Hi everyone. I have a request for an MT4 Strategy. I’ve seen similar Strategies here, but they are a bit more complicated than what I’m after.
Basically, the Strategy sets a level X pips above and a level Y pips below the CURRENT market (X and Y usually being the same number). These will be Entry levels, Buy or Sell depending on the type of Strategy you want: Breakout or Range. Most importantly these levels will be PERSISTENT (will explain later).
If the Strategy is set to BREAKOUT, then the Upper Level will be a Buy Stop (Enter Long) and the Lower Level will be a Sell Stop (Enter Short). The Trade Size and the Take Profit amount in pips will be input by the user. The Stop Losses for each level will be the opposing level.
If the Strategy is set to RANGE, then the Upper Level will be a Sell Limit (Enter Short) and the Lower Level will be a Buy Limit (Enter Long). The Trade Size will again be user input, but here the Stop Loss will be input by the user, and the Take Profit for each level will be the opposing level.
The levels being PERSISTENT means that when one level is hit for either a gain (RANGE) or a loss (BREAKOUT), then that order is automatically RE-ENTERED by the Strategy. If the BREAKOUT Long position you’re in from the Upper Level being touched reverses and gets stopped at the Lower Level, the Strategy opens a Short position and RE-ENTERS the Buy Stop (Enter Long) at the Upper Level.
Conversely, if you’re executing a RANGE Strategy and the Short position you’re in from the Upper Level being touched moves down to the Lower Level, giving you your profit, the Strategy opens a Long position and RE-ENTERS another Sell Limit order at the Upper Level.
After a pre-determined number of wins or losses, as input by the user, the Strategy would stop, all positions closed and all pending orders cancelled, OR the Stop Strategy could also be determined by a Max / Min Account value.
I had something like this years ago (but not in MT4) that worked well. Crucially, it also moved the Take Profit point further out if I took a loss in Breakout mode, so my eventual profit would still be maintained. This was VERY helpful as it prevented a few losses from wiping out my eventual gain. It could do the same thing in RANGE mode by moving the Stop Loss further out, but that wasn’t as useful.
I was also able to optionally start the Strategy at a later time, but this was rarely used. Didn’t need alarms or e-mail notifications.
If this seems doable, I think it would make a great addition to people’s Trading Tools.
Thanks for your help.