It is a simple daily break-out system, based on how far price has been moving away from the opening price each day.
This EA is to be based on three moving averages to develop a trade signal. The moving averages operate on daily OHLC values. A value is calculated from the moving averages that establishes a buy limit price and sell limit price for the day. The buy limit is above the opening price and the sell limit is below the opening price. These limit values are not sent to the broker as limit orders, but held by the EA until the buy/sell trigger occurs then market orders sent to broker.
The buy and sell triggers will come from the closing price of the last bar. The timeframe of the bar is dependent on the chart that the EA is attached to.If either limit is triggered during that day and a position is opened, a trailing stop will be used to close the position. The trailing stop will always move based on close of 1 minute bars. If the position is not closed by the trailing stop, the EA is to close the order at the end of the day. It is possible that both buy and sell limits will be hit in a day, but the stop loss will be between them so there will only be one open position at a time.
Rules to Open a New Position
Rules to Close a Position
Default value for input variable Tstop_Modifier = 1.0
For example, if a buy order was executed at 1.20500, Threshold is 0.00500, and Tstop_Modifier = 0.5 then the initial value of the trailing stop is to be set at 1.20500 – (0.00500*0.5) = 1.20250
Only send a Market Sell order when there is an open long position and
Only send a Market Buy order when there is an open short position
MagicNumber : Default = 88991
Lot_Sizing : Menu of Fixed or Proportional. Default to be Fixed
Fixed_Lots : Default = 0.1. This is the number of lots to be bought and sold
Proportional_Pct : Default = 2.0. This is the percent of the account balance to be used as initial margin for the position. Lots are to be calculated from this value, the account balance and the margin required.
The following will show on the chart and in the visualization of back tests.
Green solid thin lines at Buy_Limit and Sell_Limit prices for the day
Red solid thin lines at the trailing stop
Green up arrow where buy orders are placed
Red Down arrow where sell orders are placed
Green dashed thin lines between the buy-to-open order and the sell-to-close order
Red dashed thin lines between the sell-to-open order and the buy-to-close order
I don’t know. Apply best practices.
The EA is to log the following events and values
Order execution time and price
Reason for closing position – “Closed on trailing stop”or “Closed on end of day”.
If Threshold < Threshold_Min
Any errors reported by the trading console or the broker
If possible please keep the onTick actions to a minimum for faster backtesting. I tried to make it so that everything is done on 1 minute or daily values.
Thank you and please me know if you have questions.