Metatrader 4 indicator / EA

Job finished

Execution time 4 days

Specification

A trader has provided me with this description to his day trading approach for the S&P500. I would like to have it as an EA for Metatrader 4 (also see the attached Word document whuch are examples of his system)

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The red and blue arrows indicate 'potential' entries on a 5 min chart that are triggered by a 'change in direction'.

These are most of my criteria:

Blue arrows - bullish entries:

Movement up through the 10 ema
A close above the 10 ema
Movement above a green bar, especially after a series of red bars
A (relatively) large green bar
Movement above a previous high or spike
Movement above a red bar


Red arrows - bearish entries:

Movement down through the 10 ema
A close below the 10 ema
Movement below a red bar, especially after a series of green bars
A (relatively) large red bar
Movement below a previous low or spike
Movement below a red bar

Be aware that sometimes the market quickly reverses a signal and that is a different signal.


You also want to take into account the phase that that the market is displaying and observe when the phase starts to change.

ie
When above the 21 and 55 emas - generally more bullish
When below the 21 and 55 emas - generally more bearish

When above the 21 and 55 emas, bears will take profits quickly and bulls will hold longer
When below the 21 and 55 ema, bulls will take profits quickly and bears will hold longer


Generally, I would recommend only trading one side of the market - eg Buy bullish signals and use bearish signals to protect profits.

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Project information

Budget
50 - 100 USD
For the developer
45 - 90 USD
Deadline
from 3 to 20 day(s)