Metatrader MT4 EA for simple average crossover
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A simple Metaquotes Metatrader MT4 EA is required for an EMA average crossover placing orders with multiple target levels.
This is a simple system with very little complexity and uses a simple moving average cross over to determine entry. Precise entry details to trigger a trade are given in the detailed part of the system description but the following describes how the orders are placed/managed.
Once an entry is triggered (following EMA crossover) an initial order is placed for required size (init_lots) and stop is set at 75 pips (stop_loss) and target is set to exit order at 45 pips (init_target).
If market moves in required direction, then two orders are added after a 30 pip move (sec_entry) for double the lots of the first trade and the stop loss moved on original order to break-even which also becomes the stop loss of the new orders as well. Targets for these 2 additional orders vary, one is set to 100 pips (sec_target) the second is set to have same target level as the initial order.
Alternatively if the market moves against the initial position, then if it goes 45 pips (sec_recovery) against it then a second order is added for double the lots. Stop on this second order will be set at exactly same level as the initial order. The target for this second order is set at 15 pips (recovery_pips) from entry and the target for the initial order is also modified to match this level. This “recovery” processing is set to not make a profit but trying to recover back to breakeven.
An explanation of the trigger process for the above and 2 worked examples to fully clarify the above is included in the detail explanation of this project attached separate document.
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