Expert Advisor Based on Engulfing Candles Needed

MQL5 Experts Forex

Job finished

Execution time 8 days
Feedback from employee
Excellent customer!!! Supportive and nice!!!

Specification

This 4hr trend strategy is one I have been using in discretionary since the start of 2018 & is producing some nice results.

Chart: 4hour

Indicator: 50 EMA

Long Entry > price crosses above the 50 EMA & makes a new swing high, while the market is still above the 50 EMA I wait for 'at least' a 2 candle pullback (2 red candles). After that pull back of at least 2 red candles I wait for an (engulfing candle)/bullish candle (green) to close above the previous red candle's body while above the 50 EMA, but not above the body of the previous swing high we pulled back from.

If the first trade results in a loss, then i must wait for either a new swing high or a retest of the 50 ema. When the market tests the 50 EMA i wait for another engulfing candle for my entry (a green candle that closes above the body of the previous red candle). For the entry reason to be valid the pullback to the 50 EMA must not have more than 1 candle below and not touching the 50 EMA at all. The entry candle off of the 50 EMA must close above the 50 EMA but not above the previous swing high.

Stop loss: 20 pips below the lowest low of the entry/engulfing candle & previous red candle, subtract 3 pips at the end. Also add an option to make the stop loss 1 ATR below the lowest low instead of just a fixed 20 pips. (code to be optimized)

Take profit: 2x the stop loss distance, add 3 pips at the end(code to be optimized)

Once stop loss and take profit are set let the trade run, it either hits the stop loss or hits the take profit.

Last entry condition: if the close of the entry/engulfing candle is more than 1 ATR from the lowest low you put stops under, then you must wait for a 50% pullback of the 4hr candle that was 'too big' based on ATR, within the next 2 candles or cancel the orders.

Money Management: risk per trade %

 

Short Entry> mirror of long entry

 

Also i would like the source code if thats okay :)


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Project information

Budget
150+ USD
For the developer
135 USD
Deadline
from 1 to 5 day(s)