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List of indicators to use:
Exponential moving average 8(fast moving average), Simple moving average 20(slow moving average), Volume indicator, and relative strength index (period 11).
The EA is expected to trade in the direction of the trend using the parameter below.
A buy trade is to be executed if all the following criteria are fulfilled
The fast moving average is above the slow moving average on H4.
The fast moving average is above the slow moving average on M30.
The relative strength index is above 55 on M30
The most recent histogram of the volume is higher than the previous histogram on M30.
The price action shows bullish dominance (i.e. Bullish engulfing, hammer, piercing pattern, morning star, three white soldiers, bullish harami, bullish marubozu) on M30.
The price is trading above the support level on M30.
A sell trade is to be executed if all the following criteria are fulfilled
The fast moving average is below the slow moving average H4.
The relative strength index is below 45 M30.
The most recent histogram of the volume is higher than the previous histogram M30.
The price action shows bearish dominance (i.e. Bearish engulfing, dark cloud cover, shooting star, evening star, three black crows, bearish harami, bearish marubozu) M30.
The price is trading below the resistance level M30.
Risk management
Risk allocation should be in percentage. The trader should be able to define his risk before running the EA. The maximum risk allowed is 5% and the overall allowed draw down should be 15%.
The risk to reward should be 1:3
Stop loss show be set 7 pips away from support or resistance level
There should be 2 take profits to achieve 1:3 risk to reward
News trading should be allowed
EA should be able to trade all the financial asset on the MT4