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Description:
- The EA needs to spot a pin bar or an engulfing candle, (I will define those below) then place a trade (limit order) at 49% retracement of the candle then the tp is 2.5 the risk
And customizable
* Pin bar definition for a sell
=> a candlestick that took out the previous candle high ; the higher wick represent 62% and can be set/customized to 75% for example of the total height of the candle (percentage customizable)
And as an option that can be set ON or Off the closing price of the pin bar candle should be below the closing price of the previous candle
*Pin bar definition for a Buy
=> a candlestick that took out the previous candle Low ; the Lower wick represent 62% and can be set/customized to 75% for example of the total height of the candle
And as an option that can be set ON or Off the closing price of the pin bar candle should be Above the closing price of the previous candle
*Engulfing bar definition for a sell
=> a candlestick that took out the previous candle high ; and has closed below the low of the previous candle without alower wick higher than 10% of the total candle height
*Engulfing bar definition for a Buy
=> a candlestick that took out the previous candle Low ; and has closed Above the High of the previous candle
(Image the opposite of the bearish engulfing)
- Entry
=>Once the Pinbar or the Engulfing has closed: the EA then place a limit order with an entry at 49% retracement of the total height of the Pinbar/Engulfing for a sell (for a buy trade the entry will be 49%+spread)
- Stop Loss placement
=> -For a sell trade the SL will be on the top of the pinbar or the engulfing plus spread plus an offset of 2 pips customizable
- For a buy trade the SL will be on the bottom of the the pinbar or the engulfing plus 2 pips
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Money management trade size computation
=> The EA will need to compute automatically the size of the trade in customizable % of the account
Candle size filter
To filter the size of those candles i would like to be able to use a multiplier of the ATR
Number of trades filter
I'd like it to limit the amount of trades per currency which means it will have to check all open trades and forbid any entry for a specific currency
This EA should work on any TF and place the trade as soon as the candle close
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Other filter
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A number of candles as an expiration duration for the trade customizable
In the chart window i d like a control panel in this fashion
It should like this
2 cases to enable the buy or sell trades,
1 case for customizable wick size of the pin bar
1 case with the customizable size of the trade in % of the account size
1 case for the customizable TP in multiplier of the distance between the entry and the SL (risk to reward form)
The Default TP should be 2.5 times the entry/SL value
1 case to customize the % of retracement desired to place the entry point
Others
I’d like the candlestick that has been spotted to be marked by an arrow on top i need the trige candle to be marked any way will do on the chart