Expert Based on Time of Day, Prior Candle Close Profit Target, and ATR-Based Stop

Expert Based on Time of Day, Prior Candle Close Profit Target, and ATR-Based Stop

The idea of ​​the expert

Create an expert that allows for back-testing and live trading for forex based on the time of day a, a previous candle close, and an ATR-based stop loss.  Inputs are:

·         Entry

o    Time of day to enter trade (i.e. enter at open of current 6PM 1-H candle)

·         Profit target

o    At candle close (i.e. Profit target is close of 4PM 1-H candle)

o    Candles based on current selected chart

o    If profit target price > entry price, go long

o    If profit target price < entry price, go short

·         Stop loss

o    Based on multiple of ATR

o    ATR based on current chart selected

o    Be able to select ATR period (i.e.14)

o    Be able to select multiple of ATR (i.e. 0.5, 1.0, 2.0, 3.0, etc.)

·          Risk

o    Be able to select risk % of total account balance

·         Lot Size

o    Based on ATR and risk %, automatically calculate appropriate lot size

o    Round to nearest 0.01

o    Formula should be: Balance*Risk%/(ATR*ATRMultiple)/CurrentPipValue/100000