Rules to auto-adjust a pending order

I want my EA to open a pending order at a given time and auto adjust it till a given time, then allow it to run. Say for instance, there is a news event coming by 1:30pm (GMT+1).

 

EA places pending buy and sell orders (with about 10 pips gap from Ask and Bid prices) by 1:25pm, but keeps adjusting both orders up or down, following the direction of price action movement.

 

Then at 1:29:55pm (5 seconds to 1:30pm), EA stops adjusting the orders and allows the pending orders to either be hit by the spike generated by the news event or close the pending orders if not hit.

 

Here is the question:

How do I setup the rules in EA Wizard so that EA automatically adjusts the pending orders following price action before the news? I need this answer ASAP.

 

Best regards,

Michael.

Hello Michael,

 

I’m not sure what you mean by auto adjusting, but most probably there’s no automatic way to specify time boundaries.

You have to make rules for that.

 

For example you can add time condition to your adjusting rule, ten it will adjust order only during given time:

idea in pseudo code:

 

 

IF(Order is open and Time < 1:30)

THEN 

..adjust order by price somehow

Mark, what I was referring to as auto adjusting the pending order is more like a straddle EA. I dont know if you ve come across any of those in the past. But they place the pending order at a certain time before the news event, then it keeps adjusting the orders up or down following the price action, then at a particular time (generally a few seconds before the news is released), it stops the adjustment and allows price, caused by the news generated spike to hit the pending order. The EA then continues to manage the trade until closure.

 

You can look at this website as an example of such an EA. I am trying to create such, but with more options to allow it to place multiple pending orders, like 3 or more in both directions,each a particular number of pips from the order. I want it so because, no matter what happens in the news (unless there is no spike), I will profit.

 

I hope you understood me.

ok, I got it. There is a straddle example in EA Wizard samples in Home screen. Inside Bar breakout and Range breakout strategies both work this way – they create two pending orders on the top and bottom of some range.

 

So you can start with one of them,make them work with time instead of some range and add your adjustment functions.