Welcome dear fellow Traders/Developers,
I am asking for an experienced person, who may help me. I would like to create an Engulfing EA, that work together with an RSI indicator.
Task:
The Engulfing EA opens and manages positions with two different types of openings based on the candlesticks. There may be one or more open positions at a time, but only in the same direction. An added indicator is also needed for the expert (RSI). I would like it, if the EA could be used on any timeframe.
Opening (Important)
The expert works with two types of openings, but for both, it looks for Engulfing candles on the chart. An opening can occur once or multiple times per candle. The ''normal'' opening is at the opening of the new candle after the Engulfing candle, that has been carefully filtered by the EA. The ''advanced'' opening is a bit more difficult: Some Engulfing bars are being retested on different levels, this is why the EA divides the body of the Engulfing candle into multiple parts and on each part it places a pending order with the same direction as the Engulfing candle.
Example: There's a bullish Engulfing candle with the bodysize of 100 points, the EA opened a normal trade after the Engulfing candle closed and divides it into 1/2, so at the half of the body (at 50 points) the EA also places a BuyLimit order. If it's 1/3, then the EA places two pending orders at both third of the candle. With this we're minimalzing the SL distance and maximalizing the profit. The SL and RiskPercent are also based on the inputs. (I'm also happy to recive any advices or recommendations for this part)
Closing
The priority of the closing process is based on an RSI value. As soon as the value of the RSI reaches a certain amount, the EA closes the trade. Or you can select a specific RR ratio for the trades.
Input parameters:
Some more info:
RSI based Trailing Stop:
For the opening, an RSI-based trailing stop also works, if the RSI Direction Exit is on true. This always works with the current RSI value. For Buy, it will turn on if the RSI value is greater than or equal to RSI Direction Start Long, and for Sell, if it is less than or equal to RSI Direction Start Short. Once engaged, it follows the RSI value with an RSI Direction Distance (moving only upwards for Buy, only downwards for Sell) to determine a closing RSI value. From this point on, if the RSI value is less than or equal to the value of the RSI in the case of a buy, and if it is greater than or equal to the RSI value in the case of a sell, it closes the position.
Display
On the chart, it displays the same information interface as the expert, and it also displays a button that allows and prohibits opening. It marks the corresponding Engulfing candles with an arrow, for Buy it it shows an upward one below the low value of the candle, for Sell it shows a downward one above the high value.Thank you for your time!