Over view.
Using the news candle via the economic calender feed as a signal for trade direction dependant on size and direction. Many user inputs as changes needed for different symbols and news events and when to take trade on which candle and time frame. Trade is worked out in relation to the size of the wick against the length of the total candle expressed as a percentage. Because of the use in some cases of the body being counted as part of the wick may add a level of complexity.
User Inputs
Symbols.
Time frames.
Stop Loss by percentage, pips and monetary value.
Take Profit by percentage, pips and monetary value.
Trade Candle.
Trade signal wick to body percentage.
Economic news events separated by country with the ability to deselect certain news events by event and impact.
Take 50% of profit at a user defined pip or monetary valu3
Able to toggle between 1 and 4 identical trades triggered at same time on same symbol.
Trade plan
Trade off 5 min chart or 15 min chart
Trade signal off news candle on 5 min chart or 15 min chart
Trade to be taken off the close of one of the following candles dependent on user input. Default set to one.(max would probably be 10 if max required for programming)
Trade direction is confirmed by finding the percentage of the wick and the entire length of the candle. Default setting to be, above 25% of the total body triggers a trade opposite to the news candle direction and below 25% in the same direction of the news candle.
Bullish Candle is determined by measuring the distance between the close and the high and the close and the low, where the close is nearer to the high this will be a bullish candle. The opposite for bearish. Where the distance is equal the colour will determine the direction on my chart, green for bullish and red for bearish(open to ideas if there is a better way).
The wick used for measurement is taken from the direction of the candle determined by the above criteria, bullish top wick, bearish low wick. Where the candle is green, bullish and has no wick 0.1 will be used. Opposite for red and bullish.
Where we have a candle that is bullish but the body is red, we should include the body of the candle as an extension of the wick, for example hanging man candle that has no or a very small wick above the candle and has been identified as a bullish candle by the previous criteria the body of the candle would be an extension of the wick. The reverse for bearish.
Default TP, 20 pips and 50% of profit user defined default set to 10pips
Default SL 20 pips move to BE after 50% profit target taken.
Close trade at 2345 same day by default if trade still open
Hope this enough to at least understand what I am asking for as this is first time of converting my plan to an EA.
Many thanks for reading
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