The Metatrader4 EA should detect hidden divergences with an RSI(X1),
when found a hidden divergence (bullish or bearish) a second RSI(X2) (input variable to be calculated in selected timframe for RSI(X2)) time should trigger an open order when second RSI(X2) is higher/lower then RSI(X2) signal trigger line Y .
E.g. When EA has detected an RSI(14) hidden bullish divergence on a 4hour chart, a second RSI(7) from another timeframe (most of time lower - can be 1H, 30minute, 15minute ect.) with a signal trigger level of e.g. 30 is lower this trigger line and crossing this signal trigger line up a buy signal has occured and a buy position will be placed. ... vice versa when a sell signal would be placed.
When a buy/sell signal by the RSI(X2) has been generated also stoploss order should be automatically generated if wanted to use.
Inputs when starting EA should be:
- fixed pips
- x-pips lower of lower RSI(X)/price value for hidden bullish divergence
or xpips higher of higher RSI(x)/price value of hidden bearisch divergence
- Stopploss calculated on basis of Andrews pitch fork median lines
- Stoploss calculated on basis of Fibonacci levels
- Stoploss calculated on basis of Moving averages when they are triggered
When a buy/sell signal by the RSI(X2) has been generated also takeprofit order should be automatically generated if wanted to use.
Inputs when starting EA for profit taking should be:
- fixed pips
- Fibonacci retracement levels
- Andrew pitchfork Median lines (should be selectable which median line should work as take profit
- ABC projection
I hope this information is enough to have an idea how EA should work, else just contact me and we can have a chat in detail.