Specification
We're seeking an experienced MQL5 developer to create a robust and dynamic 5-minute candle breakout trading EA with advanced risk management. Here's a concise summary of what you'll be working on:
Trading Strategy:
- The EA will operate from 1 am to 5 am NY time.
- Long opportunities when the 10 EMA is above the 20 EMA.
- Short opportunities when the 20 EMA is above the 10 EMA.
- No action when the 10 EMA and 20 EMA are equal.
Entry and Execution:
- Buy at the last 5-minute candle's high with a 1:2 risk-reward ratio.
- Set a stop-loss below the last 5-minute candle's low.
- Sell at the last 5-minute candle's low with a 1:2 risk-reward ratio.
- Set a stop-loss above the last 5-minute candle's high.
Entry Invalidation:
- Several conditions for invalidating entries, including price movement and candle range.
Risk Management:
- Implement two position sizing styles: fixed lot size and risk-based (percentage of equity).
- Calculate position size based on risk percentage, considering user-defined settings.
- Include a maximum lot size setting for risk control.
User-Defined Settings:
- Allow customization of time window, EMAs, currency pair, time frame, risk-reward ratio, max candle range, and position sizing.
- Incorporate a "Red Folder" news event filter to avoid trading around high-impact news events.
Note: Step-by-step rules and detailed instructions and system rules will be shared with interested developers. If you're experienced in MQL5 development and ready to take on this exciting project, apply now!
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