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Rules
Specification
Project Description:
I am looking for a custom Expert Advisor (EA) for MetaTrader 5 based on a multi-timeframe strategy for trading Forex and Cryptocurrency (like Bitcoin). The strategy relies on using multiple timeframes to confirm the market trend and execute trades.
Strategy Overview:
1. Trend Identification on Larger Timeframes:
• Use larger timeframes (such as 15 minutes with 5 minutes ) to identify the overall market trend.
• Look for a pattern where the current peak is higher than the previous peak and the current trough is higher than the previous trough, indicating an uptrend.
• If a pullback occurs, identify a larger peak and trough on the smaller timeframe.
2. Switch to Smaller Timeframes:
• After confirming the trend on the larger timeframe, switch to a smaller timeframe ( 5 minutes ) to identify precise entry points.
• Look for the formation of a new peak and a new higher trough, then wait for a break of the last trough, signaling a pullback.
3. Entry Signals:
• After the last trough is broken and a higher peak and trough have formed, place a Buy order above the last descending peak.
• Wait for the price to break the previous peak on the 5 minutes timeframe, confirming the continuation of the uptrend and the end of correction.
4. Stop Loss and Take Profit:
• Set the Stop Loss at the last point of the pullback (the last trough formed on the smaller timeframe).
• Set the Take Profit at the previous peak on the larger timeframe.
If the price breaks the higher timeframe Higher Low buy stop order should be removed. Only one active position at a time. . I need this EA to work for buy and sell with above concept Mentioned
Requirements for the EA:
1. Multi-timeframe Analysis: The EA must analyze multiple timeframes simultaneously.
2. Entry Conditions: The EA should only place buy orders based on the criteria above (price breaking the last descending peak, etc.).
3. Risk Management: The EA must include Stop Loss at the last pullback and Take Profit at the previous peak.
4. Timeframe Switching: The EA should automatically switch between timeframes to analyze and execute trades accurately.
5. Backtesting Capability: The EA should support backtesting with different timeframes for strategy optimization.