Trading zones - momentum strategy

[Rocco_Rod]

Hello Apprentice,

I would need an EA to proceed as follows - your time permitting :

* General idea - The EA filters prices for the opening of a new trade but does not filter prices for the closing of an opened trade. And only one trade at a time can be opened on a given instrument.

* Filter rule to open a buy trade - the buy price (B) has to be higher than the opening price of the current M1 candle.
* Filter rule to open a sell trade - the sell price (S) has to be lower than the opening price of the current M1 candle.

FYI - It's a momentum-based strategy that works well with limit orders in scalping. For the closing of the opened trades, the EA would allow to do it manually at any price OR alternatively :

* a (trailing) SL is placed by number of points/pips (X) to the price at which the trade was opened.

* a TP is placed by number of points/pips (Y) to the price at which the trade was opened.

Thanks for your help mate

[Apprentice]

Can you provide entry rules?

[Rocco_Rod]

Entry rules :

* identify a key level
* place a limit order at that key level (whether it is buy or sell), then
* if it is a sell order, the EA will open the sell trade at any price that is lower than the opening price of the current M1 candle.
* if it is a buy order, the EA will open the buy trade at any price that is higher than the opening price of the current M1 candle.

Both a sell order and a buy order can be placed at the same time on a given instrument. But only one trade can be opened at a time on a given instrument.

Thanks mate

[Apprentice]

Your request is added to the development list.
Development reference 2320.

[Apprentice]

Can you test it?
I don't think I've understood the entry conditions right
Maybe provide detaileded description.

Trading zones - momentum strategy.mq4

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[Rocco_Rod]

Thanks for your feedback. I will clarify the entry rules by starting to define a couple of key thoughts:

I call "reverse limit order" the opposite of a standard limit order. When a "sell - reverse limit order" is placed at price level L, a sell position is opened at current market price if current market price is below price level L.
When a "buy - reverse limit order" is placed at price level L, a buy position is opened at current market price if current market price is below price level L.

I hope the above makes sense to you. If not please let me know.

EA can't stop you from opening a position. But EA can prevent an order (stop order, limit order or even reverse limit order) from being executed within a certain price zone defined by a price (=the maximum or the minimum of that zone). Let's call such a filter a "no execution zone". Example- A sell limit order should not be executed if market is above a certain price level P, i.e. all the price zone above P becomes the no execution zone applied to this sell limit order.
To avoid confusion, note that price level P is completely independent from the limit set by the limit order ; they are 2 separate levels.

The following is what the input setup panel should look like for the EA we are building. No additional inputs/option required :

* reverse limit order : buy or sell
* no execution zone -minmax level : _____
* Quantity in lots : __
* stoploss in pips: __
* trailing: true / false
* take profit in pips : __

Detailed entry rules :

* "Buy" or "sell" to be selected by user on the setup panel for the direction of the reverse limit order to be placed by EA.

* Reverse limit order to be placed at price level L - that is the core of the entry rule. The price level L is set by EA as the opening price of the current M1 candle.

* The no execution zone is defined by EA as the non-execution of the reverse limit order until current market price
- is lower than the "minmax level" filled in by user on the setup panel (in case of a buy - reverse limit order) ; or
- is higher than the "minmax level" filled in by user on the setup panel (in case of a sell - reverse limit order).


Final comment: both a sell order and a buy order can be placed at the same time on a given instrument if the instrument is opened on 2 separate charts at the same time.

[Apprentice]

Your request is added to the development list.
Development reference 2335.

[Rocco_Rod]

Hello Apprentice / team,

After our private conversation on this development, here is a summary of the EA's specs.

The following is what the EA's input setup panel should look like :

* reverse limit order : buy or sell or both
* trigger in pips for reverse limit order : __
* no-execution zone -minmax level : _____
* Quantity in lots : __
* stoploss in pips: __
* trailing SL: true / false
* take profit in pips : __

Detailed entry rules :

* "Buy" or "sell" or "both" to be selected by user on the setup panel for the direction of the reverse limit order to be placed by EA.

* Reverse limit order to be placed with a trigger in pips - that is the core of the entry rule.
I call "reverse limit order" the opposite of a standard limit order. Case of a "sell - reverse limit order" placed with a 2.5 pips trigger: a sell position is opened at market price only if market price is below the level defined by 'M1 candle opening price minus 2.5 pips'. Case of a "buy - reverse limit order" placed with a 2.5 pips trigger: a buy position is opened at market price only if market price is above the level defined by 'M1 candle opening price plus 2.5 pips'.

* The 'no-execution zone' is defined by EA as the non-execution of the reverse limit order until current market price
- is lower than the "minmax level" filled in by user on the setup panel (in case of a buy - reverse limit order) ; or
- is higher than the "minmax level" filled in by user on the setup panel (in case of a sell - reverse limit order).


Final comment: both a sell order and a buy order can be placed at the same time on a given instrument if the instrument is opened on 2 separate charts at the same time.

[Apprentice]

Try this version.
viewtopic.php?f=38&t=70676