allowing manual intervention when required. It will ensure adherence to strict risk and profit management guidelines, targeting success in Prop account evaluations by automating tasks such as trade execution, risk calculation, and compliance with minimum trading day requirements.
Terms and Definitions
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Master Account: The primary Prop account used for trading.
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Slave Account: The connected account executing opposite trades.
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Daily Loss Limit (DLL): The maximum allowable percentage loss for a single day.
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Profit Target: The profit goal to pass Prop evaluation phases.
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Support Trade: Minimal trades placed to meet the minimum trading day requirements.
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Weekend Holding: Option to hold trades over the weekend or close them before the market closes.
Trading Signals and Logic
The bot will execute trades based on the following logic:
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Entry Criteria: Trades are placed according to user-defined parameters and risk settings.
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Stop Loss (SL) and Take Profit (TP):
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SL is calculated as a percentage of the starting balance (e.g., 2%-4.9%).
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TP is configured to achieve profit targets (e.g., 8%-10%).
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Profit Adjustment Rules:
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If the daily loss limit is reached, trading for the day halts.
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If the first day ends in loss, the next day’s TP adjusts to recover losses and meet targets.
Additional Conditions and Filters
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Daily Trade Limits:
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A maximum daily loss of 4%-4.9% of the starting balance will halt further trades.
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Weekend Holding:
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Users can configure whether to hold trades over the weekend or close them beforehand.
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News Filter:
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The bot will not open trades during specified news times.
Bot Features and Parameters
Core Features:
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Automatic and Manual Trading: Users can toggle between automated and manual trade modes.
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Risk and Lot Management: Configurable lot sizes and risk percentages per trade.
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Support Trades: Automatic placement of 0.01 lot trades to meet minimum trading day requirements.
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Trade Monitoring: Displays real-time trade statistics, including PnL, drawdowns, and progress toward profit targets.
Key Parameters:
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Working Mode: Configure as Master or Slave account.
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Profit Target and Loss Limits: Set percentage values for goals and limits.
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Trade Sequencing: Option to enable single or multiple trades per day.
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Weekend Holding: Enable or disable holding trades over weekends.
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News Time Filter: Specify times to avoid trading.
Bot Workflow
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Place trades based on user-defined criteria.
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Automatically apply SL and TP upon trade entry.
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Monitor and adjust TP based on performance.
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Stop trading upon hitting daily loss limits.
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Maintain or close trades over the weekend based on configuration.
Configuration Settings Example
Parameter | Description | Default Value | Configurable? |
Working Mode | Bot mode: Master or Slave | Master | Yes |
Profit Target (%) | Percentage of starting balance | 8%-10% | Yes |
Daily Loss Limit (%) | Max allowable daily loss | 4%-4.9% | Yes |
Auto Trade | Enable automatic trading | Yes | Yes |
Trade Comment | Comments for trades in history | EA | Yes |
News Time Filter | Times to avoid trading | None | Yes |
Weekend Holding | Hold trades over weekends | Disabled | Yes |
Visual Interface Features
The bot’s interface will display:
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Trade Metrics: Lot size, PnL, drawdowns, free margin, and more.
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Account Summary: Login details, account currency, and evaluation progress.
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Configurable Display: Options to adjust font, transparency, and placement on the chart.
Deliverables
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Fully functional Prop Account Trading Bot with the above-described features.
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User manual or guide for configuring and operating the bot.
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Support for testing and debugging to ensure proper functionality.