There are numerous forex trading strategies that require one to set pending orders to be executed over a specified period of time. Further, pending orders are often sufficient for this purpose, and are simple to input into MT4 without having to rely on an EA. The problem that I'm facing is that the four types of pending orders (buy stop/limit and sell stop/limt) aren't sufficient. If the market price for the pair you're trading is currently at 1.4000, and your analysis indicates that you should open a long position at 1.3900, a buy limit would be foolish as the price drop might have momentum and plow right through your target and stoploss. What is really needed, is to be able to set a pending buy limit which would only be taken on the upswing (in this example). One way this could be done would be to use two moving averages, and only open a long position if:

a) the short MA crossed above the longer MA, and
b) this crossover occured below the entry price target.

This would indicate that the price is moving back up, and it may now be an appropriate time to initiate the trade if price action reaches your buy entry level. The reverse would be true for a short position.

Perhaps this type of EA or script already exists. I would greatly appreciate it if someone could provide some info if it does exist. Ideally, this EA/script would:

- allow the input of the target entry price
- have adjustable settings for the two MAs (or whatever other type of indicator used)
- set the pending orders automatically after the MA (or other indicator) had crossed (which would indicate that price was now moving in the direction of the potential trade)
- have inputs for SL and TP
- possibly allow for an expiration date for the orders
- and possibly even allow for a few different target entries (since we never really know where the price will go).

If this type of order system/EA does not exist, can it be created?

I appreciate your input.

Cheers,

Doug

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Ottawa, ON
Canada