Simple MT5 Candle Direction Reversal EA

MQL5 Experts

Specification

I need a simple MT5 Expert Advisor (MQL5) programmed exactly according to the following rules.

The EA is a continuous candle-direction reversal strategy.

Candle signal:

  • Close > Open = BUY signal
  • Close < Open = SELL signal
  • Close = Open = no change

Trading logic:

  • After each candle has fully closed, use that completed candle to determine the required trade direction.
  • The signal is acted upon at the opening of the following candle.
  • If the signal is BUY and a BUY is already open, do nothing and continue holding BUY.
  • If the signal is SELL and a SELL is already open, do nothing and continue holding SELL.
  • If the signal changes from BUY to SELL, close the BUY and immediately open a SELL.
  • If the signal changes from SELL to BUY, close the SELL and immediately open a BUY.
  • A Doji (Close = Open) does not close or change the existing position.

Position rules:

  • Only ONE position can be open at any time.
  • Never have BUY and SELL positions open simultaneously.
  • Consecutive candles in the same direction must NOT create additional positions.
  • There is NO Stop Loss.
  • There is NO Take Profit.
  • The only exit is a reversal into the opposite direction.

Example:

Bullish → BUY
Bullish → continue BUY
Bullish → continue BUY
Bearish → close BUY + open SELL
Bearish → continue SELL
Doji → continue SELL
Bullish → close SELL + open BUY

EA startup:
When the EA is first activated, use the most recently completed non-Doji candle to determine the initial direction and open the corresponding position.

Timeframe:
The EA must work on all MT5 timeframes and use the timeframe of the chart to which it is attached.

Position size:
Lot size should be a user-adjustable input, with 1.00 lot as the default.

Please confirm that you understand the above logic before development begins.

I also require the complete MQL5 source code (.mq5), as well as the compiled EA (.ex5).


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Project information

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