New EA needs to be coded: simple Channel Breakoutsystem

Trading Rules:

Entry Condition:

Sell:

  If the price closes below the 8-period exponential moving average (MA) of the low, a sell order is triggered.

Buy

  If the price closes above the 8-period exponential moving average (MA) of the high, a buy order is triggered.

Risk Calculation: The risk per trade can be manually edited by the trader. Additionally, the trading bot can calculate the risk based on the Average True Range (ATR) to correspond to a 3% risk.

The position size will be adjusted accordingly to ensure the predefined risk level.

Risk-Reward Ratio: Each trade will have a predefined risk-reward ratio. The trader has the flexibility to manually edit the risk-reward ratio according to their trading preferences.

Initial Stop Loss: The initial stop loss will be determined by multiplying the Average True Range (ATR) by a factor, which can be manually edited by the trader. This allows for flexibility in setting the initial stop loss level based on the trader's preferences.

Take Profit: If the price reaches the predefined take profit level, the trade will be exited with a profit.

Exit Conditions: The trade will be exited if the stop loss is hit, the take profit is reached, or if an opposite signal is generated.

An opposite signal refers to the price closing above the 8-period exponential moving average (MA) of the high after a sell order or below the 8-period exponential moving average (MA) of the low after a buy order.