EA based on ZIGZAG and HH, HL, LH, LL pattern regarding RSI Indicator

MQL5 Experts

Termos de Referência

Strategy:

1. Identify strong supply and demand levels. Draw them in the chart in green and red. In Tradingview: 

Support Resistance Channels von LonesomeTheBlue 

Market Structure Break & Order Block by EmreKb von EmreKb 

--> Strong demand and supply area refer to picture below. There must be a strong demand / supply zone on a higher time frame in order for the set up to be valid. The time frame can be selected in the settings. 

2. Draw zig zag lines on the chart.

3. Whenever after a lower low a lower high follows, the lower low should be marked with an “A” and the lower high with a “B”.

From point “B” there will be drawn a small dotted line towards the right.

If now a higher low follows, the higher low will be marked as a “C”.

Vice versa for a downtrend.

4. Check the RSI on the following for bullish market conditions:

A must be below the 50RSI and B must be above 50. RSI of point C must be higher than A.

Vice versa a bearish conditions.

Only if above is true, the entry is valid.

5. Wait for point B to be passed. When passed, place an order. SL below point C.

TP with a risk to reward ratio of 2.

The RRR(risk to reward ratio) should be editable in the settings.


Additionally i want the entry point to be adjustable in the settings: 
There should be an option to

1) enter with the dotted line
2) enter with most recent FVG

3) based on the fib level starting from Point C to the next HH. The fib level can be set in the settings (e.g. 0.705 or 0.5)

in the settings more than one option for an entry should be possible. 

Up to three fib level entry can be created. 


In the settings in can state the risk percentage per trade in either % or in €. 

e.g. 1% per trade would mean on a 10k account, that the SL covers 100€. 

I could also state that the risk per trade is 100€ manually. 

SL should always cover the recent Point C or A. This can be adjusted in the settings. 

Lot size is adjusted based on the risk above. 


I can state in the settings if both directions should be traded or only one. 

I can state if the trade should have different take profit level. 

I can state the amount of take profit levels and their value in either: pips, price or CRV (can be selected). 

I can also trade the reversal. Meaning that according to the strategy above, if the signal states a buy entry, the EA does a sell.



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