Hi Guys! Thank you for clicking to this topic!
I need help to create an EA that makes pending orders automatically with a few parameters. The robot is very simple, and I hope it will be just as easy to make! Thank you!
Here is the description togheter with a picture of I how imagine this to be.
Target – A target is
placed. This will be the starting point for the robot. The distance
from the target and the current price will be the place where the
pending orders will be placed. Lets use and example of 200 pips. The
target is either above or below the current price of 200 pips.
The robot will then evenly spread as
many pending orders as the parameter permits. Each pending order will
have its own Take profit. This will be a parameter aswell in the
Lets say the parameter is set to 10 (
pending order TP) That means that there will fit 20 pending orders
each with a profit target of 10 pips between the Robots Target level
and current price range of 200 pips.
But there are some more parameters that
can restrict this.
Distance between pending orders
This parameter tells the robot how far
inbetween the pending orders are going to be. If this parameter is
set to 0, and the TP for each pending order is set to 10. Then the
start of each pending order is going to be at the TP of the
subsequent next pending order.
But if that parameters is set to lets
say 5 pips and TP at 10. Then there will be a distance between the
pending orders. A pending order with TP 10 and distance set to 5,
will be a total of 15 pips in volume. So in the previous example of
200 pips. The robot will then place 200 / 15 pips pending orders.
Max allowed pending orders at the
This tells the robot how many pending orders it can make at the same
time. If the Target is lets say 500 pips. The robot will do 500 / 15
pending orders using our previous settings from the last example. But
if this parameter is set to maybe 10 then only 10 pending orders will
be place from the current price. This is important. So that the
pending orders till not be placed from the target. But rather from
the current price action. When the Price hits the target level, the
robot will stop making new trades.
Max allowed open trades at the same
This is a
parameter that tells how many open trades a currency pair can have at
the same time. If the max allowed open trades are reached then no
more pending orders will be made, until one or more orders are
filled. Making sure that the maximum level is never broken.
How big each
pending order is
Cancel all pending orders
a separate script
you can drag to the currency pair and delete all pending orders.
A new pending
order can only be made as long as all conditions are met and from
either the ending or start of a previous order. The distance
between pending orders parameter tells the robot where the first
order going to take place on the chart. Lets say we enter a target
price in the parameter Target, or somehow tell the robot, this is
where you are going to end your trading. From there the robot will
proceed to current price. And the distance between pending orders
will be the first indicator as to when the first pending order
takes place. When the script/robot is first dragged to the chart with
all the settings in place. It will then make the first pending order
at a distance equal to that parameter distance between pending
orders. And it will always make new orders at those same distances.
This is to prevent having multiple pending orders close together in
the same range. Lets say price jumps up and down around 10-18 pips.
This will only be one pending order even if the price jumps up and
down. Price has to break the parameters of Pending order TP and
distance between orders in order to make a new pending order.
The purpose of this EA is to scalp with, but setting up new pending orders along the way torwards the target if the price moves away from the target. If price hits one pending order but does not finish that order, and instead moves back up away from the target, a new pending order will be made if all conditions are met.
I hope the picture and text makes sense. If there are any EAs out there like this, that works with pending orders, please let me know! Or if you can make one for me, please let me know aswell!
My mail is Macxii@gmail.com
Id be happy to explain more and look forward to creating this with you! Much appreciated!
i have already tried this type of strategy and the results are not that good.it requires more strict parameters.