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Rules
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Specification
Hi, please see below for the requirements for this EA. I hope it is clear!:
My strategy is based on picking levels that I wish to trade from in advance. Most of this EA will be aimed at position management as entry is quite straight forward. It is important to note that any case where a buy order is being used (either for entry, TP, SL or breakeven) that the ASK price is used. Similarly, wherever a sell order is used, the BID price is used. Some EAs use only the bid price, meaning that the spread can make a difference to your entry/exit. Also, this EA should be compatible with ECN/STP accounts, so all orders must be placed with zero SL and TP initially and then immediately modified to include these. This EA must also be able to be used on multiple symbols at the same time. The following points I would like to be included in the EA:
A key point to mention is that each time a selected trading level is hit, it must always be disabled; anytime a level is disabled, I would like it to change colour to red. Whenever a level is disabled, the EA should immediately plot horizontal lines to represent where the TP and SL would have been; this may sound strange, but it is these that will be used to define a level that needs to be changed to a reversal trade (see point 14).
1. The ability to set 5 price points for long trades, and 5 price points for short trades:
a. I would like lines to be automatically drawn onto the chart in a specific colour at each price point; these should not be pending orders.
b. Whenever a horizontal line is hit (i.e. a price level), it should be disabled immediately, and the disabling action of the level should trigger a market order immediately, but only if:
i. the spread isn’t too high (if this function is enabled) – see point 5;
ii. the slippage isn’t too high (if this function is enabled) – see point 6:
iii. the level hasn’t been flagged as having been tested (if this function is enabled) – see point 9:
iv. it is within the allowed trading hours (if this function is enabled) – see points 10d, 10e and 14;
2. Two options for lot size (that can each be toggled on or off):
a. Fixed lot size
b. % lot size based on account size and SL size
3. A user defined SL (in pips).
4. A user defined TP (in pips).
5. A user defined maximum spread filter – this function should be able to be toggled on or off.
6. A user defined maximum slippage – this function should be able to be toggled on or off also.
7. Three SL management methods (that can each be toggled on or off):
a. Method 1: after X% of the TP value is reached (user defined value), the SL is moved to breakeven. Within this, I would like a function to be able to specify the number of pips added to the breakeven value.
b. Method 2: after X% of the TP value is reached (user defined value), the SL is moved to the highest point reached (if in a short trade) or lowest point reached (if in a long trade) since the entry – I will call this the “reaction point”. Within this, I would like the option to be able to specify a pip offset to the “reaction point” so that SL placement in relation to this point can be changed.
c. Method 3: after the trade is entered, the EA looks at the 5-minute timeframe candles and as soon as a 5-minute candle closes both below/above the previous candle (depending on whether long or short) AND below/above the trade entry point, then the SL is moved in the same way as in point 7b, again with the ability to specify a pip offset value.
8. A TP management feature (that can be toggled on or off):
a. The EA will move the TP to BE when the open position is in a loss for longer than X minutes (minutes to be a user defined option).
9. A “Disable tested level” setting (that can be toggled on or off):
a. If the price reaches within X number of pips of a level without touching it (user defined value) and subsequently moves X number of pips down (another user defined value) then the EA will immediately disable the level it will be considered to be tested; the latter element of the criteria (i.e. “moves X number of pips down”) I will refer to as the “reaction”. This reaction must be measured from the highest point recorded before the reversal, not the user defined level. The logic for this function should ALWAYS be based on the BID price.
10. The ability to select trading times to avoid news;
a. 6 times in 24hr clock that are user defined – the EA will not use these times directly but as a reference. Each of the 6 times must have the ability to be disabled if I do not need to use them all;
b. A user defined broker offset so that I can set these times according to my time zone and they will automatically be converted to broker time using this offset;
c. 6 “Exit positions” times, one that relates to each of the 6 times defined in point 10a – this will allow me to set a value in minutes, and any open position, in profit or loss, will be closed this number of minutes before the time that it relates to;
d. 6 “Stop trading” times, again relating to the times in 10a – this will allow me to set a value in minutes and no trades will be allowed to be entered from this number of minutes before the time that it relates to.
e. 6 “Restart trading” times – the opposite of 10d. So, trading will be allowed again this number of minutes after the time it relates to.
f. Note that during the times listed in points 10a to 10e, the EA must function completely, the ONLY function that will not be allowed will be trade entry.
11. An end of day trade close function (that can be toggled on or off):
a. If, at a user defined time (using the same broker time offset described in 10b.) there is an open trade that is outside the range of the following formula: original entry point + or - X pips (defined by user), the trade will be closed.
12. An end of week trade close function (that can be toggled on or off):
a. At X time on Friday (again, with the broker time offset), all trades are exited no matter what and ALL EA functions will be disabled.
13. A global trade time setting:
a. This will allow the user to enter stop and start times (with the broker time offset as described before) during which no trades will be entered; all other EA functions must continue to work as normal.
14. Converting a level to the opposite bias (reversal trade):
a. Each time a level is hit, it is disabled, and horizontal lines are placed where the user defined SL and TP should go; these lines are static and do not move with the trade and I will call them “imaginary” lines. If at any point the SL imaginary line is reached before the TP imaginary line (based on the correct usage of the BID and ASK price), then the EA should plot a new horizontal line at the exact same point as the recently disabled price point, but with logic to open a trade in the opposite direction to the recently disabled level (i.e. the trade is now reversed);
b. If this level is now hit, it should be managed by the EA in the same manner as it was before it was reversed, only this time, no imaginary SL and TP lines are plotted; this way, they trade can only be reversed once.
15. I wish for the EA to have the option to enable push notifications of all major events, to include:
a. Whenever a level is disabled;
b. Whenever a trade is entered;
c. Whenever a SL/TP is triggered;
d. When a level is hit but a trade is not activated because the spread was too high;
e. When a level is hit but a trade is not activated because the slippage was too high;
f. When a level is disabled due to the criteria in point 9;
g. Whenever a SL or TP is moved (as in points 7 and 8);
h. When a level is hit but a trade is not activated because it was outside of the trading hours (points 10d, 10e and 14);
i. Whenever a trade is closed early (as in points 10c, 12, and 13);
j. Whenever the EA is disabled on a Friday;
k. If a level is converted to the opposite bias.
16. I wish for ALL events to be published to the MT4 Experts log with understandable notes for efficient debugging etc.