My idea for an EA...
Devil Is Always In The Detail
Theoretically it is a sound model or framework for a profitable system but without the specific details it is difficult to say whether it is worth writing a code for it. I would make some rules for the EA and visually do some backtesting on some charts to see if it has a chance.
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Since I'm new here, I'm just getting my proverbial feet wet. But, this is what I have for an idea of an EA. Not written a line of code yet, just an idea.
First off, based on what I've read on scalping and doing very short time frame techniques, they sound to be impossible in practice. I want to work on possibly a fairly short, but not hyper short time frames. And I want to target enough pips to be able to handle a few pips slipage, on the average. So, if I target, not sure, maybe 20 pips (not sure yet...) then if I loose a couple to slipage and only make 16-18, that's okay.
And, I want to target high-probability, less frequent trades. Of course I'll have loosers, but, I'd rather go for high quality, high probability trades.
I guess that sounds like what everybody wants, eh? So, can I do it?
Basically, I want to try to capture breakouts. Code that will detect it channelling, and look for a spike in price above/below the channel. Then get in on the breakout, and stick with it for at least a few minutes, unless it detects an instant reversal. In other words, trades will occasionally be scalper like, but, hopefully not that often. I will monitor the spread, and not be surprised if it spikes a bit too. But stay out if the spread spikes too much, indicating a higher chance of being locked into trade, or a fast reversal.
I will also try to make a guess which way the breakout will occur, based on longer term trend, in order to pick breakouts that have a higher probability of sticking to at least some profit, if not always a lot of profit. I want to fairly quickly move stop to break-even, so that even if a fair percentage of trades wind up just a break-even, there will be few with a loss.
So, does this sound like in the ballpark of being doable, and profitable? I know I'm talking about quite a lot of code. Maybe a six months of coding or more. But, if it makes buckets of money, that's okay. I just don't want to spend six months of coding, only to find that my idea wasn't as sound as I thought and I've got garbage.