This project is intended for BitGriffCom as we allready have a working relationship.
STAGE ONE – finishing touch for candlestick rules – a new rule
EA needs one additional rule for AFTER the signal is generated – IF the signal is generated AND IF for a duration of NEXT XY number of candlesticks the trade is not entered. Then the signal/trade should be cancelled.
(EXAMPLE: Conditions are met to place a BUY Limit order for EURUSD @1.3500, however if this level is not reached within three (3,4,5….) next candlesticks, then the order should be cancelled.
These are the requirements for ‘stage two’ of ‘candlestick’ project. ‘Stage two’ is an upgrade to ‘stage one’ where candlestick conditions serve as buy/sell signals. Indicators in ‘stage two’ will be used as filters (additional conditions) that must be met in order for EA to place trades based on candlesticks.
In this stage three indicators should be added.
1. MACD indicator
2. Stohatics Oscillator
3. Relative Strenght Index (RSI)
General requirements for all three indicators are:
I. EA should look to generate signals when conditions are OK on all active/chosen indicators,
II. Indicators (conditions for generating signals) must work together with candlestick rules.
III. Parameters for indicators should be ‘user inputable’ in the EA setting,
IV. Values for rules on specific indicator should also be ‘user inputable’ in the settings (example: in settings I should be able to tell EA to generate signals only if Stohastics is bellow/above XY level)
V. It should be possible to include/exclude a chosen indicator in EA setting (Example: if I only want MACD and Stohastics to be active I should be able to deactivate RSI)
1. MACD indicator
- EA should only generate BUY signals based on candlesticks IF value of MACD (not signal line) is ABOVE value XY (example, above zero or perhaps 0.0001 – user inputable),
- EA should only generate SELL signals based on candlesticks IF value of MACD (not signal line) is ABOVE value XY (example, below zero or perhaps [url removed, login to view] – user inputable),
- Perhaps it would be more logical to base rules on interaction between MACD and signal line, but this would perhaps only be only considered in later stages and other EA’s.
2. Stohastics Oscilator
- IF value of Stohastics is BELLOW value XY (example, 20), then DO NOT generate SELL signals (only BUY),
- IF value of Stohastics is ABOVE value XY (example, 80), then DO NOT generate BUY signals (only SELL).
3. Relative Strength Index (RSI)
- IF value of RSI is BELLOW value XY (example, 20), then DO NOT generate SELL signals (only BUY),
- IF value of RSI is ABOVE value XY (example, 80), then DO NOT generate BUY signals (only SELL).
It is possible that in next stage rules for indicators would be somehow modified.