Williams %R with confiormation...for Arash

Plans for EA

For a trade we first need Williams %R to go above -20 line or below -80 line.

Then we need the consecutive candle indi. to print an arrow in our desired direction (if we are below the -80 line we look for an up arrow, above -20 line we look for a down arrow).

Then we need the indi. to print a candle with a dot.

For this to be a valid signal we need 3 things.

1/ Williams % to now move below -20 line or above -80. 

2/ Williams % to be below the 55ema (set to first indicator data) for a sell or above the 55ema for a buy.

3/ Volume/volatility indicator is yellow or green (grey=no trade).

If all the above is met we can trade in the desired direction.

Options for EA

Slippage/Spread --user defined.

Option for position sizes for different TFs (eg: 15 min 0.05, 30 min 0.04, 1 hr 0.03…).

Ability to put on different TF for same pair.

Option for SL; above last arrow, $amount, %of account or # of pips.

Able to set closing a single trade if-- in “X” negative pips, $amount or %of account.

Close @ cross of opposite -20/-80 line on closed candle.

Factor in the nuances discussed in first post...as follows;

There are some nuances to the confirmations...If we get a signal to trade but the volume/volatility indicator does not agree we can still take the trade if another candle with a dot prints and volume now agrees. This is a valid signal as long as an opposite arrow does not show up. If it does then we do not trade. We must then wait for a full re-confirmation from all indicators. See below;

1/ Williams %R goes below -80 line

2/ Trade to buy is confirmed by all indis. but volume bar is grey (no trade).

3/ An opposite arrow prints...now we wait for a whole new set up.

4-5/ A whole new buy is confirmed but again volume is grey (no trade).

6/ Another opposite arrow prints...now we wait for a whole new set up.

7-8/ A whole new set up is confirmed and this time the volume bar is yellow/green...so a buy trade is executed.

9/ Exit trade after close of first bar where Williams %R is above -20 line.

Another nuance is when the confirmation candle closes and Williams%R is already above/below the -20/-80 lines, then there is no trade.