FreelanceSections

An Expert Advisor Based around OHLC/OLHC

MQL5 Experts Forex Trading robot/indicator debugging

Job finished

Execution time 2 days
Feedback from employee
Great customer. Clear description of specifications, despite the tactical strategy. Looking forward to working with you again
Feedback from customer
Awesome work and done extremely fast! Also needed a couple things added that I forgot to mention at the beginning and it was all added. Will definitely be coming back to get more EAs created!

Specification

The strategy is designed to identify opening price reversals on the 1-hour timeframe. Here are the key steps of the strategy:

  1. The strategy notes the opening price of each hourly(would like the option to change this) candle.

  2. Then waits for the price to move more than 3(would like the option to change this) pips away from the opening price, either up or down.

  3. Once the price returns to the opening price after moving beyond the threshold, a trade signal is generated.

  4. The strategy aims to risk 1%(would like the option to change this) of the account balance for each trade. 

  5. Stop Loss: For a long trade, the stop loss is placed one pip below the low of the current hourly(or current time frame) candle. For a short trade, the stop loss is placed one pip above the high of the current hourly candle.

  6. Take Profit: The take profit level is set to be twice the amount being risked in the trade. For a long trade, it is set as 2 times the pip threshold above the opening price. For a short trade, it is set as 2 times the pip threshold below the opening price.

  7. Trade Execution: When the price returns to the opening price and the conditions are met, a trade is executed. If the price is higher than the opening price, a long trade is opened. If the price is lower, a short trade is opened.



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