Common Sense Robot
Here is my story
I decided to place a buy order thinking the price will go up. I was right for a short period of time, and then the price reversed.
So, I placed another buy order and waited. It did not go as I planned. The price kept on dropping and my account was losing money.
I thought to myself, it would be awesome if I have a robot that knows common sense. Too bad, that robot did not exist, so I have decided to hire someone to program it for me. It is working fine now, and I have decided to put it here on the Market.
Here is how the Common Sense Robot works:
Let's say I purchased 0.01 lot on EURUSD. The robot automatically count back 5 bars. Let's say the 3rd bar was the lowest bar of those 5 bars. The robot automatically place a pending Sell Stop order 30 points below that lowest bar. That pending order is automatically canceled after 1 hour or whatever hour I choose for that pending Sell Stop order to expire.
Let's say I opened two market sell orders of EURUSD at 0.01 lot each. The Common Sense Robot will automatically open one pending Buy Stop order at 0.01 lot. The robot knows there are two open sell orders and zero open buy order. Common sense tells the robot to only open one pending Buy Stop order to hedge in case the price moves the opposite direction.
Let's say I opened one market buy order at 0.02 lot. Later on, I decided to open another market sell order at 0.05 lot. Let's say, I want the robot to count back 20 bars and place an order 30 points away from lowest bar or the highest bar out of those 20 bars. Common Sense tells the robot that there are a total of 0.07 lot open, there are more sell orders opened than buy orders. The Common Sense Robot places a pending Buy Stop order 30 points above the highest bar out of those 20 bars.
All settings in points for a 5-digit broker, 10 points equals to 1 pip. This robot is made for ECN account only. This Common Sense Robot is an Expert Advisor.
- Lots: How many lot size the robot should open, default is 0.01 lot
- Lotfor1000: 0.01 lot for every $1000 free margin (if you choose this option, the EA will calculate the percentage of lot size to trade)
- stop Loss: How many points for stop loss
- take Profit: How many points the robot will take profit
- stopOrderPoint: How many points away when EA places pending BuyStop or SellStop order
- maxSpread: Maximum spread allowed for the EA to trade
- expireHours: After pending Stop order is placed, how many hours do you want that stop order to automatically expire
- roofBars: How many bars do you want the EA to count backwards
- slippage: Maximum slippage allowed for the EA to trade
- MAGIC: EA magic tracking number