Smash Day EA

INTRO

The purpose of this job is to create an EA based on Larry Williams' Smash Day. This pattern suggests that the current impulse of the price movement has a higher possibility of a reversal after closing above/below the last extremes. Such a trading day is called "Smash" (or reversal) because it precedes a change in the current price direction. When such a day forms, the market leaps up-or downwards, closing behind the previous highs/lows. At this moment, all the traders who were late attempt to enter, counting on the continuation of the movement. However, the price could retrace and form a Smash Day reversal pattern.

LONG TRADE:

This is a day of increased volatility in a descending price movement that closes below the low of the previous session and is also the lowest close for a set number of days (default is 8). Place a buy stop order such that, if the price moves in the opposite direction and takes out the high of the Smash Day, a long position is opened with a stop loss a set number of pips below the low of the Smash Day (default is 10).

SHORT TRADE:

This reversal pattern also forms from a day of increased volatility on the market — this time in an ascending price movement. The day closes above the previous high and higher than the highs of the previous 8 days. Place the sell stop order so if the price takes out the low of the Smash Day, a short position is opened with a stop loss 10 pips above the high of the Smash Day.

LONG SHORT EXITS

There are three possible exit strategies that need to be included:

1.            First profitable close - after the close of the first profitable day, exit at the open of the next day.

2.            Set number of days - exit after a set number of days irrespective of whether in profit or not (default is 8).

3.            Profit target – exit at a multiple of the stop loss (default is 2 x SL).

ADDITIONAL CONSIDERATIONS

• The default period of time that the EA waits within the range of the Smash Day for a break is 1 day.
• Only one trade at a time is allowed.

• GMT Mode
• Manual GMT
• Auto GMT
• Manual GMT Offset
• Monday Trade
• Tuesday Trade
• Wednesday Trade
• Thursday Trade
• Friday Trade

Lot Management

• Lots Type
• Equity Percentage
• Fixed Lotsize
• Lots Base on XBalance
• Equity Percent
• Fixed Lots
• XBalance
• Lotsize per XBalance
• Max Lots

Basic EA Configurations

• Magic number
• Trade Comment
• Max Spread
• Max Slippage