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Session reversal - MUST BE in MQL5 ONLY.
The strategy is to set up a trade at a given start time. Based on that start time candle closing. The robot will determine the CurrentTrent and then when the starting candle closes set up a position based on the trade set up rules.
Trade setup rules:
Short position – set the entry to 15 pips away from the just closed starting time candle’s Low. Stop set to the candles High plus 3 pips. Target set to input value of ProfitValue. The profit value must be a minimum of the risk in pips from the Stop to the entry.
Long position - set the entry to 15 pips away from the just closed starting time candle’s High. Stop set to the candles Low plus 3 pips. Target set to input value of ProfitValue. The profit value must be a minimum of the risk in pips from the Stop to the entry.
Lot size must be set to a percentage of the current account size in an input percentage. EG 1% of account size.
Must close all trades that are not open at the session end time. Any open trades left to play out.
EXAMPLE --------------------------------------------------------
EG if the session start time was 15:00 BST on a 15 minutes chart then the candle would close at 15:15. Using this candle as the way to look left for setting up the trend to determine the trade position for entry. So if the “CurrentTrend” was set to 9. This would look to the previous 9 candles to determine if the trend is bearish or bullish. So 5 or more candles bearish, 5 or more candle bullish.
If the trend is bullish, then the trade setup is to reverse therefore setting a SHORT.
If the trend is Bearish, then the trade setup is to reverse and go LONG.
Indicator to highlight the candle - For testing use an arrow to highlight each session start time candle. (red arrow or something)
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Inputs:
- Lot size – set to a percentage of the current account size, range from 0.5%, 1% 1.5%, 2%, 2.5% up to a maximum of 5%.
- Session start time: 24 hour time AM/ PM
- Current trend input – must be an odd number from 3-21
- Session end time: 24 hour time. Eg AM / PM
- ProfitValue In Pips: default set to 80 pips.
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Conditions:
- Maximum of trade of 1 within 23 hours per currency pair
- Slippage of 15 pips maximum otherwise do not take the trade. This covers for any extreme news announcements.
- Must have comments / notes in the source to help identify each of the elements lists above.
- Must have the source files to be able to alter and re-compile if needed.