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Expert Based on Time of Day and 4 Moving Averages
The idea of the expert
Create an expert that allows live trading for forex based on the time of day for entry, time of day for exit, ability to set risk% or fixed lot, stop loss, take profit. Use 4 simple moving averages and allow user to select period length for each. Inputs would be:
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Days of week to enter trade- allow user to select
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Entry time- allow user to select entry time for trade based on broker time
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Moving Averages
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Use 4 simple moving averages, allow user to select period for each simple moving average
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1 simple moving average is based on open price (SMAO)
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1 simple moving average is based on high price (SMAH)
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1 simple moving average is based on low price (SMAL)
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1 simple moving average is based on close price (SMAC)
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Only enter trade if (allow option to select one of the scenarios below for entry):
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Compare current candle moving average values at entry time to previous candle moving average values
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Enter long trade if 3 or more of the simple moving averages have larger values than prior candle (i.e. 3 of 4 sloping up, 1 flat or sloping down or 4 of 4 sloping up)
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Enter short trade if 3 or more of the simple moving averages have lower values than prior candle (i.e. 3 of 4 sloping down, 1 flat or sloping up or 4 of 4 sloping down )
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If 2 moving averages are higher, and two lower than don’t place trade
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Stop loss- in case stop is hit before exit time, close position
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Take profit- in case hit before exit time, close position
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Exit time- If stop loss or take profit is not hit, then allow user to select time to close trade based on broker time
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Lots- allow to choose either risk% or fixed lots