An expert advisor based on 15 minute candle range

This is a reversal strategy based on the range of a 15 minute candle.

Functions of the EA

·         Draw a range (high to low) of a specified 15 minute candle e.g. 15:00 (of course this can be 3 x 5 minute candles. The trade is taken in the 5 minute chart so this might be easier)

·         Compare the range of this candle to the value of the Daily ATR – the range must be a certain percentage of the Daily ATR e.g. 20% or higher. If not then no trade. Also a doji is not wanted here so perhaps the option to state what % the body is of the high to low values

·         If the above conditions are met then switch TF to 5 minute chart.

·         We are waiting for price to close outside the range of the 15 minute candle and looking for reversal.

·         The trade is opened when we get either one of two candles 1. Hammer or 2. Engulfing candle

·         Example  - 1. 15 minute candle is bullish and range is more than 20% of the daily ATR value and not ie a doji style. 2. Drop down to 5 minute chart 3. Look for price to go higher and close above the range of the 15 minute candle. 4. Execute trade when we get either a bearish hammer or bearish engulfing bar. 5. SL above the high and TPs at either the 50% of the range or at the bottom of the range

Inputs

·         The time that the 15 minute candle starts

·         % of the body of the 15 minute candle to the high and low

·         % of the range of the daily ATR value of that day

·         An engulfing candle is fairly straightforward I think. Re hammer, perhaps an option to state whether the close of the candle is no greater than say 25% of the whole candle

·         Trade size - % of account equity

·         SL e.g. placed just above or below the hammer or engulfing bar – perhaps an option here for how many points or pips above or below that to give me some room

·         2 x TPs – one at 50% of the 15 minute bar range and one at the top or bottom of the range. Again perhaps an option here to have the top or bottom TP just inside the range.

·         Is it possible to split the trade size between the 2 TPs? E.g. 50% at TP1 and 50% at TP2 or 25% at TP1 and 75% at TP2?

It’s only ever a reversal strategy so the trade will always be in the opposite direction of the direction of the 15 minute candle