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Fractals and Engulfing patterns

2016.11.03 Experts

Specification

I would like an EA that uses fractals but not in the typical fashion. Normally fractals identifies high and low points using the wick or drip of the candle. I would like it to identify zones using the candle stick only.

Fractal Resistance level - High of high stick in the middle and both the low stick and the high stick of the 2 candles on each side being lower would result in a trend line at the highest portion of the highest candle stick representing the fractal level or resistance level.

Fractal Support level - Low stick in the middle with two candle sticks higher would result in a trend line at the lowest portion of the lowest stick representing the support zone.

Bad level - If a candle closes above a resistance level or below a support level then those levels are no longer valid and should be deleted from your array or whatever you are using to store the variable.

Retest and Not New Level - If a candle wick touches a resistance level and forms a resistance fractal without a candle stick closing over the resistance level then this level should be categorized as a retest. If a candle drip touches a support level and forms a support fractal without a candle stick closing under the support level then this level should be categorized as a retest also.

*** The following engulfing candles may be different than the traditional *** 

Bearish engulfing - if(Open[1]<Close[1] && Open[0]>Close[0] && Close[1]-Open[1]<High[0]-Close[0])  I want the 1st bar to be green, second one to be red, and candle stick of first bar to be less than candle wick plus stick of second bar (Last bar created)

Bullish engulfing -  if(Open[1]>Close[1] && Open[0]<Close[0] && Open[1]-Close[1]<Close[0]-Low[0])  I want the 1st bar to be red, second one to be green, and candle stick of first bar to be less than candle wick plus stick of second bar (Last bar created)

Bearish engulfing candle - If there is a bearish engulfing candle and neither stick closes above the resistance but the wick touches or crosses over the resistance than this would signal a potential sell or short position.

Bullish engulfing candle - If there is a bullish engulfing candle and neither stick closes below the support but the wick touches or crosses under the support than this would signal a potential buy or long position.

Zone test signifying reversal - If the candle opens, touches or goes above with the wick of a candle and closes red. Then short or sell position potentially opens.

                                         - If the candle opens, touches support or goes below with drip of candle and then closes green. Long or buy position is potentially opened. 

Short positions #1 : if the previous criteria is met than the final way to check if a potential position is good is to check the difference between the last unbroken resistance level and the current one being tested and compare it to the last support level and the current resistance level being tested. It should be at least 2 to 1. if last unbroken resistance minus current position is at least half of the current position minus the last unbroken support level then short.

Long positions #1: if the previous criteria is met than the final way to check if a potential position is good is to check the difference between the last unbroken support level and the current one being tested and compare it to the last resistance level and the current support level being tested. basically the same setup as the last with a variable represting a ratio between the two. 

*** This may change according to the pair and time frame being traded. An adjustable variable representing the ratio between the two differences will be required *******

Short position #2 : find the high of the resistance levels candles and current candles testing the zone. Whatever the higher wins. I want to subtract the current price from that price and compare it to the difference between the current price and the last unbroken support. adjustable variable representing a ratio between the two.

Long Position #2 : find the low of the support levels candles and current candles testing the zone. Whatever the lower wins. I want to subtract the low price from the current price and compare it to the difference between the last unbroken resistance price and the current price. Also, adjustable variable representing a ratio between the two.

Short 1 Stop loss would be placed at the lowest drip of the previous unbroken support not being tested. 

Short 2 Stop loss would be placed on the lowest drip of the support being tested.

Long 1 Stop loss would be placed on the highest wick of the previous unbroken resistance not being tested.

Long 2 stop loss would be placed on the highest wick of the resistance being tested. 

Lot size would be calculated based off of current difference of stop location, price and adjustable variable representing the amount of risk I would like to make per trade.

Take profit on the Long would be at the resistance level

Take profit on the short would be at the support level

 

I am working too much. I don't have time to make this program or trade manually. 

Responded

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Project information

Budget
10 - 999 USD
Deadlines
from 1 to 10 day(s)