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Hi there,
I have an MT4 indicator that I need help to change into an EA. I have a full strategy that includes an EA for entries, but my problem is that I'm most of the times not in front of my computer as I'm a teacher, so I lose on trades that I couldn't manage. This indicator that I want you to change, has shown very good results in both entry points and identifying long trends. I think it uses bollinger bands and Moving averages to generate Buy and Sell signals, I would then lose on these trades due to an opposite trend starting while I'm busy with something else, or teaching, or coaching.
I need the EA to do the following:
1. Use the same functions as the indicator to confirm buy and sell signals. If I'm on a bullish trend and bearish trend is detected, the EA should close all the buy trades so that I don't lose due to a drawback. Similarly, the EA should close sell trades when a bullish trend is detected.
2. The EA should print on the charts, "Buy trades closed" immediately when a sell trend starts, and also print "Sell trades closed" when a buy trend starts. Closure of these trades(both buy and sell) should happen exactly where the indicator would give signals. A buy signal closes sell trades, and a sell signal closes buy trades.
3. The EA should have an option (I want to be able to turn it ON or OFF) to open trades, just one trade, in the suggest opposite trend after closing trades in the previous. The feature to turn Automatic entry ON or OFF is vital as I might to leave the EA to take a trade in the opposite direction, or turn the feature OFF so that I can take trades manually after doing my analysis. Automatic entry of positions in the opposite direction means the EA has to have an input for lot-sizing.
I want to call this EA "DYNAMIC TAKEPROFIT" as it would just minimize loss during drawback by taking profit on change of trend. I know there are issues of market consolidation and spread at consolidation, but I use other strategies to spot long trends together with support and resistance in order for to ensure that the EA won't close trades unnecessarily based on a false change of direction. Another thing, I understand that I will need a full power and internet connection always for that EA to keep updating, I have that sorted. I have attached the source-code for the indicator that you need to change, below. The indicator prints PSAR-like dots that follows the price, please let the EA have such as well.
Thank you