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This EA uses first bollinger band (i.e., Trend BB) and stochastic %k and %d values to establish trend and second bollinger band (i.e., Entry BB) to place orders.
Need the bollinger band values for Trend BB and Entry BB to have decimal values of at least 0.01 pips.
Time period in the day for the EA to be active is user-defined.
It’s easier to think about the EA into three separate EAs which executes entry and exit trades based on the upper, center and lower lines of the second bollinger band.
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Determining trend based on the Trend BB and %k, %d values of stochastic.
Determine entry conditions from the Entry BB.
Determine exit conditions based on ATR or user-defined take profit level, ATR or user-defined stop loss level, take profit when the trend changes (if applicable) and break even when the trend changes if none of the other exit conditions apply.
Determine re-entry conditions based on the trend change alone (i.e., possible to have 2 opposite positions open at the same time); if trend change and break even occurs, open a position at next band of Entry BB (i.e., not possible to have 2 opposite positions open at the same time); if trend change and entry condition is met before break even occurs, do not open a trade in that trend; if trend doesn't change and take profit occurs, re-open a trade based on the entry conditions; and open only one trade per trend direction even if take profit occurs.
User is able to choose between one of the first three re-entry conditions and one of the last two re-entry conditions.
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I've made very detailed steps and illustrations about trend, entry, exit and re-entry conditions which I will provide in addition to the description below.