All orders
Rules
Specification
EA to be created and then a 2nd version exactly the same only with some components removed.
The EA works in these steps
Higher time frame - Moving average to determine bias - Long or short = short
Middle time frame - scan nearest fractal level HIGH in price that is over minimum number of candles in the past and under maximum about of candles in the past. Fractal must be fresh and not have price already gone through it.
Middle time frame "Breach" setting - Price goes above fractal high = Go to ltf for entry - nearest fractal LOW level that is over minimum number of candles in the past and under maximum about of candles in the past is the tp
Middle time frame "Close" setting - Price goes above fractal high then price closes back below the fractal high level in under the maximum amount of candles allowed. = Go to ltf for entry - nearest fractal LOW level that is over minimum number of candles in the past and under maximum about of candles in the past is the tp
Lower time frame - price go above fractal level HIGH then price closes back below the fractal high level in under the maximum amount of candles allowed. = Sell limit order set at LTF fractal level - SL at the high of price that broke LTF fractal high level. tp MTF Fractal level LOW
This is the basic of the strategy.
Trade examples:
1st HTF MA says sell
MTF - Using "close" setting
1. This is the highest fractal high breached so this is the fractal being used
2. This fractal high is valid and would be used but as soon as price goes through a valid fractal level above it then it will always be the highest breached fractal level being used.
Example. If we use "close" setting and price goes above fractal 2, closes underneath then goes ltf looking for entry. If price continues go go back up and above fractal 1 then we would need a close again below fractal 1. So the cycle starts again
3. Price goes above fractal high and has a candle close below fractal price. This doesn't have to close below on the same candle but we must have a candle close within a maximum amount of candles which can be adjusted in settings
4 the next valid fractal low is tp. the fractal lows in between are under minimum candles in the past of price to be valid.
LTF
1. Valid fractal high that would be used but when price goes above fractal 2 this is the highest fractal breached so will be the level used.
2. Highest fractal level breached
3. When price breaches and closes below fractal level 2 a sell limit order is placed at the fractal level. In settings this can be adjusted to offset price lower by eg 0.5 pips to allow buffer for spread.
4 sl is placed at the high of price from when the fractal level was broken. Have a setting to enforce a minimum amount of pip sl so if I choose minimum 3 pip sl and the high is only 2 pips above the sl will be still 3 pips minimum. If the high is 5 pips above fractal level then sl will be 5 pips at the high. It's the high that determines how big the sl is
5. The MTF fractal low is tp
Additional settings:
Days of the week looking for entries
Allowing multiple entries and how many
have times of the day allowed for entry. this my be more than 1 so eg 08:00- 10:00 and 12:00 - 14:00 and can these times on settings be inline with broker time.
Have an optional entry day and time window and tp day and time for long term trades and if price doesn't hit tp level. eg look for entries on monday or tuesday between 08:00 and 10:30 and tp at thursday 12:00 http://prntscr.com/etwkxf
Break even
stop trail
maximum spread
minimum amount of pips for stop loss
Minimum Risk:reward trade filter
Optional if target is under minimum risk:reward use next target.
2nd EA
1st Have Optional HTF MA bias. If this setting is turned off on ltf we can look for entry in both directions. If turned on only trading inline with the MA cross over bias
2nd LTF Entries are exactly the same as 1st EA but now there is no mtf and target is the next fractal on the ltf.
All additional settings can also be added