METATRADER 5 EXPERT ADVISOR (.mq5 file) FOR TRADING IN HEDGE ACCOUNT

SCOPE

• The EA must be delivered in .mq5 file format to be compiled by the end user.

• It may support only the following MT5 indicators: AMA, VIDYA, SMA, EMA. Up to three indicators on the same chart.

• The main strategy to be used is: 

• MEAN REGRESSION - opening a position against the trend when a customized spread in pips is reached between MA indicator and last tick value. 

• It should allow only long positions OR only short positions OR both.

• It must have different parameters for long and short positions.

• It must be able to make incremental entries at loss as the deviation from MA or from the opening tick increases.

• Besides a fixed amount of pips, a customized spread between MA and last tick must be used as a trailing stop, both a positive and a negative value should be supported.

• It must have a “trade pausing” parameter (in seconds) after a trade loss or gain. 

• It must have time parameters for starting the trades, prohibiting new entries and closing all open positions.

• It must be capable of inhibiting new entries previously to “red” or “yellow” economic data release in the MT5 calendar for a given country. Time before and after data release should be entered. Nevertheless, news should be ignored by default. 

• It must have the option to not open more than one position on the same candle. That is, once set, it should wait for a new candle opening before initiating a new position disregarding if trade conditions have already been met.

• It must plot the line(s) for the indicator(s) in use on the chart.

• It must show a dashboard displaying the following features:

• magic number

• setup name

• position side, size and profit/loss on the current trade

• if the EA is on hold and time until its release

• the balance of all trades in the session

• sum of all entries and exits of the current session

• the spread between the last tick and the MA indicator in use

• time in seconds until next candle opening

• button for closing all open positions

• button ON/OFF

• if possible, add an incremental/decremental field for next position size

• It must have the following parameters:

• chart timeframe

• inhibiting trades before red and yellow economic data release

• select countries (only the three bellow)

• Brazil

• USA

• EU

• select relevance of data releases

• only red data releases

• both, red and yellow data releases

• times

• time before data release for prohibiting new entries

• time before data release for closing all open positions

• time after data release to start allowing new entries

• allow more than one entry per candle

• default: prohibit

• trading times 

• starting

• stopping

• shut down

• order type

• at market

• OR fixed price

• order clearing

• FOK

• order expiration time in seconds

• positions allowed

• long 

• short

• both

• MA of choice

• setup values for the supported MAs (AMA, VIDYA, SMA, EMA) and “reset to default values” option

• should support up to three MAs at the same time

• position settings (long and short apart)

• position size

• entry and exit signals

• customized buying and selling signals by using variables and operators (described later)

• Ex. (buy when:) ama1[0] - tl (tick last) >=  pA( pips variable A) && (and) tl (tick last) < cl[1] (candle low from previous bar) || (or) tl < cB (currency variable B) 

• customized closing signal also by using variables and operators

• Ex. (close when:) ama1[0] - tl (tick last) < pC (pips variable C) && (and) tl (tick last) > op (open position price) || (or) ama1[0] - tl (tick last) >= pB (pips variable B)

• stop loss by using one of the currency or pips variables

• target price  by using one of the currency or pips variables

• trailing stop 

• in pips or currency variables

• starting point from position entry

• spread in pips variable

• OR spread between MA and last tick, in pips variable (should support negative value)

• input pips variable 

• break even

• in pips variable

• trigger

• stop 

• hold trades after a loss (in seconds)

• hold trades after a gain (in seconds)

• make new entries to current position at loss (up to six entries)

• for each entry:

• set volume

• input pips variable for spread from entry tick

• OR input pips variable for spread from MA[n]

• variables inputs

• in pips, ten of each

• in currency, five of each

• balance targets

• Maximum balance loss for the day, in currency variable

• Target balance gain for the day, in currency variable

• backtest

• account initial budget setting

• option of withdrawing all gains that exceed initial budget 

• option of stop testing if account gets depleted

VARIABLES

• MT5 indicators (the four MAs up three of each): ama1[n], ama2[n], ama3[n], sma1[n], sma2[n]...

• open position tick: op

• tick last: tl

• tick bid: tb

• tick ask: ta

• ten variables for pips: pA, pB…pJ

• five variables for currency: cA, cB…cE

• candle low: cl[n]

• candle high: ch[n]

• candle open: co[n]

• candle close: cc[n]

• candle length: clength[n]

OPERATORS

• percent: %

• divide: /

• multiply: *

• add: +

• subtract: -

• major: >

• minor: <

• major or equal: >=

• minor or equal: <=

• equal: =

• different: !=

• logical operator AND: &&

• logical operator OR: ||