Job finished
Specification
Hello, Warning! This will be the first EA for me. I've traded manually for a couple years and have just recently become interested in EAs. After a few days of browsing through past jobs and getting a feel for prices and specs, I'm pretty sure I know what I need and can explain it. If you see any areas that pose potential problems, please advise and bare with me. This EA will do exactly the opposite of what Bollinger Bands intend to do.
Simple Part:
An EA that trades using Bollinger Bands and implements the Martingale betting system.
The EA will buy in once the price breaks through (at any time) the bottom band.
The Buy order will close once the price touches the opposite (upper) band.
HOWEVER (Here's where it gets a little tricky),
-If the price range breaks out of the bottom band again before touching the upper band, an additional Buy-in (double the current amount) will execute once the price re-enters the bollinger bandwidth (from the outside)
-This might be done by acknowledging where the price is at the end of a tick on a given chart. So, on a 4-hour chart, if the ticker has broken out of the bottom bollinger band a second time but still has NOT re-entered by the end of the 4-hour interval, an additional buy will NOT be initiated.
I‘d also like to be able to set what kind of chart the script will trade off of if possible, but if the script is dependent on the chart first started on, that’s fine.
I have no idea about this. Please advise. I'll most likely work with 1-hour or 4-hour charts.
This procedure can continue up to X amount of times (the amount can be edited by the user - more below)
-The Martingale Betting System
Once the price finally touches the the upper band, all orders will close out at market price.
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... I’d also like the same script created but in the opposite direction. Initiating sell orders when the top band is struck and sold when the bottom band is struck.
Additional notes:
The script should be flexible or open to manual input. For example, I’d like to be able to limit the total number of buy-ins and also set the increasing lot sizes for each additional buy-in.
Example: 1st buy-in = 0.01, 2nd = 0.02, 3rd = 0.06 4th = 0.18, 5th = 0.27, etc.. but if I leave the 6th or so on variables blank, no trade will initiate beyond the 5th.
If you have a better Idea for this, please advise.
I may need some help executing it on my platform.
Thank you for your time!