FXI=Pivot Expert Advisor
I need an expert advisor which deals with break out of horizontal support and resistance levels. It has to be a very flexible expert advisor with a multiple options so please read carefully before bidding.
Features of the Expert Advisor:-
The Horizontal Resistance Level is highlighted by a green Line and horizontal Support Level is highlighted by a red Line.
Opening a Trade:-
1. Option1:- When the price value touches the support (red line) the expert should open a sell trade and when the price value touches the resistance line (green line) the expert should open a buy trade.
2. Option2:- When the price value breaks the support (red line) and gives a closing below the red line then a sell trade should be opened and when the price value breaks the resistance line (green line) and gives an opening above the resistance level then a buy trade should be opened. In both the scenarios, the trade should be opened at the closing price of the same bar.
Closing the Trade:-
1. User Defined:-If it hits the user defined take profit / stop loss / trailing stop loss the trade should automatically close.
2. Option: - When the bar in which the trade is opened closes the trade should be closed automatically or after ‘x’ number of bars, for e.g.:- if ‘x’ = 1 it means close the trade when the current bar in which the trade is opened closes, if ‘x’ = 2 it means close the trade when the next bar closes.
Placing Take Profit:-
1. User Defined number of pips.
2. Option:- The take profit should be ‘x’ times the stop loss, for e.g. if the stop loss is ‘40’ pips and the take profit is ‘2’ times the stop loss then the take profit should be ‘80 pips’. (‘40’ , ‘2’ and ‘80’ are variables)
Placing Stop Loss:-
1. User Defined number of pips.
2. Option 1:-The stop loss for a ‘buy trade’ should be placed at the low of the same bar or ‘x’ number of previous bar (e.g. if ‘x’ = 2 then stop loss should be placed at the low of the previous bar.) and for a ‘sell trade’ it should be placed at the high of the same bar or ‘x’ number of previous bar (e.g. if ‘x’=2 then stop loss should be placed at the high of the previous bar).
3. Option 2:- The stop loss for a ‘buy trade’ should be placed at the previous resistance level (red line) and for a ‘sell trade’ should be placed at the previous support level.
Trailing Stop Loss
1. The usual concept of trailing stop loss i.e. available in Meta trader platform.
2. Option:- The trailing stop loss should come active after the price has covered the stop loss number of pips + ‘x’ pips (variable) in my favor, for e.g. if stop loss is ‘15 pips’ and I want a TL of ‘5’ pips to be activated when the price moves ‘20 pips’ in my direction.
1. Should work on all time frames.
2. Should only open one trade per horizontal support or resistance line.
3. Money Management system (http://www.goforex.net/money-management-calculator.htm), should give an option to choose between balance and equity.
4. Should open multiple trades, once the broker maximum orders are reached. For e.g.:- the risk percentage is 10% and the balance is USD 100,000.00, so the expert must open a trade of 100 Lots, whereas the maximum limit of the broker is ‘50’ Lots so in this scenario the expert advisor should open 2 trades of ‘50’ Lots each.
1. I am attaching a screen shot explaining of how and when trades are to be opened option wise.
2. I am also attaching the indicator, on which the expert advisor is going to be based on.
3. I am also attaching an excel sheet which will give trades opened and closed in the same bar, while back testing please ensure that the trades match exactly (Time frame 1 Hr and 4 Hr).
4. Suggestion in order to improve the accuracy of the indicator is always welcomed.
5. The mile stone will be released after ‘5’ days of forward testing and ensuring that the trades opened in the excel sheet for the month of Feb 2013 matches.
6. Please place a bid according to the budget.
7. If you have any queries / suggestions please feel free to contact me.