An Expert Advisor on basic pip inputs

MT4 EA Program

This EA should trade on a 1:50 margin

Most of the functions of the strategy should be inputs, but I’ll explain here with numbers to make it easy to understand, in addition to the examples here.

The following 2 conditions are required to trigger the first trade: (Inputs should be manually entered by the trader).

1.       The price has reversed at least 15 pips from its prior top/bottom. (Example 1: Price topped at 1.1180 then reversed to at least 1.1165, or Example 2: Price bottomed at 1.1140 and then reversed to at least 1.1155).

2.       Price has stalled (not reversed back 3 pips and not continued to move in the latest direction) for at least 7 minutes. (Example 1: price has not moved back yet to 1.1168 and also did not continue to move to 1.1164, or Example 2: price has not moved back yet to 1.1152 and also didn’t continue to 1.1156).

When the above happens the first trade should be executed.

The 1 ^sttrade should use 20% of the available margin on a 1:50 margin account, which means an actual 1:10 margin for this position.

Stop Loss should be placed 30 pips from the opening price of the position.

Profit taking should be placed at 11 pips from the opening price, but at least 2 pip prior of the latest top/bottom.

Do not open a Sell strategy while a Buy position is still open, and vice versa.

Inputs that I need:

A1. Currency pair __________ (choose from list) (Example: EUR/USD)

A2. Input if it’s a Buy or Sell strategy_______. (Choose Buy or Sell)

A3. Pip amount ______ at what price to place the first trade, (Ex. 12)

                A4. First trade amount ______k (Min. 1k)

                A5. Stop Loss ______ pips, which is the pip amount away from the first position.

                A5. Pip jump ______ pips, which will close the position once the price jumped that amount of pips from the entry price.          In the case of a SELL entry, “pip jump” will mean a drop in price for that amount of pips. ( Example 1: If position was entered as a buy at 1.1165 and “pip Jump” was set to 11 pips, then position will be closed at 1.1176, Example 2: If position was entered and sold at 1.1155 and “pip jump” was set to 11 pips, then position will be closed at 1.1144).

(Default values should be the same as last time I used it). (If I’ve chosen EUR/USD the last time I used the program then I shouldn’t need to choose that again every time, and the next time I open the program to make a strategy make the default as EUR/USD unless I change it. Same with the other entries, keep my chosen price, amounts and pip jump etc.).

The following will trigger a 2 ^ndposition:

If price goes against our 1 ^sttrade, wait for at least 10 pips loss, and enter another position with the same size as the 1 ^stposition, or different size if indicated so in inputs.

Stop Loss should be the same price as the 1 ^stposition SL.

Profit taking limit order should also be the same as the 1 ^stposition, but if price of the 2 ^ndposition moved in profit at least 15 pips & then reversed 4 pips, then close both positions immediately.

Obviously, the currency pair and the type of strategy (Buy or Sell) should be the same as the 1 ^sttrade, so no input needed for that separately for each trade. (Example: If the first trade has “bought EUR/USD”, then all trades of that strategy should “Buy” “EUR/USD”).

Inputs we need for the 2 ^ndposition:

B1. Amount of pips for 2 ^ndtrade _______, to wait after the first trade. (If the first trade bought at 1.1250 and the input here is 10 pips, then the 2 ^ndtrade should buy at 1.1240).                          

                B2. Amount _______k of 2 ^ndtrade. (Ex. 10k, 100k etc.).

                B3. Pip jump amount ______ for 2 ^ndtrade. (Example 1: If position was entered as a buy at 1.1025 and “pip Jump” was set to 20 pips, then position will be closed at 1.1045) (Example 2: If position was entered and sold at 1.1075 and “pip jump” was set to 20 pips, then position will be closed at 1.1055).

The following will trigger a 3 ^rdposition:

If price goes against our 2 ^ndtrade as well, wait for another 10 pips loss, and enter another position with the same size as the ^2nd position, or different size if indicated so in inputs.

Stop Loss should be the same price as the 1 ^stposition SL.

Profit taking limit order should also be the same as the 2 ^ndposition, but if price of the 3 ^rdposition moved in profit at least 15 pips & then reversed 4 pips, then close all 3 positions immediately.

Inputs we need for the 3 ^rdposition:

C1. Amount of pips for 3 ^rdtrade _______, to wait after the 2 ^ndtrade. (If the 2 ^ndtrade bought at 1.1240 and the input here is 10 pips, then the 3 ^rdtrade should buy at 1.1230).                          

                B2. Amount _______k of 3 ^rdtrade. (Example 1k, 10k etc.).

                B3. Pip jump amount ______ for 3 ^rdtrade. (Example 1: If position was entered as a buy at 1.1025 and “pip Jump” was set to 20 pips, then position will be closed at 1.1045) (Example 2: If position was entered and sold at 1.1075 and “pip jump” was set to 20 pips, then position will be closed at 1.1055).

There should be a possibility to change an input value even when a strategy is underway/active. For example, if step no. 2 already bought the whatever amount needed, it should be possible to change the pip number or the amount to buy for the 3rd trade, or to change the pip jump amount for the 2 ^ndtrade or the stop loss etc.

Please let me know if you have additional questions.