Specification
Hello, I need a custom Expert Advisor (EA) for MetaTrader 5 that implements a specific trend-following and reversal strategy using trailing pending orders. Here is the exact logic I need:
1. Initial Entry: The EA should open a Market BUY position (or I can open it manually, please include an option for both).
2. Trailing Sell Stop: As soon as the BUY position is open, the EA must place a SELL STOP pending order at a fixed distance (e.g., X pips) below the current market price.
3. Trailing Mechanism: As the market price moves UP, the pending SELL STOP order must automatically trail (move up) behind the price, maintaining the exact X pips distance. It should never move down.
4. Reversal Trigger: When a bearish candle forms and the price drops to hit the trailed SELL STOP order:
- The current BUY position must be closed immediately.
- The SELL STOP order triggers, becoming an active SELL position.
5. Opposite Loop: Now that a SELL position is active, the EA must place a BUY STOP pending order X pips above the current price and trail it DOWN as the price drops. When the price reverses and hits this BUY STOP, the SELL position closes, a new BUY position opens, and the cycle repeats.
Inputs Needed in Settings:
- Distance in Pips (for the trailing pending orders)
- Lot Size
- Magic Number
- Max Spread Allowed
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