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Forums>AlgoWizard / EA Wizard>Strategy Samples>HOW CAN I OPEN A TRADE ONCE PRICE HAS REACH CERTAIN AMOUNT OF PIPS ABOVE/BELOW..

  • #259328 |
    Participant
    5 Posts

    hI!

     

    How can I have my Ea open a trade every time the prices has reached certain amount of pips say above or below for instance previous day high or low?

    So basically would be something like this:

     

    *IF PRICE REACHES TO 10 PIPS OR MORE OF THE PREVIOUS WEEK LOW, THEN DO THESE THINGS:

    -OPEN A BUY OR SELL TRADE WITH A PRE-DETERMINED SL, TP, BREAKEVEN AND ANY OTHER CONFIGS PREVIOUSLY DEFINED BY THE TRADER.

     

    Can you guys give some help?

     

    thanks!!!

    #259331
    tomas262
    Administrator
    1827 Posts

    Hello,

    check the example attached made in AlgoWizard

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    #259334
    Participant
    5 Posts

    Thanks will check it out!

    #259335
    Participant
    5 Posts

    It’s working perfect!

     

    now how can I add risk management strategy on it?

    for instance using these conditions:

    *if trade #1 = sl then reduce risk by 50%, else (which means was a tp), then next trade keep same risk% as initially set.

    and for instance if the trade #1 was a SL do this:

    *if trade #2 = tp or trail stop in positive then risk = back to initial %

     

    Im not sure if I explain my self clearly, but in terms of money would be something like this:

    TRADE #1 (RISKED $100) RESULT = SL THEN REDUCE RISK BY 50% ON NEXT TRADE.

    TRADE #2 (RISKED $50) RESULT = TP OR STOP BY TRAILING IN POSITIVE THEN ON NEXT TRADE START WITH INITIAL RISK OF 100$ PER TRADE.

    TRADE #3 (RISKED AGAIN $100) RESULT = SL THEN DO AS ON TRADE #1 OR IF IT TP OR TRAIL STOP IN POSITIVEN THEN KEEP SAME RISK.

     

    Hope this makes sense.

     

    thanks a lot!

    • This reply was modified 1 year ago by valenpty.
    #259342
    Participant
    5 Posts

    Can you change this to consider not the current weekly high or low but the previous week’s high or low?

    I found that it does what I need after if goes above/below 10 pips of previous weeks high/low but it also sometimes opens another order on the following day but when it does the trading signal conditio on the same week, for instance:

     

    On Monday it went 10 pips below previous week’s high and placed and order, but then on tuesday it did the same.

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    #259364
    tomas262
    Administrator
    1827 Posts

    Ok, so you want to make 1 trade per week? Or better one trade long & one trade short as the maximum?

    #259366
    Participant
    5 Posts

    If it triggers only 1 per week, then it is ok. But if this can be set how many trades per week, it’s better.

    #259524
    tomas262
    Administrator
    1827 Posts

    If you want the the week’s before high / low simply change HighW[1] to HighW[2] and the same with LowW

    This is how you can do 3 trades per week. Check the example attached

     

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