Channel Spike EA

General Requirements:

EA to take trades when price spikes through channel. That is a short trade when price spikes through the upper channel and long trades when price spikes the lower channel.

Indicators used:

1.       “Envelope” as built into MT4

2.       Vertex mod 3.3 mtf (Attached)

Entry / Exit rules:

Take a short trade when ON CLOSE OF CANDLE:

1.       Price has recently pierced the upper envelope in the last “x” number bars.

2.       The Vertex indicator has pierced upper level 6 or 10.

3.       Take the trade when the Vertex indicator
i.              If the Vertex indicator pierced level 6 only then enter when the indicator returns down through level 6 at candle close.

ii.             If the Vertex indicator pierced level 6 and level 10 then enter when the indicator returns down through level 10 or 6 at candle close. (user option)

4.       Exit trade
i.              When Vertex indicator pierces through and returns to close above level -6
ii.             When Vertex indicator pierces through and returns to close above level -6 or -10 (user option)
iii.            When other usual Money Management indicates a close.

Take a long trade when ON CLOSE OF CANDLE:

1.       Price has recently pierced the lower envelope in the last “x” number bars.

2.       The Vertex indicator has pierced lower level -6 or -10.

3.       Take the trade when the Vertex indicator
i.              If the Vertex indicator pierced level -6 only then enter when the indicator returns up through level -6 at candle close.

ii.             If the Vertex indicator pierced level -6 and level -10 then enter when the indicator returns up through level -10 or -6 at candle close. (user option)

4.       Exit trade
i.              When Vertex indicator pierces through and returns to close below level 6
ii.             When Vertex indicator pierces through and returns to close below level 6 or 10 (user option)
iii.            When standard Money Management indicates a close.

For all trades:

Option required to scale in additional trades at:
i.              BE + pips
ii.             Multiples (including <1) of ATR of current TF
iii.            Close of previous candle if that candle was in a positive direction
iv.           Scale in lot size may be different to initial lot size.

Properties required to be adjustable within EA:

1.       Envelope Indicator
All parameters

2.       Vertex mod 3.3 Indicator
i.              LevelOb/Os
ii.             ExtremeLevelOb/Os
iii.            Control period
iv.           Signal Period
v.            Signal Method

3.       All money management including move SL to BE, trailing stop, Lots size as percentage Equity, fixed lot size etc

4.       Trading times. Chart days and times to start & stop trading

5.       Scaling in
i.              Scale in lot size
ii.             Scale in method (BE+pips/Multiple ATR/positive or simple previous candle close)
iii.            Money management for additional trades
iv.              Trade exit method