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I need an expert advisor to run on MT4. Description and rules are provided below
Long position
On hourly chart, when market breaks below previous bar low but closes above previous bar close and above 70% of current bar’s range (i.e open > close and close near high), place a buy stop order at this bar high and stop loss at this bar low.
Breakeven
After entry, when a bar’s low is greater than entry price, move the stop up to this low. (This bar must have a closing price before moving the stop up)
Trailing
After moving the stop up to a bar’s low that is greater than entry price, trail every bar low after this point. Each bar must close before moving the stop. Trailing takes place only after breakeven stop.
Short position
On hourly chart, when market breaks above previous bar high but closes below previous bar close and below 30% of current bar’s range (i.e open < close and close near low), place a sell stop order at this bar low and stop loss at this bar high
Breakeven
After entry, when a bar’s high is lower than entry price, move the stop down to this high. (This bar must have a closing price before moving the stop down)
Trailing
After moving the stop down to a bar’s high that is less than entry price, trail every bar high after this point. Each bar must close before moving the stop. Trailing takes place only after breakeven stop.
Risk management
· Takes preferred max risk ($) per trade from user as an input
· Calculates pip value
· Calculates #pips to risk (distance between entry and stop loss)
· Calculates dollar risk per lot (pip value * #pips to risk)
· Calculates #lot to trade (max risk / dollar risk per lot)
v If #lot to trade is < 0.01 then trade is not placed
v Only 1 trade per day (max # trade = 1)
v If # of losses become 3 then stop trading for this week and send an email notification but start trading again the following week.
Instruments to trade:
l EUR/USD
l GBP/USD
l USD/JPY
l USD/CHF
l USD/CAD
l AUD/USD
l NZD/USD