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EA based on mtf osma and/or stochastic

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Donnuel

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Happy weekend great people. Hope you're enjoying the weekend.

Please is it possible to have an EA that trades when OSMA indicator in atleast 3 of these 4 timeframes (H4, H1, M30, M15) are in the same direction. Say when osma is ascending in 3 timeframes together, EA will enter a buy and if 3 timeframes descending together, will enter a sell. Trade is entered only on candle close of that timeframe that complete the number 3 in same direction.
This may work if there settings for stop loss, Breakeven point, hidden trailing stop loss(probably atr based or proportion based), 2-3 partial take profit levels, Take profit level final.(Hard/broker's stop loss with its own breakeven point may be added to take care of eventualities like power/connection issues).
Note that should a trade get stopped out at breakeven and reverses, entry should be repeated if set up is still valid. This is different from pyramid scheme discussed below.

It should also be set to have a 2nd entry after pullback if the setup hasn't been violated(<3 in same direction). The lot size of this 2nd entry may be set such that the locked in profit(trailing stop level _entry level) of 1st trade can carry the risk of the 2nd entry and so on. Thus the 2nd entry SL should be at the level of 1st entry TSL. There maybe 3rd, 4th.....depending on trend.

Thanks great people

EA Based on Stochastic & MA:


Linkback: https://www.forex.zone/mt4-mt5-eas/7/ea-based-on-mtf-osma-andor-stochastic/147/
#1 - August 05, 2018, 04:17:40 PM
« Last Edit: July 27, 2024, 05:48:04 PM by Admin »

Donnuel

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Mtf Stochastic can be used as well but with little adjustments for overbought and oversold levels.
H4 overbought level is still considered bullish irrespective of it's direction. Opposite is same for oversold level.

For other TFs, it must be flat or ascending in overbought level to be considered bullish. Overbought and descending is considered neutral.
Opposite is same for oversold level. You can make 2 different eas one with osma and one with stochastic let's test and compare their profitability.
Or you can combine both logic in one EA to take order on whichever occurs first. And not take order if both conflict themselves. Don't know how that's possible anyway.
#2 - August 05, 2018, 04:27:51 PM
« Last Edit: August 05, 2018, 05:09:53 PM by Donnuel »
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