EA based on Bollinger Bands and scaling-in strategy

General Trading logic for the Expert Adviser:

The EA will trade price reversals based on Bollinger Bands by scaling-in market orders. Orders will have their own individual inputs for Lot size, Stop Loss and Trailing stop.

General guidelines/instructions:

EA to be coded on Mq4 for MT4 (please no drag and drop software)

EA trades based on Bollinger Bands on any selected timeframe

Provide all figures in points 

Provide Max Spread option to open Market orders

Provide magic number option

Selling Action

=> Open a SELL MARKET order at X points distance from Signal price (0 means open at signal price) + Open another SELL MARKET order each time price advances by X points from previous order for a total number of X orders. (Refer to Order Management section below for a suggestion of how this should look like in settings)

Closing signal of Sell positions

Provide options in a dropdown menu for:

Option1:

- When a bear candle CROSSES the MIDDLE BAND

Option2:

- When a bear candle CLOSES or a bull candle OPENS BELOW the MIDDLE BAND 

Option3:

- When a bear candle  CROSSES the LOWER BAND

Option4:

- When a bear candle  CLOSES or a bull candle OPENS BELOW  the LOWER BAND

Closing Action 

=> Force close all open positions

Naturally, everything is the opposite for Buying (i.e SELL becomes BUY and Upper Bollinger Band becomes Lower Bollinger Band).

The idea is to be able to combine options from Signal and Closing sections interchangeably. i.e: both Option1 or 2 of the "Signal" section can be combined with ANY option of the "Closing" section

Orders Management

The number of Sell or Buy orders in one trading cycle (i.e from signal to closure) should be determined in advance in settings. I suggest it can be done in this way but I am open to other methods :

1/Provide an input field for order1  which is the main order linked to the signal as follows:

Order 1 =  Distance from  signal price  in points (0 means open at signal price) / Lot Size = / Stop Loss (in points) = / Trailing stop with Step and Distance (in points) =

Then each time an additional order is needed  it can be generated by a click of a button to have its individual inputs filled as follows:

Order 2 = Distance from  order1  (in points) / Lot Size = / Stop Loss (in points) = / Trailing stop with trailing Start and Distance (in points) =

Order 3 = Distance from  order2  (in points) / Lot Size = / Stop Loss (in points) = / Trailing stop with trailing Start and Distance (in points) =
Order 4 = Distance from  order3  (in points) / Lot Size = / Stop Loss (in points) = / Trailing stop with trailing Start and Distance (in points) =

Etc...

Note1: When the first order is executed all other orders of the series should be executed (if the required distance is reached) even if the signal occurs after the defined trading hours.

Note2: This is obvious but worth mentioning: After the first signal has occurred the EA should ignore any further signals until the first signal is "invalidated" by the closing rule whether any trades were executed or not. 

Note3: TP option is not necessary as the orders will only be closed according to the Bollinger Bands closing rules above Or the total loss option below.

Additional closing rule option:

When a total loss of X points is reached during a trading session (see time of trading below) => No new orders should be opened (i.e stop trading) but any current open positions should carry on to close on their own (with profit or more loss). Note: (EA should not be disabled after the finish time because there is no TP and closing rule is managed by the EA)

Time of trading

Provide trading days option

Provide trading hours in a 24 h format:

Start hour

Start minute

Finish hour

Finish minute

Important about time of trading:
Finish time means = no new orders should be opened after Finish time, but any currently open positions should be left to close by SL or EA closing rules after the finish time. (EA should not be disabled because there is no TP and closing rule is managed by the EA)
Example, if trading is enabled from 8 to 11:30 and at 11:25 there is a signal to open a trade at X points distance, if that distance is not reached by 11:30 = trade should not be executed.

Money management

Not necessary as lot sizing will be determined manually for each order.