Build an EA based on Parabolic SAR with loss hedging

Indicator: Parabolic SAR

Trade as per the signal, close at TP: Check the indicator one again and initiate a new trade as per signal, the EA would continuously trade

If the indicator signals a new direction and the initial trade is in PROFIT, close and initiate new trade in new direction as per the indicator

If the indicator signals a new direction and the initial trade is in LOSS, don’t close:

·       Initiate a new opposite trade in the new direction with a multiplier of the initial order (x2)(see example a)

·       Keep initiating new trades till the basket of orders reaches “Basket TP” or the max number of orders in the basket is reached

·       Before the max number of orders in the basket is reached

o   If a signal shows and some orders from the opposite direction to the signal are in profit close them independently

o    If it is only one, close it, before initiating the order as per the new signal

o   If there are several in profit from the opposite direction to the new signal, close the one with the highest profit independently to keep down the numbers of the open orders in the baskets – Only close one trade at a time

o   Do not close the initial trade till the basket reaches TP

o   Keep doing this till basket TP )

o   (see example b)

·       After the max number of orders in the basket is reached

o   If there are winning ones in the opposite direction to the new signal close the highest winning one before initiating a new trade

o   If there are no winning ones in the in the opposite direction to the new signal close the smallest losing one before initiating a new trade – Only close one trade at a time

o   Do not close the initial trade till the basket reaches TP

o   (see Example c)

a.       Example a:

o   If the losing initial trade is 0.1 all the other trades in the baskets would be 0.2

o   If the losing initial trade is 1 all the other trades in the baskets would be 2

b.       Example b:

If we have 3 orders in the baskets and a new signal shows

1.       0.1 Buy

2.       0.2 Sell

3.       0.2 Buy

4.       (If 4. Signal is sell) and 3 or 1 is in profit, close the opposite ones with the highest profit before initiating a sell trade, if it is only one of them that is in profit, close it, if there are 2 of them in profit, close the highest profit before initiating the opposite trade

c.       Example c:

If the max number of orders for the basket is 7 and we have 7 open orders and a new direction is shown

o   If the new direction is sell, close the buy with the highest profit if there are no opposing trade with profit, close the buy with the smallest loss before initiating a new trade

o   If the new direction is buy, close the sell with the highest profit if there are no opposing trade with profit, close the sell with the smallest loss before initiating a new trade

o   Keep doing till basket reaches TP

Input

Chart timeframe

Indicator Timeframe

Parabolic SAR Step

Parabolic SAR Max

Lot Size

Take Profit

Stop Loss

Basket Take Profit

Magic Number 

(Add breakeven and trailing stop to the input)