Specification
i’m looking to have a trading robot built in MQL5 that utilizes the following strategy:
Strategy Overview:
-
Supply and Demand Strategy:
- The bot should identify key supply (resistance) and demand (support) zones based on historical price action.
- The strategy should buy at demand zones (support) and sell at supply zones (resistance).
-
RSI Confirmation:
- Use RSI (Relative Strength Index) as a filter to avoid entering trades when the market is overbought or oversold.
- For buy trades, wait until RSI is below 30 (oversold) and price reaches a demand zone.
- For sell trades, wait until RSI is above 70 (overbought) and price reaches a supply zone.
- The goal is to avoid taking trades against the prevailing market sentiment.
-
Entry and Exit Conditions:
- Entry: Buy when price is near a demand zone with RSI below 30, and sell when price is near a supply zone with RSI above 70.
- Exit: Set a take-profit (T/P) and stop-loss (S/L) based on previous support and resistance levels to lock in profits and limit risk. Optionally, incorporate a trailing stop to maximize profits when the trade moves in our favor.
-
Risk Management:
- Implement dynamic lot sizing based on the available balance and risk tolerance for each trade.
- Ensure the strategy has a balanced risk-to-reward ratio, aiming for higher profits with controlled risks.
- Use proper stop-loss settings to limit potential losses, while aiming for reasonable profits with take-profit levels.
Broker and Pairs Compatibility:
- The bot should work with every broker and support all forex pairs and indices.
- Specifically, the bot should be optimized for XAU/USD (Gold vs. USD) and US30 (Dow Jones), ensuring compatibility for these major trading instruments.
Other Features:
- Ensure the bot executes trades quickly and efficiently to capture the best possible price for entry.
- It should send alerts when trades are placed and include error handling to ensure stability in varying market conditions.
- Include an option to toggle trading on or off based on the user's preferences.
Deliverables:
- Please provide the .ex5 and .mq5 files.
- Well-commented source code to allow future adjustments.
- Backtesting results with optimized settings for XAU/USD and US30.
Let me know if you need any additional information or have suggestions for refining the strategy. If everything looks good, we can proceed with the development.
Best regards,
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