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An indicator that measures the average daily range, That draws 4 trading session boxes, Asia London NY & London close. A Fibonacci retracement & extension is projected from one session box. Targets are Fibonacci extensions 2.618 & 4.00 within the daily range. Stops are Fibonacci retracements & below or above the next trading session box. I need to be able to adjust the session start & finish for different currency pairs in the settings of the indicator.
To start I want to find the average daily range from 5pm New York for 10 days, I want this range shown on the chart as a line above & below the 5pm start point & include history for X amount of days in settings.
Divide the day in to 4 sessions called London open, New York, London close, & Asia. I want to specify the starting & ending time of the sessions box in settings. Mark the high & low of the session & colour a box on the chart, leave previous boxes on chart as with the daily range.
I need to be able to choose a break out box in settings of either London New York or Asia. Next from the chosen break out box draw a Fibonacci extension in both directions marking 2.00, 2,618 & 4.00 & leave on chart as with average daily range & previous session boxes.
Also draw a Fibonacci retracement of 61.8 of the break out box for both directions to be used as a stop loss on the advisor.
The expert advisor trading rules for buy are:- If price breaks above the chosen break out box by 2 pips (can this be changed in a settings box ?) & the break out occurred within 3 candles of the formation of the box ( Can this be changed in a settings box ?) buy 3 lots or multiples of 3 ( can there be a way of choosing how many lots & how many are closed out on the first & second target ?)
After breakout place stop 2 pips below the bottom of the box, If price reaches Fibonacci extension 1.618 move stop to the 61.8 Fibonacci retracement, If price reaches Fibonacci extension 2.00 move stop to break even. if price reaches 2.618 Fibonacci extension close 2 of the three lots. close final lot if the 4.00 Fibonacci extension is reached.
If the next session box has formed move stops to under the box on any open positions & repeat on every new session box until stopped out or targets are reached.
In order to evaluate if a trade target is achievable I need to use the daily range. Also to ensure the system can achieve its final target of the 4.00 Fibonacci extension the break out box needs to be a maximum of 25% of the average daily range. If it is not don't trade
If you can use your knowledge of programing to code anything that may improve the system please advise me. for instance widening spreads, can orders be delayed or cancelled if the volatility & spread is too great ?
Thanks in advance
David