Existing EA acts like a Trade Manager. It has interface on the chart will all required buttons.
It uses up ENTIRE equity to trade and when winning, adds new trades if there is enough winning that can open a new trade. If not enough to post
initial margin, it will wait till enough winning is in the account before posting new trade.
The trading will continue for all until common Take Profit level is hit.
It chooses size of the lot by itself depending upon the amount of winning available. you are expected to put in Equity (like a Stop Loss amount)
which will be at stake. It will be fully used for trading. The rationale is Stop Out (Margin call) will be applied by the broker depending upon
their policies.
Regulated brokers have to stop trading when 50% of margin is used up.
Other brokers allow up to 80% of margin before trading is stopped.
EA is opered mostly by pressing buttons on the trading panel.
On the same panel three new buttons should be created
(3) Hedge Now (4) Hedge Later (5) Enter by System
If Hedge (3) is selected there should be a choice for Hedging
Hedge Now (default ) :
Hedge by Pending order.
When Hedging is pressed, all trades will be locked by trading in opposite direction
If Pending Hedging order is selected : Have to give choice of hedging by inputs of Price or Pips Distance or % Margin Level . Any of the three
inputs.
Margin Level (%) gives warning about equity moving towards Stop Out level or Margin Call.
2. Give new parameter for Hedging Pending Order.
(a) Hedging Release lock: at price level xxxxxxxxxxx if profit target not reached before reaching the price level
(b) Hedging Pending Order: If selected give separate Hedging Take Profit (pips) and Hedging Stop Loss (pips) .
Please note the EA has a facility of using Pending Order to be set for Buying or Selling.
It should not be confused with new Hedging Pending order parameters to be coded.
Enter by system
Inside EA selection should be input for two systems
System 1:
Use Daily Open Line and distance in Pips or percentage or Standard Deviation from Today's Daily Open to trigger trade
System 2:
Use Murrey Math Lines levels (called Octave) for entry, stop loss and Take profit
Entries: Selection of Murrey Math levels plus Pips Distance chosen triggers the entry
- A buy order is placed when a bar closes below xxxxx pips of Murrey Math support levels selected. (Pullback)
- A sell order is placed when a bar closes above xxxxxx pips of Murrey math resistance level selected (Reversal)
- ===== MM Levels to Trade =====>
Key levels to be used as Resistance for Overnight positions
- [-2/8]P Extremely Overshoot: True/False
- [-1/8]P Overshoot: True/False
Key levels to be used as Support for Overnight positions
- [+1/8]P Overshoot [+1/8]: True/False
- [+2/8]P Extremely Overshoot: True/False
Other levels that will be used for quick trading (when momentum is strong)
- [0/8]P Ultimate Support - Extremely Oversold: True/False
- [1/8]P Weak, Stall and Reverse: True/False
- [2/8]P Pivot, Reverse - Major: True/False
- [3/8]P Bottom of Trading Range: True/False
- [4/8]P Major Support/Resistance Pivotal Point: True/False
- [5/8]P Top of Trading Range: True/False
- [6/8]P Pivot, Reverse - Major: True/False
- [7/8]P Weak, Stall and Reverse: True/False
- [8/8]P Ultimate Resistance - Extremely Overbought: True/False
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