Step SL and pending order EA ... help?
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I need help either finding something that might accomplish the following, or someone who can program it.
The basic premise is that two positions are initiated at the start, a buy and a sell, on the same pair. A stoploss is set for both (adjustable, i.e. 25 pips). Presuming the market will pick a direction (i.e. up), one position will be stopped out. HOWEVER, as soon as it is stopped out, another pendingorder for the same position will be initiated, at the same level the original was bought at (in case the market changes direction). Assuming the market moves up past a set threshold (i.e. 100 pips, which could be considered another grid bar), the SL for the remaining position is moved up by 100 pips (so now 25 pips below the revised position reference level). At the same time, a position is opened so that we now once again have two open positions, one previously existing (in this case long), and one newly opened (short). Both have a SL of the same amount, which was set initially (i.e. 25 pips).
The key here is that as soon as a position is stopped out, providing that the market hasn't moved by some set amount (in this example 100 pips), another position (same as the one just stopped out) is opened once the market croses the 'threshold' 'grid bar' again.
Example: currency pair currently at 1.4000.
Start by opening a long and short at 1.4000.
Set both with stoploss of 25 pips (adjustable).
Assume market moves up by 50 pips. The short would have been stopped out at the 25 pips point, but the long would remain.
The market now moves up to 1.4100, which is a 100 pip gain. A new short position is opened, with a 25 pip SL (set at 1.4125). ALSO, the SL for the long is moved up to 1.4075 from 1.3975.
From the example, I've lost 25 pips from the initial short, but gained 100 pips from the long. If the long gets stopped out at this point, I'm still up 75 points.
The EA will be profitable as long as it doesn't "linger" around the position opens too long (i.e. stop out several positions before reaching a new grid bar, or threshold).
Does such an EA exist, or would this be simple to construct?
Sorry if this isn't clear. Please forward any questions.
Doug