Job finished
Specification
I would like to create a test EA to open positions based on pivot points.
The user will define a primary period (weekly, daily etc) which will be used for the calculation of a pivot point in the classic sense, as well as a secondary (lower) period for additional trading options.
There are three types of position openings to be explored:
1. (Basic) At the beginning of each primary period.
2. (Basic + Boost) At the beginning of each secondary within a major period.
3. (Engulfing) On the first engulfing pattern in the direction of the pivot point on the secondary period, within the primary period.
When a position is opened it is always opened in the direction of the pivot point (for example if the signal comes when price is below the pivot, we open a BUY).
When price moves in the wrong direction the position will close via SL.
When price has moved a specified amount in the correct direction, we will close part of the open position and move the SL for the remaining position to breakeven. The EA will have the option to define additional “safe” points, where upon reaching the specified level the SL will be moved up one level.
The EA will not use martingale or averaging. The EA will not use dlls.
To operate the EA will be obligated to calculate pivot levels on its own according to the classic pivot point approach as shown on Investopedia: https://www.investopedia.com/terms/p/pivotpoint.asp. The EA shall calculate all values (P, R1, R2, S1, S2) although only the actual pivot point (P) is needed.
Based on the results of this project there may be a follow up project with additional functionality.
Please refer to the reference document for supporting examples.
Looking forward to reading you!