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Here is the explanation of EA.
Overview of the Strategy
The main strategy will be hedging trades of similar lot sizes on EUR/USD (or any other pair).
The idea is to start with two trades, Buy and Sell of 0.1 lots each.
The positive trade will close at profit upon reaching Support or Resistance Line defined by horizontal lines (objects) manually (Blue line for resistance and red line for support). If there is no Support or Resistance lines on the chart then TP will hit at a certain X distance set in parameters. At the same time, upon closure of profit trade, a pending stop order will open at the gap of X pips for hedging.
If price reverse, EA will keep deleting the pending order and opening a new one to grab more profit and reducing the hedge distance.
When a profit trade will close, 80% of the profit will be used to offset losing trade by partially closing it. I will explain in details in below lines with example.
This will keep repeating until the price will reverse to the original losing trade and will close it at the breakeven and also delete the pending order and start a new cycle with Buy and Sell trades.
Timeframe:
Timeframe will not matter.
Currency Pair/Instrument:
EA can trade any pair but mainly it will be EUR/USD.
Entry Conditions
There will be no entry condition for the first orders. As soon as the EA will start, it will place two orders of same lot which will be set in parameters.
Let say if setting is 0.1 lot then buy 0.1 and sell 0.1 will open. To keep track of trade levels, let’s assume price of EURUSD is 1.0100 at the moment.
If TP Distance is set at 50 pips (and there are no SR lines on the chart), when once price will go down 50 pips then sell trade will close at 50 pips profit and a new sell stop will open 30 pips below at 1.0020.
If price will reverse and go up and distance of pending order (sell stop) and price is 40 pips then EA will delete sell stop order and will open a new one with 30 pips gap from the current price.
If sell stop hits then both trades will be hedged again.
Let’s assume here that sell stop hit at 1.0080 so now initial buy 0.1 lot trade was open at 0.0100 and sell 0.1 at 0.0080 and there is 20 pips loss in floating. We already closed here one initial sell trade at level 1.0050 with 50 pips profit. So net 30 pips profit we already bagged here.
Exit Conditions
Trades will always be fully hedged. There will be no stop loss.
Exit Signal: We will wait until one of the trades will reach 50 pips profit. So, in above example, two trades are fully hedged. Buy 0.1 at 1.0100 and sell 0.1 at price 1.0080.
Then price moved 70 pips above at 1.0150. Here the buy 0.1 will close in full at 50 pips profit and will also partially close sell trade offsetting this profit and keeping 20% margin. So here our profit is 50$ so we will keep 20% that is 10$ and rest 40$ we will use to offset losing trade. So, EA needs to partially close the sell trade of partial lot which is equal to -40$.
Money Management
Lot Size: Lot sized will remain fixed as set in the parameters. There will be no increase in lot size. If required, I will increase manually from the parameter setting.
Risk Management: Maximum number of trades will be 2 at a time including pending order. Maximum DD level will be 50% after that EA will fully hedge the open trades and will stop working and I will manually take control of that.
Additional Features
Trading Time: It will work 24x7 hours.
Trade Filters: No need to avoid news. Slippage control will be there of 1 pip and there will be a spread filter. EA should not open trade when spread is more than 1 pip.
Partial Closure: (Very important: please make sure the formula works exactly same)
Whenever a trade will hit TP (except the very first trade of every cycle) on SR level or after X distance, it will close in full. EA will calculate the earned profit and will retain only X% amount (retain amount) and will close the open losing trade equal to X% of remaining profit. For example, if the profit of Buy trade is 50$ and retain percentage is 20% and losing Sell trade is floating at -100$ then EA will close partial 0.04 lots equal to -40$.
Now, pending buy stop order of 0.06 lots will open equal to remaining lot size of losing trade. Pending order will always open with similar lot size of active opposite trade size volume.
There is exception only for first trade TP of every new cycle. There will be no partial closure of losing trade with first trade of every new cycle.
Some rules;
All distance calculation should be in Pips and not in points.
Pending orders will always be STOP orders only. There will be no LIMIT orders.
Always two trades maximum and two trades minimum (Including Pending Orders). There cannot be less or more than two trades at a time. If two trades already on the chart (including pending buy stop, sell stop order) then third trade will never open.
When a trade reaches TP (SR line or X pips), the EA fully closes the profitable trade.
If the trade is not the first TP of the cycle, the EA should offset the losing trade by partially closing it with 80% of the profit, keeping 20%.
After closing the profitable trade, a pending order (Buy Stop or Sell Stop) is opened 30 pips from the current price with remaining lot size of open trade.
Pending Orders: Deleting and Re-opening
A pending order is always opened 30 pips away from the current price.
If the pending order's distance reaches 40 pips (due to price movement), the EA will delete the existing pending order and open a new one at 30 pips from the current price because trailing is not possible.
Pending order lot size will be same as already active opened order.
Upon closure of Buy profit trade, only Buy Stop order will open at X distance.
Upon closure of Sell profit trade, only Sell Stop order will open at X distance.
Breakeven Rule:
If the price moves in favor of the losing trade and reaches breakeven, the EA will close the losing trade at breakeven, delete pending order, and restart with two new trades.
Exception to the Rule:
The first time the EA reaches TP, it should not partially close the losing trade.
Whenever the EA starts a new cycle, the first TP should also not partially close the losing trade.
Backtesting with SR lines:
All the rules should work in backtesting including SR lines. During backtest, if we insert SR lines ignoring the colors, EA should consider this as SR levels. The line above the price will be resistance level and below the current price will be support level. If there are less or more than 2 lines on the chart then EA should ignore lines and calculate X pips distance TP.
Parameters with default values:
Lot Size (in pips): 0.1
TP Distance (in pips): 50 (this will only work when there is no SR line on the chart)
Pending Order Distance (in pips): 30
Re-open pending order (in pips): 40
Slippage (in pips): 1
Profit Retention %: 20
Magic Number: 55544
Example 1 with all default parameters;
Price of EURUSD at 1.0100
EA opens Buy 0.1 and sell 0.1.
Price 1.0150
EA closes buy with 50 pips profit.
EA opens Buy stop at 1.0180
No partial close of losing trade here because its first TP of the cycle.
Price 1.0180
EA opens Buy 0.1
Price 1.0230
EA closes buy with 50 pips profit.
EA opens Buy stop at 1.0260
Price 1.0190
EA deletes Buy stop
EA opens Buy stop at 1.0220
Price 1.0180
EA deletes Buy stop
EA opens Buy stop at 1.0210
Price 1.0170
EA deletes Buy stop
EA opens Buy stop at 1.0200
Price 1.0160
EA deletes Buy stop
EA opens Buy stop at 1.0190
Price 1.0150
EA deletes Buy stop
EA opens Buy stop at 1.0180
Price 1.0140
EA deletes Buy stop
EA opens Buy stop at 1.0170
Price 1.0130
EA deletes Buy stop
EA opens Buy stop at 1.0160
Price 1.0120
EA deletes Buy stop
EA opens Buy stop at 1.0150
Price 1.0110
EA deletes Buy stop
EA opens Buy stop at 1.0140
Price 1.0100
EA closes sell at breakeven
EA Deletes Buy Stop.
Cycle closed so a new cycle will start with Buy and Sell trades.
Example 2 [ Partial Closure ]
Price of EURUSD at 1.0100
EA opens Buy 0.1 and sell 0.1.
Price 1.0150
EA closes buy with 50 pips profit.
EA opens Buy stop at 1.0180
No partial closure here because its first TP of the cycle.
Price 1.0180
EA opens Buy 0.1
Price 1.0050
EA closes Sell with 50 pips profit.
EA will calculate 80% of this profit and will close losing trade partially.
EA partially closes Buy 0.03 at loss -40$
EA opens Sell stop 0.07 lots at 1.0020
Price 1.0020
EA opens sell 0.07
Price 1.0230
EA closes Buy 0.07 at 50 pips profit ($35)
EA will calculate 80% of this profit ($28) and will close losing trade partially.
EA partially closes Sell 0.01 at loss -21$
EA opens Buy stop 0.06 lots at 1.0260
This will continue until the losing trade close at breakeven and pending order will be deleted.