EA based on Fractal Support Resistance

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Writing the EA

I would be willing to take a stab at it. I am a long time Coder, and have written a number of EA's for personal entertainment.

If you could detail how you would trade the indicator, Break it down to a set of rules or concepts, I will take a stab at it and see if I can come up with something useful

 
 

Got it.

I will spend some time reading on this site. Meanwhile anything you can give me to start laying out rules for the EA will be useful.

 

Simple rules

Here we go:

The system enters according to broken support/resistance levels provided by the indicator. A support which was broken before turns into resistance and vice versa.

SR levels:

As the indicator provides 4 time frame levels, the EA should provide options on which time frames the systems enters, eg. 15, 30 etc. Probably 2 time frames is enough.

Trend:

An optional trend detection is provided by the Holt double exponential smoothing trend indicator. By definition, if the indicator is above 0, the trend is up and vice versa.

Again, the trend detection is optional in order to better back test the model.

Signals should be based on bar close in order to avoid confusing signals.

I believe the best time frame would be 5 to 30m.

Money management:

Partial closing (50%) when TP1 is reached and SL set to break even for the second lot.

Trailing available (optional) for the second lot: Trailing level and trailing step.

Time session:

Very important. The EA provides to time sessions with start and stop time.

Rules:

Long:

Bar closes above the resistance and trend is up (indicator >0)

Exit according money management settings.

Short

Bar closes under support level and trend is down (indicator <0)

Exit according money management settings.

 

Dear Heikobaer, which timeframe is best to use this EA? and which pairs are best ?

Dear heikobaer,

Thanks for the EA.

Could you please advise:

1. Which time-frame is best to use this EA? M5, or M15, or M30? or H1?

Does this EA check for main trend on H1 or H4 before entering a trade on Support / Resistance when it is broken?

2. Which pairs are best to use this EA with?

3. How about Stop Loss and Profit Target ? Where does this EA place Stop loss and Profit Target ?

By the way, if you can code the Candlestick Reversal Patterns such as:

aaa. Do not buy (even if Resistance is just broken) if the following Candlestick Reversal Patterns happen on H1 / H4:

+ Shooting star

+ Dark Cloud Cover

+ Bearish Engulfing

+ Long-legged Doji with Upper Shadow Length is at least 2 x Lower Shadow Length

+ Morning Star

+ Bearish Harami

bbb. Do not sell (even if Support is just broken) if following Candlestick Reversal Patterns happen:

+ Bullish Hammer

+ Piercing Line

+ Bullish Engulfing

+ Long-legged Doji with Lower Shadow Length is at least 2 x Upper Shadow Length

+ Evening star

+ Bullish Harami

Because the trades will be triggered on Candle close, if the candlestick is closed with above Candlestick Reversal Patterns, the EA will not place any trades, and by this way, it can avoid false breakout / breakdown.

Thanks

James

 
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