This EA will trade off the Fractals INdicator and use 5 time frames to determine directional bia (Monthly, Weekly, Daily, 4 Hour, and 1 Hour). I will try to cover everything in here but if you have a question send me a message.
Hopefully you know how Fractals work in Forex and MT4 but, in case you don't I will provide some background. Imagine we have a 1hr GBPUSD chart loaded with Fractals. Only the most recent upper and lower Fractal matter. The Fractals are just swings in price so an upper fractal should be a high, and a lower Fractal should be a low. Let's say the most recent upper Fractal is [url removed, login to view], and the most recent lower Fractal is 1.5950. If price trades above the most recent upper Fractal ([url removed, login to view]) then that Fractal is broken and directional bias is long/buy. If price were to go lower than [url removed, login to view] then directional bias would be short/sell.
***At all times either a lower or upper Fractal is broken so there should be a clear directional bias for each of the 5 timeframes at all times***
If at any moment all 5 timeframes come into agreement (all long or all short) then we place 1 trade risking 1.5% of current account balance in that direction with a 30 pip minus spread (typically 3-4 pips) stoploss.
I'd like this to be customizable: At "X" number of pips remove "Y" portion of trade and set stop to "Z" number of pips (0 for breakeven). Example, at 30 pips profit, remove 10% of current trade, move stop to breakeven.
There is a maximum amount of risk of 1.5% at any given time. Key point here though, Once a trade has had its stop moved to breakeven consider the current risk (of that trade) 0% and allow for another entry. There is no maximum for an open amount of trades, just a limit to the number of trades open with risk (1).
I would also like to have a customizable take profit that I can change.
I would like the EA to place a green horizontal line at the price of any long taken, and a red one for any shorts taken. Whenever a trade is closed remove that trades line.
In the middle left of the screen I would like the EA to display this table (with the ability to change the font color):
Average Price Bought/Sold:
Current Amount of Pips in Profit:
Current Amount of Lots in Profit:
Combined Total Profit of Open Positions:
Current Direction of all 5 timeframes:
Trade # Long/Short Price Entered
1 Long [url removed, login to view]
2 Long [url removed, login to view]
I think that is everything. The programmer MUST be able to include ALL features including customization