I Need An Expert Advisor based on Chart pattern and moving average

Specifiche

Trading Bot Development: Strategy Overview

Objective: Develop a trading bot that identifies and executes trades based on the following strategy combining technical analysis with chart patterns and moving averages.

1. Strategy Components

  • Chart Patterns: The bot should recognize the following patterns:

    • Head and Shoulders (H&S)
    • Inverse Head and Shoulders (IHS)
    • Double Top
    • Double Bottom
    • Bullish Flag
    • Bearish Flag
    • Ascending Wedge
    • Descending Wedge
  • Moving Averages:

    • 50-period Simple Moving Average (SMA): For medium-term trend identification.
    • 200-period SMA: For long-term trend identification.

2. Entry Conditions

  • Long Entries:

    • Inverse Head and Shoulders: Enter long on a break above the neckline.
    • Double Bottom: Enter long on a break above the highest point between troughs.
    • Bullish Flag: Enter long on a break above the upper trendline of the flag.
    • Descending Wedge: Enter long on a break above the upper trendline.
  • Short Entries:

    • Head and Shoulders: Enter short on a break below the neckline.
    • Double Top: Enter short on a break below the lowest point between peaks.
    • Bearish Flag: Enter short on a break below the lower trendline of the flag.
    • Ascending Wedge: Enter short on a break below the lower trendline.

3. Exit Conditions

  • Set profit targets based on the height of the pattern or the flagpole distance.
  • Maintain a Risk-Reward Ratio of at least 1:2.
  • Use trailing stops to secure profits.

4. Risk Management

  • Set stop loss:
    • Short positions: Above the most recent swing high.
    • Long positions: Below the most recent swing low.
  • Limit risk to 1-2% of the trading account per trade.
  • Adjust position size based on the distance to the stop loss.

5. Implementation Details

  • The bot should continuously scan the market for the specified chart patterns.
  • It should utilize the moving averages to confirm the overall trend before executing trades.
  • Incorporate a backtesting feature to validate the strategy using historical data.

Additional Notes

  • Please ensure the bot is developed to operate on  MetaTrader 5
  • Include a logging feature to record trades, performance metrics, and alerts for pattern recognition.
  • We need to discuss how the bot will handle news events and potential market volatility.


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Informazioni sul progetto

Budget
30 - 50 USD
Scadenze
da 1 a 15 giorno(i)