Trading zones - momentum strategy

[Apprentice]

Based on request.
viewtopic.php?f=27&t=70631


Will trade stocks at market open
Open Long/Open Short/ Both selector is required.

if selected
will open short -above yesterday close price moving DOWN
will open long - below yesterday close price moving UP

if we are moving down or up will be determined by this
UP
The opening of buy position happens once market price reaches X pips higher than opening price

DOWN
The opening of sell position happens once market price reaches X pips lower than opening price

stop/limit/trailing

Trading zones - momentum strategy.mq4

(44.3 KiB) Downloaded 470 times

[Rocco_Rod]

Thanks Apprentice.

Can you look into the following issue on the attachment please : my instrument (ASX200) has not been priced at 5223 for weeks or months, yet it is at this level that the EA is placing a sell stop order.
According to my broker (pepperstone) & MT4, the last price of ASX200 before today's opening was 6613 (date: 3/12/20).

Remediation : alternatively that level could be input manually on the EA's setup panel. That would also allow the user to execute the EA at other high volatility moment than the market opening [example: central banker speech].

Question: on the EA's setup panel where is the X pips trigger to start "The opening of buy position happens once market price reaches X pips higher than opening price" ? is it the variable called "min distance to order to activate the trailing" ?

Cheers

[Apprentice]

Your request is added to the development list.
Development reference 2392.

[Rocco_Rod]

The corrected version of the EA does not open (once installed on MT4). Can you check what's going on please ?

[Apprentice]

Your request is added to the development list.
Development reference 2408.

[Apprentice]

Trading zones - momentum strategy.mq4

(44.47 KiB) Downloaded 287 times

Try this version.

[Rocco_Rod]

Thanks. Kindly correct the following :

On the attached snapshot the EA placed a sell limit order at 6730.5 - i assume it added the input distance to the input entry price. Yet the EA should have placed a sell limit order at 6729.7 instead. Explanation : 'opening price of current M1 candle' minus 'distance' = 6730.2 - 0.5 = 6729.7

Formula in the case of a buy limit order: 'opening price of current M1 candle' plus 'distance'

Cheers

[Apprentice]

Your request is added to the development list.
Development reference 2436.

[Apprentice]

Try this version.

Trading zones - momentum strategy.mq4

(44.47 KiB) Downloaded 285 times

[Rocco_Rod]

Thank you Apprentice.

We are almost done it seems. One issue remains : the EA still places the order based on the level of the 'entry price' input filled on the setup panel, which is not correct. Yet the EA should instead place the order at the level of the 'opening price of current M1 candle' minus or plus 'distance'.

- 'opening price of current M1 candle' minus 'distance' for a sell order
- 'opening price of current M1 candle' plus 'distance' for a buy order

reminder : Sell orders should be placed over the 'entry price' input filled on the setup panel. Buy orders should be placed under the 'entry price' input filled on the setup panel.