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The principle for this work is to create a code for MQL5 that uses the stochastic and a tendency channel.
The strategy that is required to be corrected is based on the next:
Buy condition:
1.- There need to be an uptrend. Mainly in my strategy I use the CHOCH and BOSS ( I didn't programed this on the provided code. ) to determine in which direction is the price going and I mark a tendency channel using the 2 maximum values and 2 minimum values. If it matches with more maximum and minimum levels that’s better. See the example in the images added.
2.- The Stochastic shows a cross between %K and %D, where %K crosses from bellow to above %D, making a condition similar to this:
(KValue0 > 20 && DValue0 > 20 && KValue0 > DValue0 && KValue1 <= DValue1 && KValue2 < DValue2) And (KValue0 > 20 && DValue0 > 20 && KValue0 > DValue0 && KValue1 >= DValue1 && KValue2 < DValue2) See the example in the following slides.
3.- The price should be between the lower and middle lines of the tendency channel.
Sell condition:
1.- There need to be an downtrend.
2.- The Stochastic shows a cross between %K and %D, where %K crosses from above to bellow %D, making a condition similar to this:
(KValue0 < 80 && DValue0 < 80 && KValue0 < DValue0 && KValue1 >= DValue1 && KValue2 > DValue2) And (KValue0 < 80 && DValue0 < 80 && KValue0 < DValue0 && KValue1 <= DValue1 && KValue2 > DValue2) See the example in the following slides.
3.- The price should be between the upper and middle lines of the tendency channel.
The position should be opened with the following:
Sell position:
-The STP (Stop Loss) should be 3 points bellow the lower minimum of the previous 4 candles.
-The TP (Take Profit) should be 2 times the distance of the STP – Actual Price. Example: STP=15+3 , TP= (15+3)*2=36
Sell position:
-The STP (Stop Loss) should be 3 points above the higher maximum of the previous 4 candles.
-The TP (Take Profit) should be 2 times the distance of the STP – Actual Price. Example: STP=15+3 , TP= (15+3)*2=36
I require that if the account loss 1.5% of its total, stop the tradings and notify me via email. Example: the account started the day with 10000 dlls, and 13 hours after it losses 150 dlls it stops
Note: In the documents I added a code I was working in to try and do these things, please check it and tell me if it can be reworked or what can we do.
Also I added some lines to prevent the opening of operations 2 or 3 candles after one was opened and other lines to close the positions when the conditions where met.
Please use these conditions or some similar to do the same.
The code I provided does the following:
1.- It calls the stochastic, EMA and MACD indicators (the last two are for trend identification, if you have a better way to detect trends be free to modify it or improve the conditions)
2.-Creates a tendency Channel using the all the candles in the screen but it may or may not be the better way to adapt to the strategy described above, becouse the channel does not identify the changes of tendency that fast.
3.- Open and close orders, but it a lot of times does not open a position even if the conditions are met, so the code needs help there, and sometimes it does not open the correct type of order, so I changed the order type from buy and stop to buy stop and sell stop.
4.-It prevent the opening of operations 2 or 3 candles after one was opened and other lines to close the positions when the conditions where met.
5.- I added an example for the price detection of highest high and lowest low at the end of the code, but i couldn't implement the operation to obtain the correct value for TP (2 times the STP distance)
The examples I used were the basic ones, I don’t know a lot of ways to do a trading code since I am a Mechatronic Engineer and I don’t know a lot of the things of the MQL5 language. If you know a better way to do the code feel free to tell me.
If you require more examples of the strategy that I explained on top and shown on the images or need more details please notify me.
