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MT5 Expert Advisor - Multi-Timeframe Price Action Strategy (CP/BOS/Engulfing)

MQL5 Experts Forex Trading robot/indicator debugging Strategy optimization

Specification

# Project Specification — MT5 Expert Advisor "Prince Strategy"

## Project Goal

Develop an Expert Advisor (trading robot) for MetaTrader 5 that automates a price-action trading strategy based on candlestick patterns across multiple timeframes. The robot must work on the forex.com broker.

---

## 1. Traded Instruments

The robot must trade the following 4 forex pairs:
- GBPUSD
- EURUSD
- NZDUSD
- AUDUSD

**Important note:** For backtesting, MT5 tests one pair at a time. The robot should therefore be designed to work on the symbol of the chart it is attached to (recommended approach), or reliably handle all 4 pairs if technically feasible.

---

## 2. Strategy Architecture: Multi-Timeframe (Top-Down) Approach

The strategy uses a sequence of two timeframes:

| Step | Timeframe | Role |
|------|-----------|------|
| Bias analysis | H1 (or M30) | Determine market direction |
| Confirmation & entry | M15 (or M5) | Confirm and enter the trade |

Both the bias timeframe and the confirmation timeframe must be configurable as inputs (H1/M30 for bias, M15/M5 for confirmation).

---

## 3. Determining the BIAS (on H1/M30)

The bias (bullish or bearish direction) is determined by ONE of the following 3 patterns:

### 3.1 — Continuation Pattern (CP)

A bullish CP consists of **exactly 3 candles**:
- **B1** (oldest): bullish candle
- **B2** (middle): bearish candle, very small
- **B3** (most recent): bullish candle

**Validity conditions for the bullish CP:**
1. B3 must **fully engulf the body of B2** (B3's body must exceed B2's body, not just equal it)
2. B3 must **not be significantly smaller than B1** (B3 can be equal to or larger than B1 — this is accepted)
3. The **upper wick of B2 must not exceed the high of B3**
   - The upper wick of B2 MAY exceed the high of B1 (accepted)
   - The lower wick of B2 MAY exceed the low of B1 (accepted)
   - The lower wick of B2 MAY exceed the low of B3 (accepted)
   - ONLY the upper wick of B2 exceeding the high of B3 invalidates the CP

**The bearish CP is the exact mirror** (B1 bearish, B2 bullish very small, B3 bearish engulfing B2).

**Special cases:**
- A CP can break a zone (support/resistance) OR form "in open space" (no key level). Both cases are valid.
- On the bias timeframe (H1/M30), B3 can be long without issue.

### 3.2 — Engulfing

A bullish engulfing consists of **2 candles**:
- **B1**: bearish candle (size does not matter)
- **B2**: bullish candle that **fully engulfs B1, body AND wicks included**
  - The high of B2 must exceed the high of B1
  - The low of B2 must go below the low of B1

**The bearish engulfing is the exact mirror.**

### 3.3 — Break of Structure (BOS)

The BOS is the break of a nearby support/resistance level (not a distant one).

**Bearish BOS:**
- Identify the **close of the last bearish candle** that formed the support
- The market may consolidate near this level (several candles)
- A candle that **closes below this close** = confirmed BOS

**Invalidation condition:**
- If the breakout candle has a **wick that is too large** in the opposite direction, the BOS is invalid
- Precise rule: if the wick (lower wick for a bearish BOS, upper wick for a bullish BOS) is **larger than the body** of the breakout candle, the BOS is rejected
- A wick slightly larger than the body is tolerated, but an exaggerated wick invalidates it

**Bullish BOS = exact mirror.**

**Difference between CP and BOS:**
- CP = exactly 3 candles
- BOS = several candles (consolidation) then a breakout

**"Nearby" level:** The BOS is drawn on the most recent structure closest to the current price, not on a distant level.

---

## 4. CLEAN TRAFFIC (mandatory filter)

Clean traffic is the free space between the setup and the target. If the traffic is not clean, the setup is NOT taken, even if the bias is valid.

**Definition (bearish case):**
- In the space between the setup and the target, there must be NO **closes of bearish candles** that would form a support (obstacle)
- In other words: **no bearish candle in the traffic** (a bearish candle indicates a correction = creation of an obstacle)

**Bullish case = exact mirror**: no bullish candle (close forming resistance) in the traffic.

**Observation timeframe:** clean traffic is observed on the bias timeframe (H1/M30).

**Note:** The trader does not use pip-based measurement for distance — it is visual. The developer should propose a logic (for example: number of clean candles before the first obstacle).

---

## 5. CONFIRMATION and ENTRY (on M15/M5)

Once the bias is validated on H1/M30 with clean traffic:

### 5.1 — Draw the reference line
- Draw a line on the **high of the wick of B3** of the setup (bullish case)
- Bearish case: on the **low of the wick of B3**

### 5.2 — Wait for the break of the intermediate resistance/support
- If price reaches the close of a candle (resistance in the bullish case), wait for it to break before taking the setup

### 5.3 — Drop to M15 (or M5) and look for confirmation

Confirmation is done **only via CP or BOS** (NOT via engulfing), according to 2 scenarios:

**Scenario 1:** Price breaks the reference line directly with a CP or BOS on M15.

**Scenario 2:** Price breaks the line WITHOUT showing a CP, then forms a CP or BOS **within a maximum of 2 candles after the break**.

**Important confirmation conditions:**
- The confirmation must NOT touch the obstacle. If the obstacle is touched, there is no more space → skip the trade. (Unless the M15 confirmation breaks that obstacle, then it is valid.)
- The **B3 of the confirmation CP must NOT be too long** on M15/M5 (unlike on H1/M30), because the Stop Loss would be too large.
- For BOS confirmation: the correction before the BOS must not be exaggerated, and price must not consolidate too long before breaking.

---

## 6. TRADE MANAGEMENT

| Parameter | Value |
|-----------|-------|
| **Entry** | At the close of B3 (of the confirmation) |
| **Stop Loss** | Slightly below the low of B3 (bullish case) / above the high of B3 (bearish case). Buffer configurable in pips (e.g. 3-5 pips) |
| **Take Profit** | Risk/Reward of 1:1 (TP at the same distance as SL) |

---

## 7. RISK MANAGEMENT

| Parameter | Value |
|-----------|-------|
| Risk per trade | 1% of capital |
| Simultaneous trades | Maximum 1 trade per pair (so max 4 simultaneous trades across the 4 pairs) |
| No 2 trades on the same pair at the same time | Yes |

---

## 8. PROGRESSIVE MONEY MANAGEMENT

The lot size must evolve progressively based on results ("symmetric progressive" method):
- Base lot calculated on 1% of capital
- After each **winning trade**: the lot increases by one step (e.g. +0.01)
- After each **losing trade**: the lot decreases by one step (e.g. -0.01)
- The lot never goes below the minimum base lot
- Safety: the lot must never exceed a configurable maximum risk (e.g. 5% of capital)

---

## 9. DESIRED CONFIGURABLE PARAMETERS

The developer should expose at least the following inputs:
- Bias timeframe (H1/M30) and confirmation timeframe (M15/M5)
- Risk per trade (%)
- Risk/Reward ratio
- Stop Loss buffer (pips)
- Lot increment/decrement (money management)
- Maximum risk (%)
- Pattern detection thresholds (candle size ratios for the CP, lookback bars for the BOS, etc.) to allow fine-tuning after backtesting

---

## 10. EXPECTED DELIVERABLES

1. The commented `.mq5` source file
2. The compiled `.ex5` file
3. A functional backtest on the 4 pairs showing a coherent number of trades (the trader estimates around 2-3 setups per day per pair on average)
4. Installation and usage documentation

---

## 11. NOTES FOR THE DEVELOPER

- The strategy relies on visual judgment (wick size, "clean traffic"). Some rules will need to be translated into adjustable numeric thresholds, to be fine-tuned together after the first backtests.
- The trader can provide annotated screenshots of each pattern (valid CP, fake CP, engulfing, BOS, clean traffic) to visually clarify each rule.
- Priority: the robot should take trades faithful to the described logic, with selectivity to be refined afterwards.

---

*Specification document prepared for the development of an MT5 EA based on a multi-timeframe price-action strategy.*

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