This is basically a grid hedge expert advisor with many features. It will need to be extremely user friendly, as I am new to Meta Trader and using EA's. I will start by explaining the basics of the system and follow it up with all the features to be included in the EA.
When describing this system, I will be referring to a “Position A” and “Position B”. Both of these positions will be a part of the EA where I can choose the order that will represent each letter. So for “Position A” I will be able to select that it will be either a buy or sell order. “Position B” will also offer the buy or sell selection.
Orders will be placed equally apart on a grid spacing chosen by me. I will refer to the first trade of this system as the home line. This first trade will consist of purchasing Position A and Position B at the same time, hence the hedge. As price moves above the Home Line and reaches the next grid point where no trades are placed, both Position A and Position B are purchased. When price retraces back to the previous grid point, both Position A and Position B are closed and a Position A is purchased.
When price returns to the Home Line from a higher grid point, Position B will still be open and a Position A is purchased. When price moves below the Home line and reaches the next grid point where no trades are placed, both Position A and Position B are purchased. When price retraces back to a previous grid point, both Position A and Position B are closed and a Position B is purchased.
The winning bidder will receive a detailed example of this system in action for a clearer picture.
I would like some type of a dialog box, dashboard, or such that will contain the following features. It will need to be clearly labeled and easy to use.
1. I need the option to be able to trade with brokers using fourth or fifth decimal pricing. If this could be a selection in the dialog box, that would be great.
2. I would also like to have the choice of using a broker that offers either fixed or variable spreads. My thoughts are that I can input the fixed spread in the dialog box, that way the EA can account for the spread. It would be fantastic if there is a way to program the EA to use variable spreads while ensuring the completion of a hedge. My concern with the variable spreads is that the positions won't get opened and closed at the appropriate prices to create the correct grid spacing. Any suggestions here would be greatly appreciated.
3. Again in the dialog box, there will need to be a spot where I can enter in the grid spacing amount in pips to be used.
4. There will need to be a “Position A” and “Position B” from which I can select buy or sell for each individually.
5. The “Position A” and “Position B” will need to have a place to enter the size of position to be purchased for each individually.
6. A start button will be how I place the first hedge and create the “Home Line” which will initiate the systematic trading.
7. A stop button will stop the EA by closing all positions immediately.
8. I would like for there to be a real time viewable profit and loss calculation for the combined total of all opened positions. It would be great if the total profit and loss for each individual cycle can be logged to a history for later viewing. This profit and loss would be reset at the start of a new cycle.
9. I need a type of trailing stop that will be used to take profit and complete the trade cycle, closing all open positions, if I don't manually hit the stop button. The trailing stop will need to use the calculation of the total profit and loss from number 8. This trailing stop will need to have options in the dialog box to enter the amount of a first trail and final trail. In the following example I will use a 25 pip first trail and a 10 pip final trail. If profits reach the 25 pips, and drop one pip back below all positions are closed. If price goes beyond 25 pips, to 35 pips, then to 45 pips, and drops below the 45 pips by one pip, all positions are closed.
10. A drawdown tracker will also be incorporated into the EA. It will need to be real time viewable and the largest drawdown amount for the cycle will be displayed. This again will be a combination of all the trades in the cycle. I would also like this to be logged to each cycle for later viewing.
11. I would like to have some type of visual marker to mark where the trade cycle was entered (the Home Line) and where the cycle was closed at. These markers should stay on the chart until the start button is hit for the next cycle.