2 trend following EAs for MetaTrader 4 that will work for all currencies going long or short.

Basic Rules…

Opening trade:

Purchase 1,000 units when the 14 (or 55) day high/low has been reached.

Adding units:

Purchase additional 1,000 units every +1 ATR beyond initial purchase. This will stop after the fifth lot.

Close trade via whichever comes first:

Upon retracement to the 5 (or 22) day low/high the bot will close the trade. (One close signal.)

Close trade when price reaches -2 ATRs based off of most recent purchase. (The other close signal)

Units purchased:

1,000 units will be purchased. As my trading funds grow I will want to change this.

Margin:

The broker I will be using is Forex.com. Since they have a number of Minimum Margin Requirements I will need the bot capable of utilizing 10% for AUD/CHN, 2% for EUR/USD, 8% for USD/MXN, etc. This is my first time using MT4 and my first EA. I’m assuming I will not need a different unique EA for each individual pair.

Example: EUR/USD going long

14 day high: 1.19217

ATR is at 0.00828 (to make the example simple I will use the same ATR instead of changing it for every new purchase)

Step 1:      

Trade is entered at 1.19217. 1,000 units are purchased.

Stop loss is set at -2 ATR or 1.17561.

[If possible I want orders to happen right when the purchase/close price is reached as opposed to after the present bar has been completed. I say this because it is my understanding that Trade Station’s Easy Language waits until the present bar is closed before sending the order.]

Step 2:

Trade proceeds to next purchase of +1 ATR or 1.20045. A second 1,000 units are purchased.

Stop loss is now set at -2 ATR or 1.18389.

Step 3:

Trade proceeds to next purchase of +1 ATR or 1.20873. a third 1,000 units are purchased.

Stop loss is now set at -2 ATR or 1.19217

Step 4:

Trade retraces and breaches the new -2 ATR. All 3,000 units are sold.

Example: GBP/JPY going Short

55 day Low: 1.38441

ATR is at 0.00632 (to make the example simple I will use the same ATR instead of changing it for every new purchase)

Step 1:      

Trade is entered at 1.38441. the first 1,000 units are purchased.

Stop loss is set at +2 ATR or 1.39705.

Step 2:

Trade proceeds to next purchase of -1 ATR or 1.37809. a second 1,000 units are purchased.

Stop loss is now set at +2 ATR or 1.39073.

Step 3:

Trade proceeds to next purchase of -1 ATR or 1.37177. a third 1,000 units are purchased.

Stop loss is now set at +2 ATR or 1.38441.

Step 4:

Trade proceeds to next purchase of -1 ATR or 1.36545. a fourth 1,000 units are purchased.

Stop loss is now set at +2 ATR or 1.37809.

Step 5:

Trade proceeds to next purchase of -1 ATR or 1.35913. a fifth 1,000 units are purchased.

Stop loss is now set at +2 ATR or 1.37177.

Step 6:

Trade proceeds in desired direction until it retraces and breaches its eventual 20 day High of 1.34017. All 5,000 units are bought closing the trade.