Modelling

AN EXPERT ADVISER 

Place an instant execution at the close of a particular 1hour candle stick (e.g 08:00AM candle stick) or at a particular time say 09:00 AM

CONDITIONS FOR EXECUTIONS

Using the 08:00AM Candle stick as reference for example, If the close price is higher than the open price of this 1hour candle stick then the EA should place a Buy instant execution at 09:00AM. If the close price is lower than the open price then the EA should place a Sell instant execution at 09:00AM. If the close price and open price are the same, the EA should not take any action.

As a trader, I should be able to set the Stop Loss, Take Profit and lot size in 2 above. These will be executed automatically by the EA.

At the end of each hour the EA should be able to do the following automatically

Adjust the Stop Loss to a certain position in the direction of the trade if the trade has moved a certain number of Pips within a range say 15 – 29 Pips. For example if the entry position is a BUY on EURUSD at a price 1.24200 with SL 15Pips away on price 1.24050, I should be able to set the EA in such a way that if at the close of this hour the highest point reached is between 1.24350 – 1.24490 (an additional movement of 15 – 29 pips), the Stop Loss should adjust 15Pips to 1.24200 when this particular hour closes irrespective of where it closed except cases where the close position is closer and the broker won’t allow the adjustment of my Stop loss. In cases where the broker won’t allow the adjustment of Stop Loss, the EA should wait till another hour completes.

If on the other hand it moved some larger Pips in the direction of the trade more than the range in I, then the Stop Loss should be adjusted some certain Pips away from the highest position reached. For example using the earlier BUY execution at the price 1.24200, if I set the EA to adjust the Stop Loss to move 30Pips to the highest point if the trade has moved up to 30 Pips in positive direction and the trade has reached a highest point of 1.24500 in the course of the hour, when the hour closes the EA should be able to adjust the SL FROM 1.24050 to 1.24300 (i.e 30pips away from the highest point 1.24600). If the broker won’t allow this adjustment then wait for the close of the new hour.

At every subsequent hour, the highest position should be checked to see if it has increased. If it has increased then the increment should be added to the new SL level. For example if the new highest point recorded is 1.24780, then the SL should be adjusted from 1.24300 to 1.24480 (increment of 18 pips).

The Process of III. Should be repeated for a certain number of hourly candles in a day

EA should be able to close my trade at the close of a particular candle (e.g the 10th hourly candle after the entry point) or preferably at a particular set time of the day (e.g 22:00)

If trade closes by hitting the Stop Loss or Take Profit or at the particular set time in V, the process of trade execution should start the next day (i.e I should be able to set EA to repeat process for a certain number of trading days).