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Rules
Job finished
Specification
Basic Rules…
Opening trade:
Purchase 1,000 units when the 14 (or 55) day high/low has been reached.
Adding units:
Purchase additional 1,000 units every +1 ATR beyond initial purchase. This will stop after the fifth lot.
Close trade via whichever comes first:
Upon retracement to the 5 (or 22) day low/high the bot will close the trade. (One close signal.)
Close trade when price reaches -2 ATRs based off of most recent purchase. (The other close signal)
Units purchased:
1,000 units will be purchased. As my trading funds grow I will want to change this.
Margin:
The broker I will be using is Forex.com. Since they have a number of Minimum Margin Requirements I will need the bot capable of utilizing 10% for AUD/CHN, 2% for EUR/USD, 8% for USD/MXN, etc. This is my first time using MT4 and my first EA. I’m assuming I will not need a different unique EA for each individual pair.
Example: EUR/USD going long
14 day high: 1.19217
ATR is at 0.00828 (to make the example simple I will use the same ATR instead of changing it for every new purchase)
Step 1:
Trade is entered at 1.19217. 1,000 units are purchased.
Stop loss is set at -2 ATR or 1.17561.
[If possible I want orders to happen right when the purchase/close price is reached as opposed to after the present bar has been completed. I say this because it is my understanding that Trade Station’s Easy Language waits until the present bar is closed before sending the order.]
Step 2:
Trade proceeds to next purchase of +1 ATR or 1.20045. A second 1,000 units are purchased.
Stop loss is now set at -2 ATR or 1.18389.
Step 3:
Trade proceeds to next purchase of +1 ATR or 1.20873. a third 1,000 units are purchased.
Stop loss is now set at -2 ATR or 1.19217
Step 4:
Trade retraces and breaches the new -2 ATR. All 3,000 units are sold.
Example: GBP/JPY going Short
55 day Low: 1.38441
ATR is at 0.00632 (to make the example simple I will use the same ATR instead of changing it for every new purchase)
Step 1:
Trade is entered at 1.38441. the first 1,000 units are purchased.
Stop loss is set at +2 ATR or 1.39705.
Step 2:
Trade proceeds to next purchase of -1 ATR or 1.37809. a second 1,000 units are purchased.
Stop loss is now set at +2 ATR or 1.39073.
Step 3:
Trade proceeds to next purchase of -1 ATR or 1.37177. a third 1,000 units are purchased.
Stop loss is now set at +2 ATR or 1.38441.
Step 4:
Trade proceeds to next purchase of -1 ATR or 1.36545. a fourth 1,000 units are purchased.
Stop loss is now set at +2 ATR or 1.37809.
Step 5:
Trade proceeds to next purchase of -1 ATR or 1.35913. a fifth 1,000 units are purchased.
Stop loss is now set at +2 ATR or 1.37177.
Step 6:
Trade proceeds in desired direction until it retraces and breaches its eventual 20 day High of 1.34017. All 5,000 units are bought closing the trade.