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EA Algo development for pending orders – MT5
In my opinion, this project should be straight forward as most coders are familiar with the common input settings. The only not so common part of the project is to do with psychological numbers (filter 3), but again not complicated. Strategy is very simple, but I want many user options included in this EA, so I can test the EA under many different market conditions.
Pending orders above & below candle or group of candles (user defined) on selection of candle
e.g., 5Min (user defined) every 30mins (user defined) = Order triggered
Option: Same price can be triggered again if market revisits the area (user defined as an additional second repeat order)
Option: Now, if the same strategy is applied on 3 chart layouts, each on different TF, then;
A) If 3 TF charts align: increase Lot size (user defined and optional)
B) If 2 ‘Filters’ (see below) align, increase Lot size (user defined and optional)
This strategy can work on its own without the filters / indicators (see below):
Filters:
The indicators below are user options, which makes the strategy more conservative.
Please note: I prefer if the MAs & Oscillators choices are coded as choice selection, rather than chart based as this will benefit MT5 performance.
Option Filter 1: Up to 3 x MAs (above or below MA then trigger) MT5 default settings (TF Choice)
Option Filter 2: 1 x Oscillator OB/OS (above OB – ready for sell, OS – ready for buy) (with TF choice)
This Filter 3 is the key part of EA, to code right:
Option Filter 3: Objective - Execution is on/near psychological level
Round numbers selected e.g., GBP 1.27000 = ‘00’ > 10 pips selected (like Step/Grid) = 1.27100
EA will look for rejection on ‘past PSY level’ based on ‘X’ look back candles (user input choice), on selected TF, to then allow entry order.
You will need to create the following input settings;
EA Input parameters settings required:
Strategy Settings: TF Chart Choice
Pairs (will need 5 at least)
Magic No
Lot Size
Max spread
Increase Lot size (3 TFs same signals)
Increase Lot size (2 Filters same signals)
Order Placed every XX period e.g., 15M
Hours to trade (3 options during day)
Candle Choice / Period (Custom) e.g., 1M TF > 07:59 – 08:03 (4 candles)
Next pending order Placed (e.g., every 15M or 30M or HR)
Main Execution: Pending Order (Above & Below candle)
Include Wicks (option) /Include Body (option)
Repeat Order price (option)
Standard EA settings: TP
SL
BE
Trailing
Min Profit Close: £
Max Orders placed
Filter Options: 1. MA (can be chart based)
(Choice selection) 2. MA (can be chart based)
3. MA (can be chart based)
Volume (can be chart based)
PSY Level
Risk Management: Step
(Martingale Option) Multiplier
Max Orders Martingale
Max DD alert
Close all orders
Alerts
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