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Rules
Specification
I need an EA produced which works on the II_SupDem indicator found on the insanity industries website. I have attached this MT4 indicator.
The EA will work based on two instances of the indicator being present on a chart (less than two means that it won't function). When price enters the higher timeframe level this is the first confirmation of a trade. Execution of that trade is based on price touching a level on the lower timeframe. Normally, price should rally or drop into the level quite rapidly, and we are looking for maribouzou type candles pushing into the level. Other triggers to initiate the trade could be bolinger bands (aka the "All Star Entry" as it's known by OTA). This type of trading is based on Sam Seiden's style from OTA, and I have an EA on MT4 which is loosely working on it and that has been very successful on the AUD/USD pair as a result. If this could be refined then I think it would work on other pairs as well, and on the Aussie even better. So as far as stops, they would be located a pip or two on the other side of the zone, and for targets, they should be at the next level. This could be configurable, so that you could put in your own stops and targets if you prefer.
Options:
- Use bolinger bands as a trigger for trade execution in combination with the levels.
- Use dynamic or fixed tp and stops.
- Use risk:reward as a decision maker on whether or not to take the trade, i.e. if the reward is < 2 x risk then probably don't take the trade, if this option is selected. This could be configured to make the r:r 3:1 or whatever.
- Ability to take half of the trade off at double risk (or whatever profit level the trader feels is appropriate).
- Move to breakeven at double risk (or whatever profit level the trader feels is appropriate). Currently I have to use a separate EA to do this (this one also takes half off at double risk).
- It needs to work for all brokers. Currently the one I have only seems to work on my Alpari account.
This style as I mentioned above is based on Sam Seiden's style, which he goes through here. (This is the one where he describes the "All star entry"). I know this is the mql5 forum but it would be good to have this on mt4 as well, so I could have this working on all of my platforms. If this can be done, please let me know and give me an idea of pricing, at the moment I am on a tight budget so it may be something I will need to put off for a while but an idea of pricing would be good.
*Edit* The link for Sam Seiden's webinar describing his style didn't post - it is here: http://www.fxstreet.com/webinars/sessions/session.aspx?id=113c786d-7268-47d1-bb1e-a332f08e751e