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Expert Advisor Idea: Meta trader 5 only MT5

The main idea is to use a hedging system in order to secure open positions in the case that price moves against the trade. The strategy requires a double hedge to be placed once the initial trade has been executed, one above as a buy and one below as a sell. I use this strategy on Japanese candles with the help of round number zones. These Hedges are placed accordingly in order to set myself up for a running trend. 

An EA that will allow me to enter the market at a desired price (Specified on the dash trade panel) while applying a hedge to the position in both directions at a desired distance in points according to the EA's parameters. 

The rules for each trade position. There are four main rules that should apply to any open trade position including hedge orders:

  1. Open trade at market price request on initial trade.( dash trade panel) (Every other trade opened through the hedging system will function according to rules two to four)
  2. After a trade has been executed two hedging positions will be set in place. eg. 1000 points above open price (buy order) and 1000 points below open price (sell order). (These points are specified in the parameters) These "set hedges" should be executed only at market prices by the EA in order to avoid slippage incurred by pending orders.
  3. Once either hedge has been triggered the open trade will be set to breakeven ( Breakeven desired distance in points should be part of the parameters as I would like to be able to set my own distance at any time)
  4. Add a trailing stop to the open order by a desired distance in points (Trailing stop is part of the parameter options) (can also be switched on and off).

     

    • Trade executed 
    • Two hedge orders set (buy - set point distance above at Ask price) &  (sell - set point distance below at Bid price)
    • Breakeven after set distance has been reached - Cancel dormant hedge orders (cancelling dormant hedges I can do manually as well if this causes complications in the code)
    • Trailing stop will trigger after set distance in points 

      Same rules apply to each open position allowing the EA to place multiple trades in one single trend. Upon reversal or premature reversal open positions will be hedged and trailed from there, either into profits or at least breakeven.

      It is basically one repetitive rule on every trade position opened 

       

       

      Parameters: 

      • Hedge distance in profit points   10 - 5000 points
      • Hedge distance in loss points   10 - 5000 points
      • Lot size   0.01
      • Lot multiplier (1-10)
      • Trailing stop option (true/false)
      • Trailing Stop (in points) 
      • Stoploss option (in points) (true/false)
      • Take profit option (in points) (true/false)
      • Breakeven option (true/false)
      • Breakeven points in profit  
      • Breakeven points in loss  (if you're in loss by 1000 points, breakeven should be placed and if you're in the profit of 1000 points breakeven should be placed) This should happen at the same time in both directions

        Trading panel:

        • Market entry price buy / sell order buttons ( EA is required to note these manually entered price requests and then place those orders at desired market price and not as a pending order)
        • Lot size button  eg. 0.01
        • Stop loss
        • Take profit

           

          My current spread distance is 160 points . Each buy order needs to be executed at ASK price and sell order executed at BID price  

          Use SYMBOL variable for any market - Forex, Stocks. ect as I trade on the US30 market 95% of the time. 

          I do have several trading ideas behind the use of this EA and need to have each parameter and each option separate so that I may change settings according to the test I have in mind.

          I am not sure what it takes to create this sort of EA, I will be here at any point in order to answer any questions if you need clarity

          I am open to further negotiations 

          Attached panel image is for illustrative purposes

           


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