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Rules
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Specification
Requiring some elements to be incorporated into an existing EA.
The elements are:
1. A stop loss mover (creating a stop loss at a number of pips from entry after price moves a set distance from entry)
2. A loss calculator that can modify existing orders.
Note the existing EA allows the trader to group tickets of market and pending orders into baskets; therefore, both elements need to be able to be applied uniquely to these individual baskets as well.
1. Stop Loss Mover
The stop loss mover is fairly typical. The trader specifies the number of pips price has to move in profit and the number of pips to move (or create) a stop loss from the entry price.
However there are a couple additional considerations for this SL mover.
a) It needs to be applied to number of unique baskets (groups of tickets)
b) It needs to be applied to only the first active ticket of that basket. If more than one ticket is active (not pending) then the SL mover will not function. This means that if a SL is specified in the GUI by the trader and no orders are open – the SL will be applied to the only the first pending order that triggers. If of the group of tickets there is only one order active and the user enters a SL – it will apply to that open order and none of the others. However, if there are 2 open orders in the basket and a user enters a SL – the SL mover will not function.
c) It needs to cancel the other tickets in the basket if the stop loss is hit
d) Needs to have 2 fields incorporated into the GUI. “Bounce” which is the number of pips needed to move from price before SL is created. And “SL Move” which is the number of pips from entry where the Stop Loss is created.
2. Loss Calculator and Modifier
The baskets are comprised of an entry and a number of pending hedge orders to scale out of the position. So all the orders are the basket should have a NET LOT of “Zero” and if they all trigger then a floating loss will be realized. The calculator needs to calculate the loss that will be realized if all orders hit and a hedged floating loss is locked in.
It also needs to modify orders in the basket to a % risked as set by the trader. So if the EA calculates a loss of 0.3% for the basket if all trades are executed and it is hedged flat, and they wish to either decrease or increase the % at risk for the basket – they can enter that amount and the lot sizes will adjust accordingly.
The GUI will also have fields showing: Net Lots; Current % at Risk; Modified % at Risk; and and Execute button if trader wants the EA to modify orders to match that risk.
More details can be provided in private and price can be negotiated.