Creation of a Simple Price Action EA - MT5

Idea of Trading System: 

Buy market entries are performed when price reaches a new 4 candle high. Stop loss of a new 2 candle low from entry candle. Take profit when a reverse signal appears ( 4 candle low )

Sell market entries are performed when price reaches a new 4 candle low. Stop loss at a new 2 candle high from entry candle. Take profit when a reverse signal appears. ( 4 candle high )

Trend:

Is determined by 4 candle high, trend is growing. 4 candle low trend is falling

Trading Signal:

• Buy signal: when price reaches new 4 candle high (unclosed candle)

• Sell signal: when price reaches new 4 candle low (unclosed candle)

Positions are opened:

• Buy Position: Market price when 4 candle high is reached on a unclosed candle

• Sell Position: Market price when 4 candle low is reached on a unclosed candle

Additional filters for opening a position

Positions are closed:

• Buy Position Closed at: when reverse signal appears 

• Sell Position Closed at: when reverse signal appears

Position management:

- Buy Position:

• Stop Loss in place when position is entered at 2 candle low from initial entry OR reverse signal occurs

-Sell Position

    -     Stop Loss in place when position is entered at 2 candle high from initial entry OR reverse signal occurs

Position Size: 

• Input for account balance in %

• Example: 10% of tradable account balance 

Additional: EA can trade multiple symbols