EA with market price channel strategy

MQL5 Experts

Job finished

Execution time 2 days
Feedback from customer
Wonderful work! Will find him next time!

Specification

This EA trades with time and price actions. It takes the high and low prices of a specific period of time to form a price channel, and open positions when the price breaks through the channel area.


Setup

Default time frame = 5m

 

Channel values are calculated and stored:

  1. At the last bar close before trade session starts (e.g. With 5m timeframe and trade session starts at 11:00, calculation is performed when the 10:55 bar closes)
  2. If the EA is launched after trade session has started (e.g. Trade session starts at 11:00 but EA only launched at 12:00. Need to make sure the correct values are based on the current session)

Clear channel values when trade session ends

 

Channel value calculation:

Channel high = highest price among an hour before the trade start time
Channel low = lowest price among an hour before the trade start time
Channel depth = Channel high - Channel low

 

Parameters:
        Trade session start (server time) = 11:00
        Trade session end (server time) = 15:59

TP Factor = 0.5

Fast EMA period = 3

Signal trend EMA period = 10

Trend EMA period = 200

Use Trend EMA filter = True

 


 

During the trade session, at every bar close, 3 steps will be performed:

Step 1: Cancel any pending orders that’s going against the trend

Step 2: Create new pending orders when condition is met

Step 3: Manage any opened positions

 

Step 1: Cancel pending orders that’s going against trend

        If Fast EMA < Signal EMA, cancel any pending buy stop order

        If Fast EMA > Signal EMA, cancel any pending sell stop order

 

Step 2: Create new pending order

Buy stop order

Conditions:

  1. No existing buy stop order
  2. No existing long position
  3. Current price closes above channel high
  4. Fast EMA > Signal EMA
  5. Channel high > Trend EMA (option to enable / disable)

If all conditions are met, create 2 buy stop order (A1 and A2)

Position A1:

        Place at channel high

        TP = Open price + (Channel depth * TP Factor)

        When TP is hit, immediately set SL of position A2 to breakeven

Position A2:

        Place at channel high

 

Sell stop order

Conditions:

  1. No existing sell stop order
  2. No existing short position
  3. Current price closes below channel low
  4. Fast EMA < Signal EMA
  5. Channel low < Trend EMA (option to enable / disable)

If all conditions are met, create 2 sell stop order (B1 and B2)

Position B1:

        Place at channel low

        TP = Open price - (Channel depth * TP Factor)

        When TP is hit, immediately set SL of position B2 to breakeven

Position B2:

        Place at channel low

Manage opened positions

For Position A1 and A2:

  1. Bar closed below channel low
  2. When in profit and bar closed below the low of previous bar
  3. When in profit and bar closed below the high of previous bar

 


Lot size calculation

There are 3 options for lot size calculation.

  1. Fixed lot size
  2. Risk % per trade – e.g. if set to 0.015, in case of hitting SL the loss of the position should be 1.5% of the balance
  3. % of equity

Position A1 & B1 would have separated settings to position A2 & B2.

 

Parameters:

[A1/B1] Lot size = “Fixed lot size”

[A1/B1] Fixed lot size = 0.01

[A1/B1] Risk % per trade = 0.015

[A1/B1] % of equity = 0.02

[A2/B2] Lot size = “Fixed lot size”

[A2/B2] Fixed lot size = 0.01

[A2/B2] Risk % per trade = 0.015

[A2/B2] % of equity = 0.02

 


Other requirements

  1. Trade time adjust to daylight saving
  2. Only check and manage the pending orders and positions which have the same magic number set by this EA
Draw a rectangle that marks the bounds of the channel on the chart

Files:

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Project information

Budget
50 - 100 USD
For the developer
45 - 90 USD
Deadline
to 5 day(s)