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Hi I am looking for a developer to work with me to create an Opening Range breakout system EA.
I am looking for a long term relationship to continually work on this EA and the development of future EAs and indicators.
Opening Range EA
Variables (user configurations)
- Opening Time (When the opening range begins calculating, 7:00, 8:30 etc)
- Opening Range Duration (ie. 1min,5min.15min,30min 60min)
- Trade Lot size (% of account balance or a fixed lot size)
- Closing candle (variable timeframe i.e. 1min,5min,15min)
- Order Type (Market order or pending limit order on breakout of closing candle)
- Spread size (if spread size is bigger than input, this will disable new order entry)
- Moving Stop loss to Breakeven (move stop loss to breakeven once Target1, Target2 or Target3 has been reached)
- Maximum Daily Trades (maximum trades allowed to be taken per day per symbol)
- Start Trading Hours (start time for the EA to begin initiating trades)
- Stop Trading Hours (finish time for the EA to stop initiating trades)
Process
Once the Opening Range has been established, lines will be drawn at the high and low prices of the Range. For example, if the Opening Time = 7:00 and the Opening Range Duration = 15min, the Opening Range will be the high and low prices from 7:00 and 7:15.
Trade Signals
Once the Opening Range High and Low is set, The EA will wait for the Closing Candle to close above or below the Opening Range.
Once the Closing Candle has closed above or below the opening range this triggers a signal.
Using the Order Type variable, if a market order is selected an order will be entered immediately after the close of the closing candle.
Buy Signals
A close above the Opening Range set by the closing candle will trigger a buy signal. The buy order will either be entered on a market order being initiated immediately after the close of the closing candle or a pending buy limit order at the high of the Closing Candle.
Stop Losses will also be initiated on order entry and be placed at the Opening Range Low. If Price returns to the Opening Range without triggering the pending order, the order and trade signal is to be cancelled and the EA is to wait for another Closing candle signal.
Sell Signals
A close below the Opening Range set by the closing candle will trigger a sell signal. The sell order will either be entered on a market order being initiated immediately after the close of the closing candle or a pending sell limit order at the low of the Closing Candle.
Stop Losses will also be initiated on order entry and be placed at the Opening Range High. If Price returns to the Opening Range without triggering the pending order, the order and trade signal is to be cancelled and the EA is to wait for another Closing candle signal.
Target Generation
4 Targets will be created from the Average True Range indicator (ATR) on a daily chart. The indicator settings will be based off a 14 period length and a Daily chart. Using the ATR number at the Opening Time input, it will be divided by 4, creating 4 numbers. 25%, 50%, 75% and 100% of the Daily ATR.
Using these numbers and adding them to the Opening Range High Price will generate the 4 targets for a buy order.
Using these numbers and subtracting them from the Opening Range Low Price will generate the 4 targets for a sell order.
Trade Management
Once a signal has been generated and a trade has been triggered, there is to be no other trades to be initiated until the current trade is completely 100% closed.
Each trade triggered will be managed in quarters. 25% of Trade Lot Size will be taken off at each of the 4 targets generated.
Using the Moving stop loss to breakeven variable, please allow the options for the input to be able to move the stoploss to breakeven once Target 1 or Target2 or Target3 has been reached, with default being once target 1 has been hit. Please also allow, no move to breakeven to be an option.
The Maximum Daily Trades variable sets how many trades are allowed to be entered per day per symbol/instrument. Please set the default to 4 trades.
Notes:
Spread Size variable – while the spread is larger than the input value please disable any new order entries. Existing open trades are to have no changes.
Start and Stop Trading Hours are to be set to allow the EA to only enter trade during the hours I would like. As I will most likely not want it to trade outside of the USA sessions. If positions are open they to remain open with their pending take profits and stop losses, just no new trades to be initiated outside of trading hours.