Longterm Project: Reversal EA

Hello,

*****Please read the following carefully. After you read it, I am looking for someone who takes the time to actually write a message with some suggestions that spark my interest and show me that the description was read carefully. Looking forward to it :)*****

I am looking for a very experienced programmer, who can help me with an EA for MT4 that I can use to backtest a strategy, to give me signals and also to forward test it LIVE. The EA will be for the forex-markets for about 21 pairs that I will give you.  

The strategy is as follows, which should be carried out by the EA:

1.     -   Identify H4 RSI Extremes. Extremes are levels below 30 and above 70. I also want to be able to change these levels

2.      
-    When the H4 RSI crosses into these extremes, it should get ready to open a first position in the opposite direction, so it will be reversals. So: If RSI H4 above 70, look for short-entries. RSI H4 below 30, look for long entries

3.     
-  The entries should be based on M5 or M15. I am open for suggestions for criteria here. It could be based on price crossing a certain EMA or the formation of a “higher hig” for long-entries or a “lower low” for short entries, or another criterion. I prefer someone, who can come up with a nice solution for this criterion.

So, up until here, we defined the entry criterion for the first position. However, this EA is based on position-trading aka “average position trading”. This means that – if the first position doesn’t reach the Take-Profit Level and runs opposite of the reversal-direction, it should open the next position. This is further explained in the following:

1.       The position size is based on “percent over ADR”. ADR = Average Daily Range. This is the average range of a forex pair every day – taken as an average over 7 or 14 days. For EUR/USD this could be something like 60 Pips (14 day average). I want the EA to select the size of the first position base on % of ADR. Example: I want to enter in the options of the EA: Position Size will be chosen based on 0.3% per ADR (So risk of 0.3% of the balance of the account for every 60 Pips in the example of EUR/USD. Or 0.4%, 0.5%, 1% etc. )

2.       The Take Profit should be at a distance in ADR that I can select. For example: Take Profit at 0.5 ADR of entry. This would be 30 Pips for EUR/USD, as an example. The real value may be different.

3.       If the position runs in the wrong direction, the EA should look for the next position after a selected ADR range. Example: If EUR/USD runs 1 ADR in the wrong direction, THEN start looking for the second entry, again based on the M5 or M15 criterion explained above.

4.       The Take Profit now needs to be adjusted based on the 2 open positions. The EA should repeat this process until the third position. After that, we need to discuss if the EA waits longer for a fourth position or how to move forward at this point.

5.       We also need to discuss if the EA should close the first position, if the drawdown of the open position reached a certain threshold. For example: If Drawdown reached 3%, close the first position or close part of the trade.

The EA should open positions from a list of 21 pairs. Also, a maximum of 3 pairs should be tradet at the same time. If one of the 3 pairs is done (so Take Profit), then the EA can look for a new trade again in the list of pairs based on the criteria I explained.

We can let this run in a backtest for EUR/USD, GBP/USD and some other pairs to see if the results are positive, which they should be. This also depends a lot on how to handle drawdown. Sometimes there are long trend-phases and these need to be handled in a certain manner we need to discuss.

Again, it is important for me to work with someone who has lots of experience in trading and EAs, because this is only the start of this EA. I need someone, who can think about ways to enhance this EA.

In the end, I want this EA to give me signals based on these criteria, so that I can save time looking for these kind of entries.

Perhaps it can notify me in a dashboard and send me Signals to my Telegram Account if a trade appears to emerge and once the EA enters.

This will be a project where we collaborate over weeks and perhaps also have some webinar sessions to fine-tune the EA.

Looking forward to your messages!

Dave