I want to have a simple EA programmed.
Basic idea of this strategy: To identify trend by comparing price.
Entry: If price go up some value (C1, say 5 pips), we place a buy market order immediately. If price go down 5 pips, we place a sell market order immediately.
Exit: Use take profit and dynamic stop loss to control exit. Initially, when we place buy or sell order, at the same time we also set take profit some value (C2, say 40 pips) and place stop loss some distance (C3, say 5 pips) away from entry price. As long as profit increase, we always adjust stop loss value C3 away from profit accordingly. For example, if we buy eur/usd at price 1. 27050, with a stop loss at 1.27000 (5 pips below) and next second the price rise to 1.27054, we immediately adjust stop loss to 1.27004 (still 5 pips away from current market price). Also, if price fall below current market price, then we don’t change stop loss.
The stop loss value C3 is not fixed also. The following is the rule:
Initial stop loss C3: 5 pips
If market price move some value (C4, say 8 pips) in our favor, we change stop loss value C3 = C31, say 3 pips away from current market price.
If market price move some value (C5, say 15 pips) in our favor, we change stop loss value C3 = C32, say 2 pips away from current market price.
Additional note:
* can trade on any currency pair.
* The program should work on 4 and 5 digit broker.
* only one position can be opened in the market at a moment. Unless
this open position is closed, no new order can be placed.
* can adjust trading period.
More detailed information will be provided before beginning of the project.