Charity EA

REQUIREMENTS SPECIFICATION

Using the 1-hour chart, draw a Horizontal Line at the opening price of the given candle and another Horizontal Line at the closing price of the same candle, then drop to 5-minutes chart and wait for the first candle to close.

ENTRY CONDITION ONE:

If that first 5-minute candle closes above the Upper Horizontal Line, enter a Buy trade. If it closes below the Lower Horizontal Line, enter a Sell trade.

ENTRY CONDITION TWO:

If on the other hand that first 5-minute candle closes between the two Horizontal Lines, place a Buy Stop Order 2.5 pips above the Upper Horizontal Line and a Sell Stop Order 2.5 pips below the Lower Horizontal Line. if a buy is triggered the EA should move the sell stop to the lower horizontal line, md do the opposite for when a sell is triggered.

ENTRY CONDITION THREE:

Immediately a Buy is triggered from ENTRY CONDITION ONE, the EA should place a Sell Stop Order at the Lower Horizontal Line. If on the other hand it is a Sell that was triggered, the EA should place a Buy Stop Order at the Upper Horizontal Line.

ENTRY CONDITION FOUR:

If a buy trade hits Breakeven and retraces and touches the upper horizontal line but did not touch the lower horizontal line, the EA should buy at 10 pips above the upper horizontal line. The opposite should apply for a sell trade. 

MANAGING OPEN TRADE

1. Stop Loss Value:

The Stop Loss value is the gap between the Upper and Lower Horizontal Lines, if the gap is above 15 pips. If the gap is below 15 pips, the Stop Loss should be 15 pips.

2. Take Profit:

(a) Full Take Profit should be 100 pips. (Open to adjustments)

(b) When trade reach 60 pips lock in take 50% profit and the rest should be allowed to run till the tip is hit or a retracement to breakeven.

3. Breakeven:

Breakeven should be the value of the Stop Loss for the particular trade.

4. Maximum Drawdown:

Maximum drawdown for any 1 hour candle should be 45 pips. Immediately a 1 hour candle loses 45 pips, the EA should not enter any further trade for that particular candle. If it has any pending order, the EA should delete it.

The same also applies to any trade that reaches/hits the Take Profit.

5. If a trade has not reached the take profit level, maximum drawdown or taken 50% profit after reaching 60 pips, the EA should hold the trade to subsequent trading days. It should continue to re-enter trade for the particular candle until either the TP is hit or maximum drawdown is reached.

6. The 1-hour candles that the EA should trade are 1st 1-hour candle after the period separator, the 7nd candle, the 8th candle and 9th candle (can increase the inputs to 6 different 1 hour candles).

7. All inputs should be made editable.

8. The lot size should be made adjustable. It could be based in % or the lot size increase by 0.1 when the account grows by $100.

9. The developer could also make suggestions that could make the EA more profitable.

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