Channel Breakout EA

[aus67]

Hi All

I am hoping to see if this strategy can be coded into an MT4 EA.

Two horizontal lines are placed on a chart (line 1 and line 2)

Both lines will be pending orders, (trade1 and trade2).

if price goes above the previous candle high a long order is executed (trade1)...the other order which is a short and will execute if price goes below the low of previous candle. Or vice versa.

The second trade (either long or short) depending on what trade 1 did will be a smaller or larger lot size to trade 1.

Both orders have a stop loss and take profit and lot size at the 'input tab' when the EA is placed on the chart.

maybe something like this

trade 1 lot size = 1.0; // this is the first trade to be executed (could be a long trade or a short trade)

trade 1 stop loss = 10;

trade 2 take profit = 20;

second trade lot size = 0.5; // this trade (opposite of trade 1) can be smaller or bigger than trade 1.

two horizontal lines determine pending open price for trade 1.(long or short)

trade 2 (opposite direction to trade 1.) will execute regardless if trade 1. is in loss, or already closed out for loss.

trade 2 will not execute if trade 1 has closed due to hitting profit target.

Is this possible?...any assistance is much appreciated.

[Paul75]

I am not a developer so can't assist you. However, there are some experienced traders who code EA as well. I hope, they will assist you.

[aus67]

Hi Paul, thanks for the comments....I have had a go at learning the code...haha but have learnt not to mix up my ambitions with my capabilities haha. Happy Pipping!!