MQL5 Expert Advisor – Parabolic SAR Strategy

MQL5 Expert Advisor – Parabolic SAR Strategy

Trade Entry Rules:

• Buy Order: When PSAR dots appear below the price chart.
• Sell Order: When PSAR dots appear above the price chart.
• Upon each signal, immediately open a trade in the direction of the PSAR signal.
• Simultaneously, place a pending order in the opposite direction at a predefined distance.
• Every trade and pending order must have a Take Profit (TP) but no Stop Loss (SL).
• PS: Add in the option to reverse the indicators rules (Buy if below and Sell if above/Buy if above and Sell if below)

Trade Management Scenarios:

1. TP Hit on Active Trade (Pending Order Not Triggered):
• Close the active trade.
• Cancel the related pending order.
• Check for PSAR signal and open a new position following the rules.
2. New PSAR Signal While Active Trade is Profitable (Pending Order Still Pending):
• Close the active trade and its pending order.
• Follow the new signal with a fresh trade and an opposite pending order.
3. New PSAR Signal While Active Trade Is at a Loss (Pending Order Still Pending):
• Do not close the losing trade.
• Cancel its related pending order.
• Open a new trade following the new signal, along with a new opposite pending order.
4. Pending Order is Triggered (Now Two Active Trades):

• Both trades are independently managed and will close upon reaching their TP.
• Check PSAR signal and open a new position following the rules.

Take Profit Rules Recap:

• If an active trade reaches TP, close both the trade and its related pending order.
• If an active trade is in profit but a new opposite signal appears, close both the trade and the pending order.
• TP inputs would be either Amount/Points/Pips