Renko EA using series of Pine Script Indicators for MT5

Objective:  

Combine a series of five indictors from Pine Script to MT5. There are multiple inputs for these indictors they should be added to the input section of the EA, with the same variability of the indicators themselves. The inputs of EA as well be in a neat and concise order with clear labelling of indictors for optimization.  All of the indictors are open source. Some the indictors have components which are not required and will need to be removed.  Coding will be supplied of indictors upon request.

This project is designed to work with Renko Bars.  It will be using traditional (not ATR) bricks with either 5 or 10 pips depending on asset and timeline. Developer will confirm which Renko utility will be the most robust offering the correct input variability.

Overview:

·         There is one indicator used for entry and exit points, with second indictor as a confirmation tool once a position is taken whether will help decide whether a position should be closed. Both indictors must agree for a position to be closed.

·         There is a variable dynamic envelop to filter trades to avoid chop

·         There is volume trend tool to filter trades and to avoid chop and as well

·         There is volume supported linear regression histogram used for pyramiding trades with very specific rules on trade management. This histogram will have a variable look back from 1 to 5 bars (default 3), to be designed by the developer. The histogram will be used to confirm trend direction, and once confirmed then scaling can begin or it can confirm potential end of trend and close out of scaled positions while leaving the original position on till stopped.  Must have the ability to re-establish positions when the trend has been confirmed again with the lookback. The lookback will confirm that each bar of the histogram is equal to or greater than the last bar or the opposite in downtrend.

·         There is a Corrected Moving Average (CMA) that will be used to confirm direction of trend and also serve as stoploss limit instead of an ATR.

Trade Management:

·         Entry and exits are determined by the indicators – with the CMA used as a stop on occasion in fast moving markets when movement too fast for indictors to confirm, effectively sweeps.

·         The pyramiding option will offer 25, 50, or 100% position sizing in the inputs (dropdown selection). On fourth positive brick allows for additional position with stop added two closed bricks back – all confirmed by the Linear Regression Histogram, this can be initiated from 1 to 5 times (variable dropdown input, default is 3). Management of stoploss or adding position done only on closed bricks. The positive bricks can either be positive (zigzag) OR positive IF only all bricks are in 45 degree angle - this option should be in the inputs (Zigzag or 45 Degree). (Enable or disable pyramiding function in inputs)

·         Time will be set in the EA, and will close out trades on Friday afternoon to be flat over the weekend, with variable inputs for the time. (enable/disable option)

·         Exit existing trades on Wednesday before midnight around 23:00 default will be set to GMT +2, (adjustable for different brokers) to avoid negative swaps, as Wednesday triple swaps are charged. The developer is charged in how to achieve this (enable/disable). Normal trading can resume 00:01, No new trades should be initiated (1 to 10 hours in dropdown menu) hours Wednesday before end of day – default will be set to eight hours. (enable/disable). This is does not apply to positions with positive swaps.

·         Choice to buy at market or limit for initial orders (dropdown menu in inputs)

·         Choice to buy at market or limit for pyramiding orders (dropdown menu in inputs)

·         Fixed Mode: variable

·         Automode: percentage of account balance – variable inputs

·         Magic Number: 8675309

·         Spread: variable maximum

Chart Display:

The principal indications should be shown in real-time on chart, to verify efficacy of indicators. They will be: the entry indictor, the confirmation indictor, the volume supported linear regression histogram, and CMA. In the inputs this function will have an enable/disable visibility option in inputs.

There will an EA Title (crimson) in the top left corner with additional information below the title:

·         Trades Won Today: (Number -> percentage) 

·         Trades Lost Today: (Number -> percentage)

·         Pyramiding: (ON or Off) (crimson)

·         Trades Open: (total lots) ((aqua)

·         Floating  P/L:

·         Todays Earnings:

These inputs will reset daily at 00:00 GMT -5 (New York Time) (adjustable inputs)

There will be an override shutdown when a certain percentage of loss occurs in a one given day inputs will be 5,10,15, 20, 25% (dropdown menu selection) - this will be displayed below the chart display inputs and display ‘Max Loss’.

The EA will not work again until reinstalled on the chart.

Expectations from Developer:

• ·         Outline time required to complete project
• ·         Once the project is initiated to provide daily reports on development
• ·         Firm Budget Requirement  
• ·         The understanding that intellectual property commissioned remains wholly the property of commissioner, and will not to be sold or distributed. Acceptance of this EA project is acceptance of the condition.
• ·         Testing for 48 business hours before final release of payment, and adjustments made as required
• ·         Good will - after sales support will be offered for 30 days for any adjustments or modifications required that are reasonable and in the spirit of the original EA design.  
• ·         Mastery in Pine Script and MT5 is essential
• ·         Proven track record of success
• ·         Excellent English comprehension

Bonus:

An agreement that after completion that both the developer and commissioner will paper trade three of the same assets at the same broker for 30 days and if the EA achieves a minimum of 10% closed return that a bonus will be paid with not more than a 5% floating drawdown. To be negotiated and agreed by both parties.

The hope is the developer draws own his or her own experience to offer ideas, tools or optimizations in a collaborative manner to ensure success of the project, rather than just follow the orders of the commissioner.  

Further Details:

Exact details of indictors, setting and any other rules will be provided to those candidates show interest in the project, as well as pictures.