EA for Weekly Fib Pivot Scalp

This is a job for an EA that scalps as price moves towards weekly Fib points.

The successful coder will have experience in scalping and will suggest trailing stop strategies that maximize return. 

Weekly Fib Pivot Scalp

Strategy overview

The price gravitates to weekly Fibonacci pivot points (PP). The strategy is to scalp X pips as price moves towards weekly PP’s. Only trade with the trend using moving average (200) as defining trend so that we enter Buy trades when price action is above MA200 and Sell trades when the price action is below MA200.

Rules

•        I.          Trade is entered when PA reaches X pips before the next weekly Fib pivot point and trading with the trend based on MA200 (see example A)
•       II.          Only enter the trade on the first approach to pivot level. i.e. do not enter another trade for same PP level on rebound of same PP level (from either direction) until another trade for a different level has been placed (see example B)
•     III.          Do not cross a pivot and then trade it (see example C)
•     IV.          Do not enter trade if signal candle is crossing MA200 or X pips away from MA200 (see example D)
•      V.          Initial stop loss is placed X pips behind previous PP. (see example E)
•     VI.          If stop loss PP is less than X (eg 30) pips away then set stop loss to Y pips (see example F)
•   VII.          Do not enter trade if new weekly PP is painted very close to price action (see example G)

Parameters

• ScalpEntryPips = the trade entry point based on X pips away from next pivot point
• CloseTradeFromPivot = X pips away from (i.e. before) the target pivot point
• MovingAvTrend = the moving average settings to define the trend (i.e. MA200)
• NewsFilter = Y/N – turning of trades approaching big news items
• NewsOffTime = the minutes before and after news that trades are not taken

Money management

• LotSize = % of the account balance to be traded based on stop loss point (e.g. risk 1% of account based on SL)
• StopLossSet = X pips behind previous pivot point (see example E)
• StopLossExtend = if target stop loss is less than X (30) pips, then use backstop Y (60) pips stop loss instead (see example F) – e.g. if PP is less than 30 pips away from target PP then move SL to 60 pips
• StopLossDistance = the backstop stop loss distance (i.e. the 60 pips in above scenario)
• SetBreakeven = The pips distance in to a trade that stop loss is moved to entry price (plus coverage)
• PartialTakeProfit% = the percentage of trade to be closed when price hits a +Xpips
• PartialTakeProfitPips = The +pips at which partial take profit is triggered. The remaining trade is managed by trailing stop
• Trailing stop = PLEASE RECOMMEND YOUR APPROACH TO A SMART TRAILING STOP