This project will be carried out in two phases
Part one: Contrarian trading strategy
Part two: Implement a control panel that will be displayed on the MT4 platform screen, including the required elements.
What is a contrarian trading strategy?
It is an investment approach that goes against the general market consensus. In other words, contrarian traders buy when
the majority of investors are selling, and vice versa. They operate on the assumption that when everyone is optimistic
(or pessimistic) about an asset, the price is likely to have already factored in this information, and future surprises
may occur in the opposite direction
THIS SOFTWARE IS BASED ONLY ON MT4
I want the control panel to be displayed on the MT4 platform screen.
I want a control panel that allows monitoring the activities of my robot in real-time and virtually.
Here are the main features of this control panel:
Transaction Dashboard: View at a glance the transactions performed by the robot, including open, closed,
and pending orders.
Activity Log: Access a detailed history of the robot’s actions, including information on trading decisions,
market conditions at the time of transactions, and the results achieved.
Trading Settings: Modify the robot's parameters, such as profit-taking thresholds, stop loss levels,
entry and exit criteria, and risk management settings.
Data Visualization: Utilize clear visualization tools to quickly understand the robot's performance and settings.
Real-time Monitoring: Track ongoing transactions, open positions, pending orders, and trade history.
The following are the specific goals of the project:
The purpose of this project is to create a trading bot that can automatically trade financial assets. The bot will be programmed to follow a specific
trading strategy, and it will be able to make trades without human intervention.
A trading robot for virtual and real trading with the contrarian trading strategy
Contrarian trading strategy is a strategy that involves taking positions that go against the prevailing market trend.
This robot opens buy and sell transactions in virtual and real using technical indicators at specific entry and exit points based on the direction of
the financial market.
Trading robots must open virtual buy and sell transactions on all active markets available on MT4. Once the virtual transactions are open,
I want the robot to analyze the virtual positions and convert them into real position
Specific Project Objectives: The goal of this project is to create a trading robot capable of automatically trading financial assets. The robot will be programmed to follow a specific trading strategy and will be able to make trades without human intervention. A trading robot for virtual and real trades with the contrarian trading strategy. The contrarian trading strategy involves taking positions that go against the general market trend. This robot opens buy and sell trades in virtual mode first and then real mode using technical indicators at specific entry and exit points based on the direction of the financial market.
The trading robots need to open virtual buy and sell trades on the active currency pairs available on MT4. Once the virtual trades are opened, I want the robot to analyze the virtual positions and convert them into real positions. Step 1: The trading robot makes virtual buy or sell trades against the market trend using the RSI indicator to find entry and exit points. The virtual trading robot sells when the RSI reaches 70. The virtual trading robot buys when the RSI reaches 30. Step 2: My trading strategy is to take buy or sell positions against the trend of the financial market in virtual mode first. Step 3: Once the virtual trades are opened, I want the robot to analyze the virtual positions and convert them into real positions. EXPLANATION IS AT THE BOTTOM Step 4: Once the virtual trades are opened, the trading robot needs to observe the price movement of my virtual position.
Normally, my virtual buy or sell trades should be in loss because I have taken a position against the trend of the financial market. Step 5: When my virtual buy or sell trade is in loss, the virtual trading robot must wait for the losing price to drop to 0.00 on my active VIRTUAL trade. Step 6: Once my virtual position reaches 0.00, the trading robot must wait for 1, 2 or 5 minutes before validating a real position on the chosen virtual asset.
Example: Here is an example of opening a virtual trade with a loss of $500 to the upside. To convert this virtual trade into a real trade, the trading robot must wait for the price of $500 to drop to 0.00. When the price of a financial instrument reaches 0.00, a timer will start to track the downward direction. The timer will run for 1, 2, or 5 minutes to ensure that the downward trend is confirmed before the virtual trade is converted into a real trade. The trading robot must constantly monitor the price and act as soon as the price reaches 0.00 to start the timer. The timer will run for 1, 2, or 5 minutes to ensure the direction of the chosen trend. When the price of a financial instrument reaches 0.00, a timer will start.
If my virtual trade does not change direction for 1 hour, it will be automatically closed and a new trade will be opened, following the RSI settings for virtual trade openings. If the market trend is up and the virtual trading robot makes a down trade, and the market is still up after 1 hour, then the down trade made by the virtual trading robot is automatically canceled. Virtual trades are automatically closed after one hour if the market trend does not reverse. Virtual mode imposes a one-hour time limit on open positions, unless the trend changes.
A robot that automatically takes positions on multiple currency pairs without having to drag and drop the EA file onto each chart in MetaTrader. A multi-currency EA, which monitors multiple pairs simultaneously and opens positions as soon as the trading criteria are met. I don't want multiple charts: I don't want to open a chart for each currency pair. I want an EA that works from a single chart and monitors all configured pairs.
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