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Specification
I am looking to create an EA that can monitor multiple pairs when placed on a chart in MT4.
I will build this EA in steps and will begin with an indicator with alerts that can be utilized for an EA to actively trade. I would like a simple managment EA that moves the SL of orders as trades are opened.
Will need to detect:
1. Engulfing pattern (ratio of pips of the engulfing and wick to body)
I would like the EA to detect and alert to engulfing candle within a set pip range (18pips+) , ratio, or percentage of the prior bar being engulfed. Additionally, a manually set percent of the wick to body ratio for the engulfing candle.
2. Create Support and resistance lines on High and low of Engulfing candle and Alert when closed above/below on selected TF
Signal Limit short entry if closed below and Limit Long entry if above on selected Fib levels.
3. TP and SL adjustment (pips) Move trailing stop of orders every set number of pips (based on ATR or set number)
4. Auto Twin trade function, when I open a trade, a copy trade is opened instantly.
I would like the twin trade function to work as such. When profit hits a set number of pips (20 pips etc.) one order closes and the EA manages the SL of the other order closing at a set pip limit or until SL is hit.
I will add an auto trade function later but I still have to find good filters until i am comfortable with this EA. For now I just want alerts to a trade.
A Recovery function would be a plus if you know of a good, safe system to close with little to no loss.
UPDATE:
Below attached are some examples of the functions I would like to implement into the Indicator and then the EA to trade the indicator.
The hedge EA is an example, not sure about its abilities but feel free to test or tweak if it meets my needs.
Suggested take profits utilizing the ATR and a SL secured by a hedging function would be key features for the EA.
Entry point for the EA would be a market execution based on the crossing of a fib level of the engulfing candle, thus the Auto fib example below. Levels I would need for the Fib would be:
0.25, 0.5, -0.5, 0.618, 0.882, 1, 1.5, 2.0, 0 (9 levels total)