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Rules
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Specification
I am looking for a developer who can create an EA for me that is able to place trades as the market moves up or down or ranges.
The EA will run on a mechanical grid system basis with trades being entered and exited as certain levels are reached based on a desired pip increment.
Expert Advisor Description
· Only trades one direction at a time
· No hedging
· FIFO Compliant
· Non-martingale
· Lot size does not change per trade
Hello. I am looking to have my trade entry and exit method automated be means of an EA (Expert Advisor). The rules and description of my preferred EA is as follows:
In the method I use to trade Forex I set a specific line to start a grid at. The grid grows in size as the market moves. I close orders based on a specific stop loss set by market movement. The grid varies in pip size with new trades starting at a specific pip interval be it 2, 5, 10, 25, 100 pips or whatever number I choose. The method does not take time into consideration. Market movement is the only thing that allows for new trades to be added or for losses to be exited.
Trade Entry (If Price Continues in One Direction)
Here is a basic view of what my method looks like in an active market scenario:
*View attachment Ex 1 for this chart example*
I drew in the dark lines to illustrate price movement as the market moves. To keep the example simple the grid increment is set to 100 pips. At this increment new trades are entered or closed. The whole system starts as price crosses 1.100 and either travels up or down to the next level to indicate direction of the market. Either up or down. As for this example price crossed the 1.100 line and hit the level above it 1.200 meaning a buy is entered here.
I try to give the market room to breathe. So I set my stop loss at 1.100. Price moves upward once again to 1.300 a new buy trade is now entered. We now use the 1.100 level as our stop loss. So trade one will have a stop loss of 100 pips and trade two a stop loss of 200 pips. They both used the 1.100 level as their stop loss line.
Using my trade method I would keep on entering new buy trades above my starting line as price reaches each new level with a stop loss set to the line that was not broken. So I could have 10, 20, 50 trades on all with the same stop loss line at 1.100 if that level is not crossed or broken by price movement. So essentially the risk per trade grows as higher and higher prices are hit meanwhile the stop loss level stays the same.
For example trade one would have a stop loss of 100 pips yet the 10th trade, if the market continued its upward movement, would have a stop loss of 1000 pips. This is because trade 10 would have an entry of 2.100 and a stop loss level of 1.100 (1000 pips).
And since the lot size stays the same the 10th trade would essentially have a larger potential loss if price were to touch this level and retrace all the way back to the first set stop loss.
Trade Entry (If Price Moves in One Direction and then Reverses)
*View attachment Ex 1 for this chart example once again*
Using the same real market example as above we can see that price did indeed eventually reverse from our original buy entry point. We had two active buy trades that remained open until both were closed for a loss at 1.100 resulting in 100 pips loss for the first entered trade and 200 pips loss for the second.
At this point we look to place a new sell trade immediately as the two buy trades are closed in loss. The market appears to want to move lower. Our stop loss now changes to one level above the highest buy trade entry of the grid system. We enter our first sell trade of the grid at 1.100. The stop loss level is 1.400 (one level above the highest buy trade entered at 1.300).
The market now proceeds down. Each subsequent sell level has the same stop loss level as the first active sell trade. And there are no buy trades entered until, or if, the market reaches 1.400 and all sell trades are closed.
What if the Market Continues to Range?
*View attachment EX2 for this chart example*
In a ranging market situation the method fails. But I still continue to enter trades. Trade entry is as follows and builds upon the entry and exit of trades described above.
We first look to our starting point listed on the chart above. This is our reference for all trades taken either buy or sell.
Price makes its first move up and our first buy trade is entered with our stop loss placed at our starting reference line.
Price then moves back down to our grid starting line. Our buy trade is closed at this point and our sell trade is opened with a stop loss exactly one level higher than our highest buy trade.
Price then moves one level lower. Our second sell trade is entered at this lower level, one level lower than our first sell trade. But our stop out point for our second trade remains the same as our first sell.
Price then moves up to a higher level not seen yet in the grid. Both of the sells are closed and one buy is opened at this level. This level is labeled as entry 4 on the chart above. The stop loss for this trade is one grid level below the lowest sell entry seen since the start of the grid.
Buys are then entered at levels 5 and 6 on our above chart.
Price then retraces down. We have three buy trades closing in loss now (entry 4, 5, and 6). These buy trades had a stop loss level equal to our entry number 7 which is the entry of one new sell trade.
This sell is the only trade entered in this direction as price did not move any further than this level.
This sell’s stop loss is one level higher than the highest buy that previously closed in loss (one grid level higher than entry number 6 on the chart. This sell trade also closed in a loss.
Now at entry 8 on the above chart we enter another buy trade in hopes the price will climb higher. Our stop loss for entry 8 is one gird level lower than entry 7 on the above chart. If price eventually does move upward away from entry 8 more buy trades are entered at each new grid level.
Further Breakdown of Method
By now I hope my trading method is easy to understand. This method is a mechanical trading method in that entries and exits rely on the use of levels specified by the trader. Market movement is the only thing that allows for a trade to be entered and also for a trade to be closed in stop loss.
This method can have very many trades coming on as the market moves in one direction. This is the most favorable outcome of the method. However, in a means to discern direction of the market trades are entered in the opposite direction of the trades closed in stop loss one level above or below the previous high or low level that eventually resulted in a loss in the system. *one level above or below is a subjective figure and one that I would like the option to customize and change at will on my EA*
Stop loss per trade builds as the trades get further away from the first remaining stop out line. This stop out line moves only when broken and trades switch from buy to sell or sell to buy. If twenty buy trades are opened in succession and all are closed at the stop out level for loss the 20th trade would have the most loss as the value per pip stayed consistent and trade 20 would have had the greatest number of pips inbetween its entry level and the stop out line as compared to trade 1 which would only have been the closest trade in comparison to the stop loss level.
I have not mentioned take profit or when to close the trades in profit because I do this manually when I am satisfied with the amount of profit reached.
EA Functionality
As mentioned above the grid level for this method is subjective. I would like to be able to control the grid size and be able to enter a number manually in a field for the number of pips I would like the grid to be. For example 1 pip or 250 pips and anything in between.
I want new trades to be opened immediately as ones are closed in stop loss so as to avoid a time where I do not have a trade entered in the market. I have a US regulated Forex account and I do not have the capability to hedge. I also have to trade in the First-In-First-Out method. So in order to close trades before the new one is opened and immediately open the new one at the stop loss point of the old trade, the trade amount can be one trade size larger than the sum of all loses about to close to effectively close all the losses and open exactly one new trade in the new direction and entry level.
I would like to have a feature where I can change the amount of levels above or below the highest or lowest trade entry point in the opposite direction that resulted in loss in order to set my new stop loss. For example in the explanations above I chose to use one level higher or lower than the highest of lowest trade entry point of the grid. But this figure is subjective as well and could be 2, 3, 4 or 20 levels higher than the previous high or low entry point that resulted in a loss and therefore switched a buy to a sell or a sell to a buy.
In regards to stop loss and the closing of trades, I will mostly rely on the EA to automatically close trades that hit stop loss and I will not interfere. However, I would like the option to manually close the trades as I choose. Either closing all open positions in one click or picking which of the trades I want to close and which to keep open.
I would like to have the feature of trades being re-entered if I close the trade in profit or loss upon price revisiting the level in which I closed the trade that did not get closed out by stop loss. I would like to be able to turn this function on or off.
I would like to have the feature of closing all open trades for a combined pip value, dollar value, or multiple of risk value. This will be a take profit feature that I would like to be able to turn on or off.
I would also like to have the feature of being able to set each individual trade to its own take profit level.
I would like the EA to be ready for quick movements and be able to enter trades quickly in the case of a market spike or quick reversal.
Additionally, I would like to be able to edit the stop loss line/stop out line for all the trades if I so choose.
Lastly, I would like trades entered and exited at the underlying price level and not as a result of spreads fluctuating and widening.
Thank you,
Leo
