All orders
Rules
Job finished
Specification
The 2nd EA will be discussed within the process of the 1st one. (They are very similar). Here are the requirements for the 1st one.
The EA will place pending orders on a predefined grid. The first trade is a manual market order with only a TP set. a Pending order is placed at a predetermined number of pips away in the opposite direction with custom martingale. If the 1st hedge trade is triggered the process will continue until the TP is reached and all trades close. There will be another 3ways trades could close. Margin Call, Extern input on max number of trades and trader manually closes all trades.
There will be a need for buttons on the screen to place the manual trade and to close the basket.
Guidelines Below, **CAN CHANGE DURING THE PROCESS**
Order 1- First order must be an instant order manually activated by the trader with a TP of 30 pips (30 pip default but to be configured in a table by the trader). This should be a done with a push of a button on screen. No SL is stipulated. The size of the first lot should be configured by the trader and subsequent lot sizes should be calculated by a value called the “increase factor” configured in a table by the trader. E.g if trade 1 = 1 lot and the “increase factor” is 2, then trade 2 will = 3 lots, trade 3 = 5 lots etc. giving a lot size of 1,3,5,7,9,11,13,15,17,19,21 which in this case equals 10 iterations, not counting the first order. The number of iterations must also be configured in a table by the trader.
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Order 2 - Second order must be a pending order and must be executed by the EA at the same time as the first order at a stipulated distance determined by the trader called the “pending order gap” which will have a default of 5 pips. This order must be opposite to the first order at a lot size stipulated by the “increase factor”, which will have a default of 2.
Eg. If the first order is an instant buy then the second order will be a pending sell stop 5 pips below the buy at a pip value stipulated by the table called the ”pending order gap”.
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Order 3 - Once order two, which is the pending order becomes an active order, the EA must place the third order as a pending buy stop in the same direction as the first order with a TP of 30 pips (default 30 pips to be configured in a table by the trader).
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Order 4 – If order three, which is the pending order, becomes active then another pending sell stop must be entered by the EA with a TP of 30 pips. The level must be at the same price level as the second orders level.
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This cycle should continue for the number of iterations (9 is the default to be configured in a table by the trader) called “Iterations”.
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When the first TP is reached then the EA must cancel all active and pending orders.
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The trader must also be able to cancel all orders manually with a push of a button on
screen.
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Once all orders have been cancelled, the process restarts with a manual order again. The
start lot size will be determined by the trader as stipulated in the table.
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All table criteria must be visible on the left top corner of the screen in small text.
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A table should be accessible by the trader to make changes.
Input criteria table.
Iterations – The number of times a pending order can be placed into the market. The trader will determine this manually. Risk: The trader may not have enough money to trade all the iterations resulting in the last order to not activate and the account going into a negative value and continue to become increasingly negative. Default is 10.
Increase factor – The increments in lots to be used based on the first order. If the first order is 0.01 lots then the second pending order will be 0.03 lots if the increment is 0.02. If the increment is 0.2 and the first order is 0.7 lots, then the second order will be 1.2 lots and the third order 1.7 lots etc. Default is 2 lots.
Pending order gap - The gap between the first and second order in pips. This gap is maintained irrespective of the number of orders placed and will always be as set by the trader. Default is 5 pips.
TP – Any Take Profit point that will act as one of the triggers in the unlikely situation the trader is not watching the trading platform. Risk: A TP can be triggered even if the traders balance is negative due to the last iteration not being able to be triggered as a result of insufficient capital to allow the last pending order to active. Default is 30 pips.