EA will not open any new positions; neither will it close any positions. It will only adjust the stop loss on open positions & act as an alarm.
1) On-screen drawing ability
It will draw a price channel line above & below the price based on Fractals and another indicator to be provided: i.e like bollinger band. The channel will be based on confirmed signals only (i.e. after the close of the bar where the indicator first appeared- clarification will be given).
There will be an offset option to increase the gap in pips either side of the price (i.e. from the indicator value). The channel line above the price (sell) will be moving horizontally & downwards according to the new indicator levels; likewise the channel line below the price (buy) will be moving horizontally & upwards according to new indicator levels. One indicator will take slight priority over the other; instructions will be provided to this effect. Either line will cease drawing upon the price reaching the line & appear again only when a new confirmed indicator signal appears.
THIS CHANNEL WILL EFFECTIVELY OPERATE AS STOP LOSS & ALARM LEVELS.
There will be an option to sound an alarm if the price approaches the line within a certain number of pips. The option will allow for 1- sell only signals/ 2- buy only/ 3- either. The alarm should be able to not only sound an audible & message alert, but also send an email (an existing indicator can be provided which contains email code).
When either a sell or buy order is raised the EA will move the stop (when positive of the trade stop) according to the price channel line. Alarm option if stop is moved.
I already have an EA that will move the stop to entry price if the price moves positive X number of pips. Ideally this code could be incorporated.
* Some brokers now are using 5 decimal points instead of 4. This indicator should work on either.
* EA will give various user inputs to allow any necessary options.
* Price will include any amendments to the EA is it is not operating as specified.