Modification to existing EA to add position modification functions

MQL4 Indicators Experts Forex

Job finished

Execution time 7 days

Specification

The goal of this modification to this EA is to ultimately reduce the size of the losses while increasing the size of the wins. The stop loss is currently set as a function of the ATR, and all position modifications will also be based on the value of the ATR at the moment the initial order is placed. All modifications will go based off this initial ATR value and it will be fixed for the life of the trade. This modification will involve a good amount of position modification during a trade. 

-        When an order is placed the stop loss is automatically calculated and placed at the value of the ATR * 3

-        For losses, once the price has reached 20% of the ATR *3, or is 20% into the loss zone, I want it to take out 20% of the position size.

o    For Example, if the ATR is 10 then when the order is placed the stop loss will automatically be set at 30 pips below the entry price. Say that the initial lot size is 1.0. If after the order is placed it is not winning but is instead loosing, once it reaches a level of 6 pips (20%) below the entry price, I would like it to reduce the position size by 20% as well, so the lot size would now be 0.8. Similarly, once it reaches a level of 12 pips (40%) below the entry price, I would like it to again reduce the size of the position by 20% of the original position size, so now the lot size would be 0.6. I would like this to continue so that if I am stopped out on the trade, by the time it reaches the stop loss it will only be 20% of the original lot size. 

-        If the trade is initially making a loss and the position size is reduced, but then changes direction and reaches the open price of the trade, at break even I want it to add back in everything that it took out so that once it reached the initial entry price the position size is the original size it was when the order was first placed. 

-        I don’t want it to add back in every time a 20% level is reached going up towards the breakeven, that will complicate it, only add back in to make the original lot size one the current price is equal to the entry price. 

o    For Example, if the trade reaches a point where it is 40% of the way to the Stop Loss and has taken out 40% of the position size so the lot size is 0.6 and then returns to the initial entry price of the trade, only once it reaches that initial entry price will the full value of the initial lot size be restored. So once the price reaches the entry price it will then again have a lot size of 1.0. I don’t want it to average down into a loosing trade. 

-        When the trade is in profit I also want it to add into the lot size to increase it as the trade is winning. I want it to add in 20% of the initial lot size up to a maximum of three times. I want the EA to increase the lot size by 20% once a value of the initial ATR*3 is reached, and then another 20% once the value of the ATR*6 is reached, and a final 20% once the value of the ATR*9 is reached.       

o    For Example, when the order is initially placed the ATR is 10 and the lot size is calculated to be 1.0, once the position is 30 pips into the profit zone (ATR*3), then 20% will be added to the lot size, so the new lot size will be 1.2. Then if it keeps going up and reaches 60 pips above the initial entry level (ATR*6) it will again increase the lot size by 20% of the initial lot size, making the lot size now 1.4. Finally, if the trade reaches a point where it is 90 pips above the initial entry price (ATR*9), it would add another 20% of the initial lot size to the current lot size for a final lot side of 1.6. I only want it to add in a maximum of 3 times, not unlimited. 

-        The levels at which the EA will take out or add in money should be automatically set when the trade is first entered based on the ATR and then not change for the life of the trade. For example, if the ATR is 10 when the trade is entered, it should decrease the lot size by 20% at 6 (1/5 of the distance to the stop loss), 12 (2/5 of the distance to the stop loss), 18 (3/5 of the distance to the stop loss),  and 24 (4/5 of the distance to the stop loss), pips into the loss zone and finally be stopped out at 30 pips below the entry price. Also, the EA should increase the lot size by 20% every time it is 30, 60, and 90 pips into the profit, a maximum of 3 times. 

o    If the ATR is 15 when the trade is entered, it should decrease the lot size by 20% at 9, 18, 27, and 36 pips into the loss zone and be stopped out at 45 below the entry price. Also, it should increase the position size by 20% when the levels of the ATR*3 (45), ATR*6, (90), and ATR*9 (135) are reached. 

-        The 20% values should be calculated from the initial lot size when the trade is first entered and not change. If the initial lot size is 1.0 then the 20% will be 0.2 and not change for the life of the trade. If the initial lot size is 5.0 the 20% will be 1.0 and not change for the life of the trade. 

-        Also, in the original version of this EA there is a break even function so that once it reaches a certain level of pips into the profit zone it can no longer lose money. For this, whenever the position size is increased the entry price will also move up a small amount because it is averaging the old entry price with the new one. Please make it so that every time the position is increased the break even line is moved up to 0 with the averaged entry price. 

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Project information

Budget
30 - 80 USD
Deadline
to 3 day(s)