XAUUSD Daily 7 PM Strategy

1. Trade Execution Timing

• The EA must execute trades exactly at 7:00 PM IST (Indian Standard Time) every trading day.
• Time conversion must be handled internally if the broker server time differs from IST.
• Execution should trigger only once per day (no duplicate trades).

2. Trade Type

• At 7:00 PM IST, the EA must:
  • Open 1 Buy/Sell (Long/Short) position (configurable)

3. Order Execution Method

• Orders must be placed using:
  • Market Execution (current market price)
• No pending orders (no limit/stop orders).

4. Stop Loss (SL) Rules

• Stop loss must be applied immediately after execution based on executed price:

For Buy Order

• SL = Executed Price – $5

For Sell Order

• SL = Executed Price + $5

5. Take Profit (TP) Rules

• Take profit must be applied immediately after execution based on executed price:

For Buy Order

• TP = Executed Price + $15

For Sell Order

• TP = Executed Price – $15

6. Weekend / Market Reopen Handling

• If positions remain open when the market closes (weekend or session close):
  • On market reopen, the EA must:
    • Check all open positions placed by the EA
    • Reapply SL and TP if missing or removed
• This ensures protection in case broker removes SL/TP or due to gaps.

7. Trade Identification

• Each trade must include:
  • Unique Magic Number
  • Trade comment (e.g., "7PM_STRATEGY" )
• This ensures the EA only manages its own trades.

8. One Trade Cycle Per Day

• EA must ensure:
  • Only one BuySell pair per day
  • No re-entry if trades are manually closed or hit SL/TP

9. Symbol Restriction

• EA should operate only on:
  • XAUUSD
• Optional: Allow symbol input parameter.

10. Lot Size (Configurable)

• Default: 1 Lot
• Must be configurable via input settings.

11. Slippage & Execution Safety

• Allow configurable:
  • Slippage tolerance
• Include retry logic if order fails due to requotes or execution errors.

12. Platform Compatibility

• Should support:
  • MT5 (MetaTrader 5)
• Must allow:
  • Backtesting (minimum 5 years data)
  • Year-wise performance evaluation

13. Logging & Debugging

• EA should log:
  • Trade execution time
  • Entry price
  • SL/TP levels
  • Errors (if any)

Optional Advanced Features (Recommended)

• Friday auto-close before market close
• Max spread filter (avoid high spread entries)
• Equity protection (daily loss limit)
• News filter (optional)