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MT5 - Indicators to use
1. Trend Catcher with Alert- Ex file. (Used as an entry signal)
2. Half Trend New Alert. (Used as an entry signal)
3. Macd – 2. (Used as an entry signal)
4. Support and Resistance. (Use for trailing stop loss.)
Settings for the indicators.
All the first 3 indicators should follow the following:
- Lime green for buy signal.
- Magenta for sell signal.
Buy Entry Signal
When all the indicators align.
o Macd-2 – Up blue arrow appears and a candle closes.
o Half trend – Up arrow appears and a candle closes.
o Trend Catcher with alert – Open, High, Low, close (Candle) closes in lime green color.
Buy exit Signal
- When the stop loss is hit.
- When the trailing stop loss is hit.
- When the opposite signal occurs.
- When the trend catcher Open, High, Low, close (Candle) closes in magenta color. (Make this optional)
Stop Loss and Trailing SL
- The stop loss should be 50 pips below the current support level line. (I want to be able to put the number of pips manually, since I can decide to risk more pips or less)
- The market should trail using the current support level line, 50 pips below it. (I want to be able to put the number of pips manually, since I can decide to risk more pips or less)
Sell Entry Signal
When all the indicators align.
o Macd-2 – Down red arrow appears and a candle closes.
o Half trend – Down arrow appears and a candle closes.
o Trend Catcher with alert – Open, High, Low, close (Candle) closes in magenta colour.
Sell exit Signal
- When the stop loss is hit.
- When the trailing stop loss is hit.
- When the opposite signal occurs.
- When the trend catcher Open, High, Low, close (Candle) closes in magenta colour. (Make this optional)
Stop Loss and Trailing SL
- The stop loss should be 50 pips above the current resistance level line. (I want to be able to put the number of pips manually, since I can decide to risk more pips or less)
- The market should trail using the current resistance level line, 50 pips below it. (I want to be able to put the number of pips manually, since I can decide to risk more pips or less)
Risk percentage
Put a risk calculation which is flexible where I can input the percentage to risk.
NB:
- Make the option for re-entry on the same direction available but optional.
- When the EA takes a buy order, only show the support levels and when it takes a sell, only show resistance levels.
- The trend catcher is an ex file but it’s on MQL5 website, I’m not sure where to get the source code.
- Put restrictions, where I can specify the EA to one specific client account.
- Re-entry if the 3 indicators align again.
- When the order gets to a ratio of 1:1, close 1/2 partially and move the SL to Break even.
- Let it be if I trail or close manually, the EA's functionality won't be affected.
- Also include an option to do buy only, sell only or both.