I have been paper trading a daily strategy for a few weeks, and it seems very profitable but time-consuming to do without an EA. I wonder if one of you expert coders out there is willing to code an EA for me so that I can back test it and optimise it? Alternatively, if anyone knows of an EA which does this, that would be fantastic!
Daily chart - but could also be used for 4hrly, weekly etc (the longer time frames)
Processing when a new candle starts:
- If there are any pending orders left, delete them
- Close any open orders for this EA according to parameter input - all open orders / all open orders in profit / all open orders in loss / no open orders
- Calculate the average height (high - low) of previous x candles (x = parameter)
- Calculate y percent of this amount, and round to nearest integer - call it Trigger (y = parameter)
- If Trigger < MinValue, set it to MinValue, and if Trigger > MaxValue, set it to MaxValue (MinValue and MaxValue are parameters)
- Set up two pending orders immediately:
- A buy order for OpeningValue + Trigger
- A sell order for OpeningValue - Trigger
- For the pending orders, they should work on both 5-decimal and 4-decimal forex accounts, and for Yen pricing as well as the rest. Apply parameterised values for money management - lot size, stop loss, break-even take profit etc like the other excellent EAs on this site
Processing during the life of a candle:
If a pending order is opened, immediately delete the other one
I have been paper testing this using just one previous candle and a percentage of 40%, and it seems really good, particularly in trending currencies. I could really do with an EA so that I can test it faster and more thoroughly in all trading conditions, and I would be SO grateful if someone could do this for me. I'd also value suggestions about how it can be improved or made more versatile - this site is just brimming with talent and experience!
Thanks for reading this, and let's hope we get a really profitable EA out of it!