A Volume Based Support and Resistance And EMA Alert System On Multiple Timeframes

MQL4 Uzmanlar Forex

Şartname

Hi,

I am incorporating volume into my trading strategy, however I am finding it harder to keep track of all the markets at one time. I would like for an EA to map out the high and low (and the close if it is more than 20 pips away from the high and low) of the ultra high volume bars on the daily timeframe. The ultra high volume bar must also be the highest volume bar within 15 bars. An example of this would be the bar created on the day of brexit in all the GBP pairs. I would suggest that in order to keep things organized, a method of finding these bars could be more than double the previous average 21 volume bars, however this can be altered to suit the data. This should show the important price levels, as I believe the ultra high volume bars are the most significant in finding where the professional money would be interested in taking the market. I would like the ultra high volume bar to be market also so it is easily visible.

Once the support/resistance levels have been mapped out, I would like to be alerted when the following criteria is met:

1- The direction of the last break of a volume level should be noted. For example, if a bullish candle takes out a level then the system should only be looking for long opportunities.

2- The price should be above the 21 EMA on the following timeframes, 5 min 15 min 60 min 4 hour.

At this point an alert should be shown, and I will act according to my tradeplan.

Eventually I would like to code the entry and exit of the trades, so that the system can be fully automatic. Just for testing purposes I would an option to put a position with S/L behind a 4 hour swing (lowest/highest candle in a 5 bar sequence) as long as the SL is no more than 120 pips, targeting the next volume level. The trade should only be taken if there is more than 50 pips to the next target and a risk to reward ratio above 1:1.

I would also like the following to be inputs for the EA that the user can change:

1- criteria for selecting the ultrahigh volume bars (for example, change from double the average volume to triple, or change from using the 21 previous bars to find the average to 50)

2 - the timeframe that is used to map the high volume bars (for example, change from the daily to the hourly)

3- the timeframes used for the EMAs, as well as the EMA length too (for example, using the 1,5,15,60 min and the 8EMA)

4- the SL criteria (for example, being able to change the timeframe from the 4 hour to the 15 min and the swing definition from the lowest/highest candle in a 5 bar sequence to a 7 bar sequence)

5- the minimum risk to reward ratio, the maximum stop loss size and the minimum amount of pips to target.

6 - an option to trade a rejection off of a volume level, for example, is price action goes to a level and doesn't break it, then the system should look for trades in the opposite direction






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