Expert Advisor needed for the first trading day of the month trade.
This strategy is 100% mechanical with no discretion used.
Time frame traded: Daily
Please supply code.
Please build in an expiry date.
Strategy outline
At the
closeof the daily candle on the first
trading day (no weekend candles, new year’s day) of the month create a Buy order and a Sell order.
For trade outcome scenarios please see pictures attached.
Buy order using half the candle range
- Daily candle range divided by two.
- Stop: the halfway point on the candle
- Entry: Five pips above the high
- Take Profit: is a multiple of the risk. For this example, we can say that R:R is 2:1
Sell Order using half the candle range
- Daily candle range divided by two.
- Stop: the halfway point on the candle
- Entry: Five pips below the low
- Take
Profit: is a multiple of the risk. For this example, we can say that R:R is 2:1
See setup example attached.
EA Input Settings Required
Slippage: Maximum amount of
slippage the EA will allow.
Max_Spread_Pips: Maximum
amount of spread the EA will allow.
Lots Settings
- Calculation_Based: Balance/Equity/Min_Equity_Or_Balance
-
Balance – Percentage of current balance to be used.
- Equity – Percentage of current equity to be used.
- Min_Equity_Or_Balance – EA will select whichever is the smaller value.
- Risk_Percentage: Percentage amount to risk on the trade
Entry Settings
- Pips above the high/low of the candle
Stop Loss Settings
- Full candle range
- Half candle range
- Quarter candle range
Profit Target Settings
- Mulitplier: Reward to risk ratio the EA will use.
Break Even Settings
- Use_Break_Even: True/False
- Break_Even_At_Profit: Select the multiplier at which the stop loss can be moved to break even. i.e. at 1:1 move stop to BE.
- Break_Even_To: Number of pips above the entry point. i.e. you would put the breakeven point just above entry to cover costs on the trade.
Trailing Stop Settings
- Use_Trailing_Stop: True/False
- Trailing_Stop: : Select the multiplier at which trade must be in profit before the trailing stop will be initiated. The stop loss will be moved to
break even at this point and then the trailing step will kick in. i.e. at 1:1 move stop to BE.
- Trailing_Step: Multiplier of profit from break even level before the stop loss will be moved again. i.e. at 1.5:1 move stop 0.5:1 in distance from
break even level.
See example attached
Chart Info Settings
- Display_Chart_Info: True/False
- Font color for the Chart Info: Pick a display colour (default can be gold)
Info to display example
TSC_FDOM
Magic Number: 111111
Buy Trade: Active
Sell Trade: Not Active
EA Expiry Date: 2020.06.30
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