All orders
Rules
Job finished
Specification
We are looking for an EA for MT4 platform using Fibonacci Levels
Fibonacci:
A fib is a candle in one direction or a series of candles in the same direction. We draw the fib from the wick of the last candle to the body of the first candle. Examples:
Bullish Fibonacci
Bearish Fibonacci
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If we have a candle in the same direction as an existing fib, and it made a new high, we adjust the fib, as soon as the candle closes.
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We only adjust the fib on candle closes
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If there is a candle in a different direction, then the fib doesn’t change anymore.
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If there is a “neutral candle” (the body of the candle is null) the fib doesn’t change anymore.
Order rules:
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To place a limit order, we need the fib size (0 to 100% of the Fibonacci) to be within a specific range of pips. That number has to be a variable we can type in.
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We remove the limit order when a specific number of the Fibonacci level is reached. That number has to be a variable we can type in. We also need an option to add or subtract pips (for spreads, etc.)
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Once an order becomes a position, we then remove all the opposite orders.
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We don’t place new limit orders that are in a different direction than open positions. Limit orders in the same direction are OK.
Entry:
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The entry of the limit order has to be at a specific number of the Fibonacci level. That number has to be a variable we can type in. We also need an option to add or subtract pips (for spreads, etc.)
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Limit order risk management: We need a field where we type the amount of the capital we want the bot to have available. Then we need a field where we type the percentage of the capital that will be used in the order. For example, if we type in $1000 and then in the box next to it, we select 1%. Then the order will have a risk of $10.
Stop Loss:
The stop loss of the limit order has to be at a specific number of the Fibonacci level. That number has to be a variable we can type in. We also need an option to add or subtract pips (for spreads etc.)
Take Profit Level 1:
The Take Profit Level 1 of the position has to be at a specific number of the Fibonacci level. That number has to be a variable we can type in. We also need an option to add or subtract pips (for spreads etc.) and an option to change the % of the position that we will close.
Take Profit Level 2:
The Take Profit Level 2 of the position has to be at a specific number of the Fibonacci level. That number has to be a variable we can type in. We also need an option to add or subtract pips (for spreads etc.) and an option to change the % of the position that we will close.
Break Even:
The position needs to be set at break even at a specific number of the Fibonacci level. That number has to be a variable we can type in. We also need an option to add or subtract pips (for spreads, etc.).
News options:
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X minutes before RED news (according to forex factory) we stop placing orders, and we remove all the existing orders.
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X minutes before RED news we close all open positions.
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This feature needs to have an On/Off “switch”
Time Schedule:
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We want to have a time schedule for when the bot is active. We need 24 boxes, 1 for each hour, which we can activate/deactivate as we please.
Order Sweep time:
At a specific time of the day, we want the bot to clear all the pending limit orders. This field needs to be filled in. If it’s blank, then the bot doesn’t delete the orders.
Alerts:
We need an alert feature with an On/Off switch for every event
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When an order is placed
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When an order is deleted
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When an order is X pips away from being triggered
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When a position opens
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When a position closes (including the resulting loss / profit, in $)
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When a position is set on Break Even