I need to develop a simple EA that day trades based strictly on price action rules. Here are the basics:
Currency Pairs: GBP/JPY, GBP/USD, USD/JPY
Timeframe: 15 minutes
Chart Type: Trades off of bar chart price action
Trading Times: Trades only between 7:00 GMT and 20:00 GMT
Money Management: EA must automatically calculate position sizing based on adjustable percentage of account equity, initial account $20,[url removed, login to view]
Additional Requirements: EA must use a magic number
Other details: There are two parts to a trade in this system. A set-up bar and a entry bar. The EA must recognize the setup bar as a bar with 15 or more pips between high and low of a bar. If the close is above the open, it is a setup for a short position. If the close is below the open, it is a setup for a long position.
Once a setup is recognized, the EA must be able to track price action on the entry bar. There are three basic steps to entry, all based off the open of the entry bar and the low or high of the setup bar. Stop-loss is also based off of price action on the entry bar.