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Rules
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Specification
Summary of main requirements.
Indicators mq4 will be provided for main fractals and zigzag parts.
[1] Draws up/down fractals according to the frame set, e.g. 1,1 means reversal around a central candle, with 1 candle either side, 1,2 means 1 on left, central, then 2 on the right. Including also zigzag. ***MQ4 is available for these indicators to give example / code***. One up fractal followed by one down (sell), or one down followed by one up (buy) makes a fractal pair.
[2] Draws a pair of horizontal lines along from the high and low of the fractal. ***MQ4 is available for this indicator to give example / code.***
[3] Depending on direction of breakout, e.g. downward, draws fibonacci with top(bottom) of fractal channel as 0%, bottom(top) of fractal channel as 100%,
allows setting for further fibonacci levels, with the defaults of 0% (labelled stop), 100% (labelled start), 200%, 400%.
[4] SET FRACTAL LOOKBACK (1-10) - draws the fibo lines and labels the chart for the last 1 to 10 pairs of fractals.
3. CLOSEST / MOST RECENT OPTION - highlights closest together (fewest candles in between up and down fractal) most recent fractal pair with a special colour/symbol or thickness.
[5] MTF option to show up to 4 timeframes on a chart, with different symbols / line types and labels.
[6] TRIGGER LINE FOR TRADE - based on breakout of X number of pips from the 100% line (set pips as an option)
[7] SCALE OUT WARNING on chart. If exceeds Fibo target line (1), Eg 200% of fractal channel, exit 50%, 2), e.g 300% of fractal channel, exit 25% (3), e.g• 333.333%, exit 20%, (4), e.g. 400%, exit 5%. a close below this line, or a penetration of any of these lines will also trigger:
(i) Stop to breakeven
(ii) Stop to breakeven + N pips
(iii) Stop to breakeven + F fibonacci percentage - G (allowance above/below) pips
(iv) Close trade (v) no changes
[8] Target 1 / 2 / 3 / 4 / 5 option.
(i) Close % of trade (or nearest roundup) at target (see above, (7)).
[9] Stop loss set [default]: Stop line (too of down fractal for short) +/- X pips; or [1] N % of most recent fractal channel or [2] Number of pips or [3] % of account (max risk).
[10] Hidden or non-hidden stop loss and profit options.
[11] table: Width of each fractal Channel - include this info on the chart. Width of Active channel. Number of pips to Fibo targets, print on chart table. Number of pips to stop - print into table; update table if EA moves stop.
[12] ADR - Set period and check ADR/2. If channel > ADR/2 can ignore trade and post warning to ignore trade. Option to use ADR of current TF, or ADR MTF, e.g. Daily ADR.
EA should Include live trading option, and non-trading option, both should print all relevant info to chart, e.g. 0%, 100%, target 1, instructions to close if penetrated / close if close above/below... etc.
More info can be provided as necessary.
Delivery of first full draft, after revisions must be within 5 days of order acceptance.
