An Expert Advisor based on StochasticsRSI needed for MT5

Description:

Develop an Expert Advisor trading trend continuation (breakout) for MetaTrader 5. Continuation signals will be generated based on StochasticsRSI lower time frame reversals. Trend will be based on StochasticsRSI on two time frames.

The EA is a hybrid model, for it to be easily switched on and off so it will be active during particular market conditions (Human Analysis to switch on and off)

It is necessary to finalize the Expert Advisor (MetaTrader 5) to work on a real account - place all of the necessary checks, restore normal operation after a connection failure, add a few attempts to open a position with an error, and maybe something else - at your discretion.

Description of a set up preceding the signal:

Buy:

Higher Time Frame StochasicsRSI (Settings: Stochastic length = 8, RSI length = 5, D = 3, K = 3)

Oversold (D below 25) or Bullish (K>D, as long a D is below 75)

Sell:

Higher Time Frame StochasicsRSI (Settings: Stochastic length = 8, RSI length = 5, D = 3, K = 3)

Overbought (D above 75) or Bearish (K<D, as long as D is above 25)

Signal Description:

Buy:

Lower Time Frame StochasicsRSI (Settings: Stochastic length = 8, RSI length = 5, D = 3, K = 3)

Bullish reversal (K>D), Cross over to occur below the mid-line (50)

Sell:

Lower Time Frame StochasicsRSI (Settings: Stochastic length = 8, RSI length = 5, D = 3, K = 3)

Bearish reversal (K<D), Cross over to occur above the mid-line (50)

EA developing and debugging rules:

·        EA should display emerging signals as labels/objects on the chart. (Arrows)

Signal Lifetime:

The signal (Buy Stop order) to remain valid until triggered or cancelled if the Lower Time Frames StochasicsRSI (Settings: Stochastic length = 8, RSI length = 5, D = 3, K = 3) becomes:

For Buys (Longs):

·        Overbought (D>75) or Bearish (K<D)

For Sells (Shorts):

·        Oversold (D<25) or Bullish (K>D)

Placing of orders and opening of positions:

Orders are opened as a

-        Pending Order Type

-        Buy Stop

-        Sell Stop

-        GTC expiration

Buy:

Buy 0.25% above last closed bar price before signal. (High of the bar)

Place Stop Loss below prior swing low (add 0.25% below price)

Open 2 units, each with 1% risk of entire accounts size

Sell:

Sell 0.25% below last closed bar price before signal. (Low of the bar)

Place Stop Loss above prior swing high (add 0.25% above price)

Open 2 units, each with 1% risk of entire accounts size

Management of trading positions/orders:

·        Each order to open 2 units

o   Unit 1: Risk 1%

o   Unit 2: Risk 1%

·        Move stop loss on both unit 1 and 2 when price has moved the same distance as the 14ADR (Average Daily Range) in the direction of the trade.

·        The open positions will be managed manually from this point on.

Cancellation of orders:

In the case of an opposite signal, close order.

Re-open order on the next signal.

Order lot calculation:

·        ((Account Balance * Risk %) / (Entry – Stop Loss Distance))/contract Size = Volume