I have traded forex for years but never on an algo
I have a system which I am using manually and need to automate the trading based on the best options/criteria from my manual choices and on back testing to find the best
My strategy is basically the following:-
1. Based on the High and the Low over a two time periods
2. Orders only placed if the difference between the H and L are less than 80 pips (adjustable)
3. Buy order placed set pips above the H
4. Stop Options - set to number of pips below the L, or Trailing set points or percentage, or set percentage away from the order either as set or trailing
5. Take profit set as - set pips, ratio of the difference between H and L, manual close or cancelled end of day
6. No trades to be carried over night
7. Short orders are the same in reverse
8. The algo can be written for 1 currency pair, but it will be eventually traded on all major currencies
I am not familiar enough on MQl4 and 5 to know the difference and would be guided by the developer as the best to use on the above expert advisor
I intend to open an account with Alpari as they offer both platforms MT4 and 5 which allows the best option by the developer
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