I would like to add to my EA a module that is kind off martingale strategy.
My EA gives a signal to buy or to sell and has everything regarding SL TP Trailing.
The EA is able to add extra orders to average the price value, when the price goes against the direction.
The extra orders are based on the Fibonacci levels.
Example:
1. The EA has generated a MASTER sell order (the main order) the price goes against the direction.
StopLoss is 100 Take Profit is 100 but Trailing Stop Starts at 5 pips and Trailing Stop Pips is 1.
It means when the price is +5 pips the trailing stop pips is on the level of +4 (1 pip behind the profit)
Very important to pay attention to this difference 5 - 1 = 4
2. The EA starts to open extra orders on the levels of Fibonacci.
3. All extra orders can have the same value or have different values.
If the Master order is $1, the next extra order on the level of
38.2 multiply this level by 1
50.0 multiply this level by 2
61.8 multiply this level by 3
78.6 multiply this level by 4
100.0 multiply this level by 5
127.2 multiply this level by 6
161.8 multiply this level by 7
200 multiply this level by 8
The distance between the orders will be different, because the Fibonacci levels are not the same,
but for this example I am going to use 10 pips distance from each Fibonacci level for easy calculation.
4. The EA opens EXTRA 2 orders.
1st on the level of 38.2 with value $5
2nd on the level of 50.0 with value $10
Now we have 3 orders.
Master $2.50
1st Extra order $5
2nd Extra Order $10
Each order is 10 pips away.
Master order is 20 pips away from break even $2.50 x 20 = -$50
1st Extra order is 10 pips away from break even $5 x 10 = -$50
2nd Extra Order is just open ($10 value) 0 (minus spread)
Total value not calculating the spread is minus $-100
5. The EA should calculate the minimum Take Profit - which is 5 - 1 = 4 pips
Because the value of the Master Order was $2.50 x 4 = $10
This is the target for all 3 order to make = $10
When the Master order will reach about minus 13.7 pips the value will be 13.7 x $2.50 = -$34.25
1st Extra order will reach minus -3.7 pips the value will be -3.7 x $5 = -$18.50
2nd Extra Order will reach plus 6.3 pips the value will be 6.3 x $10 = 63
The average price will be $10.25 profit on all orders.
Sorry it is not exact calculation, but it give you an idea.
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6. Now the EA should add Penalty Pips.
Remember that total value of all orders is $2.50 +$5 + $10 = $17.50
It means that for every open order, the EA will ADD extra pips "penalty" (for the extra stress of the trader :) )
In this example we have 2 extra orders PLUS the master order = 3 orders in total.
The have to add function to add the Penalty Pips.
If if the value of penalty pips is 1 in this example the EA will add 3 orders x 1 = 3 pips extra
(if the penalty pips value is 0.5 it means the EA should add only 1.5 pips penalty. 3 x 0.5 =1.5 )
We calculated that Value of all 3 orders in total is $17.50 per pip.
Look at the point 5 about the levels in order to average the price level.
Now the EA is adding 3 extra pips to the level where all orders already have $10
When the Master order will reach -10.7 pips (-13.7 + 3 pips penalty) x $2.50 = -$26.75 level
1st Extra order will reach -0.7 pip (-3.7 +3 pips penalty) x $5 = -$3.50
2nd Extra Order will reach 9.3 pips (6.3 +3 penalty) x 10 = $93
We will have $62.75 profit on all orders.
3 pips penalty x $17.5 = $52.50 plus the original $10 (minimum profit) = $62.50 (about)
(Picture 222)
7. When the EA will reach the $62.50 profit on all orders, it should start trailing on all orders.
In my EA there is a place called "Use Extra Pips" when is True the EA should trail 1 or 2 pips behind the secured $62.50 profit on all orders.
If by any change the price action will go in the correct direction by 5 pips, we should have
this result:
$62.50 + (5 x $17.50) = $150.
8. When extra orders are added, the EA should close ALL orders at ONCE with the profit or with the StopLoss.
If the StopLoss is 100 it means that ALL orders will close with loss when the Master order reaches 100 pips StopLoss.
Picture 333.
9. The the EA there is also Daily Profit Target.
If this function is set up on 20. It means that the EA will stop placing new orders after the 20 pips profit.
10. The EA has time 4 time tables to trade.
If the time is from 00:00 to 13:00 (my broker time) and second time is from 16:00 to 23:59:59
The EA will not open Master Orders during the 13:00 to 16:00 , BUT if the EA has open a Master Order before 13:00 and there is a need to open Extra orders,
the EA should allow to open Extra Orders Only during the 13:00 -16:00 time in order to average the price.
11. The should work with Mini accounts as will normal Accounts. The EA has to calculate the values on Fibo levels even when not every level has assigned value.
Example:
38.2 multiply this level by 0
50.0 multiply this level by 2
61.8 multiply this level by 0
78.6 multiply this level by 0
100.0 multiply this level by 4
127.2 multiply this level by 6
161.8 multiply this level by 0
200 multiply this level by 8
If you are able to complete this job, please contact me. Thank you
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