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 1.6000, and the most recent lower Fractal is 1.5950. If price trades above the most recent upper Fractal (1.6000) then that Fractal is broken and directional bias is long/buy. If price were to go lower than 1.5950 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 1.6000
2 Long 1.6090
I think that is everything. The programmer MUST be able to include ALL features including customization