Develop Advanced EA

Develop a Forex expert advisor that uses a scalping strategy to open 5 trades of 0.01 lots each with a profit target of 2 pips per trade on a 1-minute timeframe. The EA should be able to run 24/5, using 1-2 pairs per session.

Strategy:

• The EA will use the following technical indicators to identify profitable trade opportunities:

  • Moving Averages (MA):
    • 5-period Simple Moving Average (SMA) applied to Close
    • 20-period Exponential Moving Average (EMA) applied to Close
    • 50-period Simple Moving Average (SMA) applied to Close
  • Support and Resistance Levels:
    • The EA will identify major support and resistance levels using a combination of pivot points and Fibonacci retracements.
  • Price Action Patterns:
    • The EA will use candlestick patterns such as Pin Bars, Dojis, and Engulfing Patterns to identify potential reversal points.

• The following parameters will be used for the technical indicators:

  • Moving Averages:
    • Buy signal: When the 5-period SMA crosses above the 20-period EMA and both are above the 50-period SMA.
    • Sell signal: When the 5-period SMA crosses below the 20-period EMA and both are below the 50-period SMA.
  • Support and Resistance Levels:
    • Buy signal: When price breaks above a major resistance level.
    • Sell signal: When price breaks below a major support level.
  • Price Action Patterns:
    • Buy signal: When a bullish reversal pattern is formed.
    • Sell signal: When a bearish reversal pattern is formed.

• The EA will open 5 trades of 0.01 lots each as soon as a signal is generated. A stop loss of 10 pips will be placed for each trade, and a take profit of 2 pips per trade will be used in a sequential manner.

• The EA will check the market conditions at the beginning of each session and send a notification if the market is not ready for the scalping strategy. It will also send a notification at the end of each hour with the profit or loss for that hour.

• The EA will run 24/5, using 1-2 pairs per session. The pairs used during each session will be chosen based on the market conditions and the performance of the EA in previous sessions.