MQL5 Script for SMC-Based Forex Trading Strategy

Objective: Develop a MetaTrader 5 script implementing a specific Smart Money Concept (SMC) trading strategy for Forex trading. The strategy focuses on trend identification and trade execution based on specific criteria from the Asian to London trading sessions. The trade is done in the NY morning session.

Key Features:

1. Trend Identification:

   • Analyze price movement from the Asian to London sessions to identify the prevailing trend.
   • Define criteria for an uptrend and downtrend based on price action (e.g., sequence of HH/HL for uptrend, LH/LL for downtrend).

2. Break of Structure (BOS) Identification:

   • Detect a shift from HH/HL to LH/LL to identify a potential BOS.
   • Confirmation of BOS with a new HH in an uptrend or LL in a downtrend.

3. Liquidity Grab Detection:

   • Bullish Order Block: Identify two consecutive red candles as a potential liquidity grab, indicating that buyers are not willing to allow prices to fall further.
   • Bearish Order Block: Identify two consecutive green candles as a potential liquidity grab, indicating that sellers are not willing to allow prices to rise further.

4. Zone Identification:

   • Establish a zone based on the last red (bullish OB)/green (bearish OB) candle in the liquidity grab.
   • Determine a gap just above this zone for potential entry.

5. Trade Entry Criteria:

   • Confirm trend continuation with a new HH for an uptrend or LL for a downtrend.
   • Wait for a retest of the identified zone, with a candle close above the zone in an uptrend or below in a downtrend.
   • Execute a buy order on the next candle after the retest is confirmed.

6. Stop Loss and Take Profit:

   • Set a stop loss just outside the identified zone.
   • Implement multiple take profit options:
     • 1:1, 1:2, 1:3 risk-reward ratios.
     • Close the position above the 50 EMA or the last HH.
     • Option for a trailing stop loss.

7. Additional Requirements:

   • The script should be compatible with MetaTrader 5.
   • Include user-friendly inputs to customize parameters (e.g., session times, EMA period, risk-reward ratios).
   • Implement safety checks to ensure the script does not execute trades during inappropriate market conditions or errors.
   • Provide clear documentation on how to use and customize the script.

8. Testing:

   • The script must be thoroughly tested for accuracy in trend identification, trade entry, and exit conditions.
   • Include a report of backtesting results with different currency pairs and timeframes.

Deliverables:

1. A fully functional MQL5 script.
2. Documentation including installation, configuration, and operational guidelines.
3. Backtesting report showcasing the effectiveness of the strategy.

Timeline: 10 Days

Budget: 30 USD

Examples

Example 1

Example 2

Example 3

Example 4

Example 5