An EA based for scalping. RSI, MACD, EMA, SMA and Volume

Name of the Expert Advisor:  Bfadeel Nazifi

List of indicators to use:

Exponential moving average 8(fast moving average), Simple moving average 20(slow moving average), Volume indicator, and relative strength index (period 11) and MACD(Fast EMA 12, Slow EMA 26, MACD SMA 9)

The EA is expected to trade in the direction of the trend using the parameter below.

A buy trade is to be executed if all the following criteria are fulfilled

 The fast moving average is above the slow moving average on H4.

 The fast moving average is above the slow moving average on H1 .

 The relative strength index is above 55 on H1

 The most recent histogram of the volume is higher than the previous histogram on H1.

The price action shows bullish dominance (i.e.  Bullish engulfing, hammer, piercing pattern, morning star, three white soldiers, bullish harami, bullish marubozu) on H1.

The price is trading above the support level on H1.

MACD signal line is above +0.000144

A sell trade is to be executed if all the following criteria are fulfilled

The fast moving average is below the slow moving average on H4.

The fast moving average is below the slow moving average on H1.

The relative strength index is below 45 on H1.

The most recent histogram of the volume is higher than the previous histogram H1.

The price action shows bearish dominance (i.e. Bearish engulfing, dark cloud cover, shooting star, evening star, three black crows, bearish harami, bearish marubozu) H1.

The price is trading below the resistance level on H1.

MACD signal line is below -0.000144 on H1

Risk management

Risk allocation should be in percentage. The trader should be able to define his risk before running the EA. The maximum risk allowed per trade session is 5% and the overall allowed draw down should be 15%.

The risk to reward should be 1:2

A trailing stop loss should be set 40 pips away from the entry

There should be 2 take profits to achieve 1:2 risk to reward

TP1 @ 44% TP distance at X 1.3

TP2 @ 56% TP distance at X 2.6

News trading should be allowed

EA should be able to trade all the financial asset on the MT4