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I already have the file and setting for this same EA for MQL4. I am just in need of the same EA with MQL5 compatibility. I would like enhance the EA though. Making fewer trades while holding longer and catching more pips. The current EA bases trades on the 15 min chart. I would like to base trades on the 1H and 4H chart on this new EA.
1. The idea of the trading system is as follows: market entries are performed only after buy or sell signals when ADX's D+ and D- lines intersect on the 15 minute timeframe in the direction of the current trend. ADX setting are (14,20)
2. Trend is determined based on the Simple Moving Average (SMA) with the specified period (18,close,0) and Exponential Moving Average (EMA) with the specified period (8,close,0). If the current EMA crosses the SMA going UP on the 4H Chart AND ADX D+ line is crossing above or above the D- line on any other chart, the trend is seen as a growing uptrend. If the current EMA crosses the SMA going DOWN on the 4H Chart AND ADX D- line is crossing above or above the D+ on any other chart, the trend is seen as a falling downtrend.
3. Trading Signals:
Buying: Bullish engulfing on the 15Min timeframe or higher after the intersection of the EMA & SMA; Morning Stars on the 1H timeframe or higher after the intersection of the EMA & SMA
Selling: Bearish engulfing on the 15Min timeframe or higher after the intersection of the EMA & SMA; Evening Stars on the 1H timeframe or higher after the intersection of the EMA & SMA
4. Positions are closed at the opposite signal on 1 timeframe higher than when the trade was taken. For example, A Buy Position taken based on a 15min Bullish Engulfing on the support after the cross of the EMA & SMA should be closed when there is sell signal on the 30min timeframe.
5. Positions are opened after a signal and confirmation when a new bar emerges at the market price. It is okay to enter on every engulfing candle on the 30min time frame in the direction of the trend.
6. Additional filter for opening a position: The base ADX line is above level 20 indicating a trending market.
7. Additional filters for closing a position: The EMA and SMA cross indicating a change in trend in the opposite direction from when the position was opened.
8. Close by take profit - during a position opening, a Take profit level is set at a fixed distance from the open price. specified in points/pips. The value is set at 25.
9.Trailing Stop is used to protect profit. Stop Loss is set on the opposite side of the Buying/Selling signal (above of the wick of a bearish engulfing/ below the wick of a bullish engulfing). Stop loss should never exceed 25 pips. If the price continues to move in the profit direction, Stop Loss should be trailed at the given distance, 10 pips. Stop Loss cannot be moved towards the loss direction, i.e. the Stop Loss value cannot be increased. If none of protective orders (Take Profit or Stop Loss) triggers, the position should be closed by an opposite signal. No other position exit methods are available.
