Write EA for MT4 to trade Inside Bar Strategy

EA for MT4 for Inside Bar Trading System

Chart Setup

·         The EA will be loaded on the chart for each pair to be traded.

·         The only indicator on the chart is the RMI oscillator.  The required RMI indicator will be provided to the programmer.

EA User Input

·         Trade size in units (1 Lot = 100,000 units)

·         TP in pips.  0 = No TP

·         SL in pips.  0 = No SL

·         RMI upper level (RMIUL)

·         RMI lower level (RMILL)

·         Maximum Spread

·         Times of day to enable or disable the EA.  These inputs will instruct the EA when to enable and disable.  Any open trades will remain open when disabling the EA.

Trade Entry Rules

To enter a trade, all four of the following points must apply at the close of the last candle:

1.      No current open trade on the same pair.  EA will not be allowed to open more than 1 trade on any pair.

2.      Candle closes and forms Inside Bar (IB), i.e., highest high of last candle is lower than highest high of previous candle and lowest low of last candle is higher than lowest low of previous candle.

3.      RMI value must be either above user specified RMIUL for a Sell order or below RMILL for a Buy order.

4.      Spread must be below user specified Maximum Spread.

If ALL four conditions apply, then a trade will be opened immediately at market.  The direction of the trade will depend on the RMI value as specified in point 3.

Chart Display

·         Chart should display in upper right corner, “EA On” or EA Off”, to allow user know whether EA is enabled or disabled. 

·         Chart should display current time in GMT, e.g. “Current time = 19:15 GMT”.

·         Chart should display current server time, e.g. “Server time = 21:15 GMT”.

The chart background color will be black, so the font color should be white.  The display writing should preferably be in a dark color text box in case the chart background color is changed to white.