Create a RMI and MAMA + FAMA EA

Hi,

Project Description:

Develop a sophisticated Expert Advisor (EA) for MetaTrader 5 that leverages custom indicator signals to execute trades with advanced trade management features. The EA should support dynamic trade entries, customizable stop loss (SL) and trailing stops, versatile lot sizing, handling of opposite signals, detailed trade commenting, and incorporate Inside Candle pattern detection along with MAMA+FAMA for trend confirmation. The project involves adapting existing source code from an older EA to integrate new indicators and implement the desired functionalities accurately.

Key Objectives:

1. Trade Execution Based on Indicator Signals:

   • Open trades according to signals generated by a newly purchased indicator.
   • Ensure accurate interpretation and alignment of EA entry specifications with the new indicator's behavior.

2. Customizable Trade Management Settings:

   • Full customization options for trade entry parameters.
   • Advanced stop loss (SL) and trailing stop configurations.
   • Flexible lot size management.
   • Handling of opposite trading signals effectively.
   • Detailed and dynamic trade commenting for enhanced tracking.

3. Adaptation and Optimization:

   • Reverse engineer existing EA source code designed for a different indicator.
   • Adapt and optimize the code to integrate the new indicator seamlessly.
   • Ensure optimal performance and reliability through precise signal interpretation and trade management.

Detailed Requirements:

1. Trade Execution According to Indicator Signals

• Signal-Based Trading:

  • The EA must open trades based on buy/sell signals from the purchased indicator.

• Customizable Trade Settings:

  • Open All Trades: Option to open all trades corresponding to each generated signal.
  • Selective Trades: Ability to select specific trades to open (e.g., only trade 1, 2, 3, or 4).
  • Percentage Allocation per Trade: Define percentage allocations for each trade within a cycle (e.g., 50%, 30%, 10%, 10% for four trades).

2. Stop Loss (SL) and Trailing Stop Settings

• SL Management:

  • Move SL to Entry: Option to move SL to break even after reaching predefined profit levels (e.g., TP1, TP2, TP3).
  • Adjust SL by Percentage: SL adjusts by a defined percentage once specific profit targets are hit.
  • Retain Original SL: Option to keep the original SL in place, regardless of profit targets reached.

• Trailing Stop Configuration:

  • Trailing Start: Define the profit level at which trailing begins (in points or ATR ratio).
  • Trailing Step: Define the step distance for trailing SL adjustments.
  • Trailing Mode: Choose between trailing based on fixed points or ATR.
  • Minimum Trailing Distance: Set a minimum distance for trailing adjustments to prevent frequent SL modifications.

3. Lot Size Settings

• Versatile Lot Size Configurations:

  • Percentage per Cycle: Set lot size as a percentage of the available account balance per trading cycle.
  • Fixed Lot Size: Trade using a fixed lot size.
  • Auto Lot by Account Equity: Calculate lot size based on a specific dollar amount or percentage of account equity.

• Dynamic Lot Size Increment:

  • Increase lot size by a coefficient (e.g., 1.5x) after every specified number of trades within the grid (e.g., every 2 trades).
  • Ensure lot sizes adhere to broker's minimum, maximum, and step size requirements.

4. Handling Opposite Signals During an Open Cycle

• Trade Management Strategies:
  • Close Open Trades: Option to close all open trades upon receiving an opposite signal.
  • Keep Trades Running: Allow existing open trades to continue with their original SL and TP settings, ignoring new opposite signals.

5. Custom Comment Settings for Trades

• Enhanced Trade Tracking:
  • Comment by Timeframe: Automatically include the timeframe of the signal (e.g., M1, H1) in the trade comment.
  • Comment by Cycle Number: Track and include the number of trading cycles in the trade comment (e.g., "Cycle Number 23").

6. Grid Trading Features

• Grid Separation:

  • Ensure grid orders are placed at precise intervals (e.g., 50 points apart).

• Grid Management:

  • Limit the number of grid trades based on maximum opened trades settings.
  • Calculate average prices for buy and sell grid positions.
  • Implement logic to add to the grid when price moves against open positions by defined grid steps.

7. Signal Filtering

• Inside Candle Pattern Detection:

  • Detect Inside Candle patterns where the current candle's real body is entirely within the previous candle's real body.
  • Utilize this pattern to validate trade signals, ensuring trades are only triggered when both the indicator signal and the Inside Candle pattern are satisfied.

• MAMA+FAMA Trend Confirmation:

  • Use MAMA+FAMA indicators to confirm the prevailing trend direction.
  • Ensure trades are in alignment with the MAMA+FAMA trend to avoid false signals during volatile market conditions.

• Optional Filters:

  • ADX Trend Filtering: Optional use of ADX to confirm trend strength.
  • Volatility ATR Filtering: Optional use of ATR-based volatility filters to enhance signal reliability.

8. Trade Management and Monitoring

• Trailing Stop Application:

  • Apply trailing stops based on the configured trailing settings to protect profits as the trade moves favorably.

• Hidden Take Profit (TP):

  • Implement a hidden TP mechanism that monitors cumulative grid profit and closes all positions once a profit threshold (e.g., 30 points) is reached without sending TP to the broker.

• Maximum Drawdown Control:

  • Monitor account equity and implement a maximum drawdown limit (e.g., 45%) to automatically close all positions if exceeded.

• Profit/Loss Conditions:

  • Close positions based on defined profit and loss thresholds (e.g., minimum points profit, maximum points loss).

Technical Specifications:

• Platform: MetaTrader 5
• Language: MQL5
• Indicators Used:
  • Relative Momentum Index (RMI): For generating buy/sell signals.
  • MAMA+FAMA: For trend confirmation and filtering.
  • Average True Range (ATR): For volatility measurement and dynamic settings.
  • ADX: For trend strength filtering (optional).
• Compatibility:
  • Ensure compatibility with various timeframes as per user settings.
  • Adhere to broker-specific trading conditions (spread, slippage, etc.).

Deliverables:

1. Complete and Thoroughly Tested EA File (.ex5):

   • Fully functional EA optimized for real-time trading and backtesting.

2. Source Code for Future Customization (.mq5):

   • Well-documented and organized source code to facilitate future updates and integrations.

3. Comprehensive Documentation:

   • Detailed explanation of the EA's parameters, functionalities, and usage instructions.
   • Guidelines for customization and troubleshooting.

4. Demo Version:

   • A functional demo version of the EA for initial testing and verification before full deployment.

Developer Requirements:

• Proficiency in MQL5 Coding:

  • Extensive experience in developing EAs for MetaTrader 5.
  • Expertise in integrating and interpreting custom indicators within automated trading systems.

• Proven Track Record:

  • Demonstrable portfolio of successful EA projects, particularly those involving reverse engineering and customization.

• Attention to Detail:

  • Ability to accurately adjust EA entry and trade management specifications to align with new indicator signals.

• Reliability and Efficiency:

  • Commitment to delivering high-quality work within agreed timelines.
  • Effective communication skills and responsiveness to project needs.

• No Time Wasters:

  • Only apply if confident in your ability to implement the features without guesswork or trial-and-error approaches.

Application Instructions:

Please respond only if you are absolutely confident in your ability to deliver the requirements described. Include the following in your application:

1. Examples of Similar Projects:

   • Showcase your experience with projects that involve reverse engineering EAs and integrating custom indicators.
   • Provide links to EAs you have developed or contributed to, along with brief descriptions of their functionalities.

2. Your Approach to the Project:

   • Outline how you plan to reverse engineer the existing EA and adapt it to the new indicator.
   • Describe your strategy for ensuring the EA accurately interprets entry signals and manages trades effectively.

3. Suggestions for Improvement (Optional):

   • Share any ideas you have that could enhance the current requirements or improve the EA's performance.

4. Contact Information:

   • Provide your preferred contact method for further discussions and project negotiations.

Important Note:

Only apply if you truly know what you're doing. I am tired of wasting days on endless conversations with coders who promise they can do everything but ultimately fall short. Please only respond if you are absolutely confident in your skills and have a proven track record of successfully building EAs like the one described above.