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ORITZBABA EA for MT5
The EA is designed to trade based on signals from multiple timeframes, using a combination of indicators and rules. Here's a breakdown of the EA's features:
Trend Direction
- Moving Average (MA): The EA uses an MA to determine the trend direction. The MA can be configured to use different types (e.g., Simple, Exponential), price types (e.g., Close, Open), and timeframes (e.g., Daily, 12 hours, 8 hours).
Entry Indicators
- Engulfing Detector: The EA uses an Engulfing Detector, exactly similar to the one created by BitcoinJesus in TradingView, to identify bullish and bearish engulfing patterns.
- RSI: The EA uses the Relative Strength Index (RSI) to determine overbought and oversold conditions. The RSI parameters can be adjusted.
Entry Signal
- Buy Trade: The EA generates a buy signal when:
1. Price is above the MA.
2. A bullish engulfing pattern is detected.
3. The RSI value of the previous candle (before the engulfing candle) is in oversold territory (below 20).
- Sell Trade: The EA generates a sell signal when:
1. Price is below the MA.
2. A bearish engulfing pattern is detected.
3. The RSI value of the previous candle (before the engulfing candle) is in overbought territory (above 80).
Timeframes and Trade Management
- Multi-Timeframe: The EA can generate signals and take trades in multiple timeframes (e.g., 8 hours, 6 hours, 4 hours, 3 hours, 2 hours, and 1 hour). The EA should track a maximum of 6 Timeframes simultaneously with each Timeframe generating its own entry signal.
- Independent Trades: Each timeframe's trades are independent and can run concurrently.
- Signal Timeframe: Each trade should display the signal timeframe that generated the trade.
- Enter Trade at the close of the engulfing candle.
- Can trade all assets like Indices, commodities, stocks, forex etc.
Stop Loss and Take Profit
- Stop Loss: The EA sets the stop loss at the high/low price of the two candles forming the engulfing pattern.
- Take Profit: The EA sets the take profit based on a risk-reward ratio (1:2, 1:1.5, or 1:3). And also close half the trade and move balance to breakeven at a risk-reward ratio (1:1, 1:1.2, or 1:1.5)
- Fixed Lot size
NOTE: I have attached a chatgpt assisted (with some minor errors) replica of the Engulfing Detector created by BitcoinJesus in Tradingview for MT5. This is not the typical engulfing pattern detector as it has some elements of demand and supply in it hence my insistence. This is a MUST use for the EA.
Thanks.