Hi, I need a Breakout EA coded based on the following. Have manually traded this system for around 6 months now and have had phenomenal success. The EA should be able to do the following:

EA will be run on a 60min chart. It must place Buy stop and Sell stop orders based on the previous bars high and low +4pips for a BUY and -4pips for a SELL (Can maybe have a feature where one can specify the number of pips). Perhaps one should be able to specify how many bars to look back. Must have TP, SL and TS. This is the interesting part. Lets say a BUY order has been opened. I use a TP of 10 and a SL of 20. If the stoploss is hit a SELL order should immediately be opened if possible with a TP of 25. If not can put in a manual TP. I've had a few losses where my SL was hit and I was not there to open the opposite order. If the price is too close to the target for a pending order to be placed the EA should execute an instant order when the target is reached. I would really appreciate anybody's efforts in creating this EA. Many thanks

FXwealth, what results have you had trading this manually? Seems to me as there vill be alot of losses, though many H1 bars only moves a a few pips outside the previous bars if the market is not trending. Then, when you reverse trade, it will be more like you buying the top - stopping out in the middle, selling the low, stopping out in the middle.

Do u use any kind of filter, to determine if the market it trending? Or is there a special pair you're trading?

Gonna write an ea of this, but have no time today. I'll let you know the results when i'm done.

Hi Flirrrt

Thanks for your response. There is only one hour where it can be used successfully. If u can code the EA I will definitely let u know which hour it is. Believe me when I say that I have traded this very successfull for around six months now (LIVE). In my last fifty trades I have had 4 losses. If i had reversed my position when stopped out i would have won on those four. Remember I use a TP of 10 only. There are times when the market moves slowly and if i am 4+ pips in the profit I take it. I may not make hundreds of pips but I trade bigger lots and am therefore quite happy taking 4+ pips. I currently trade at 5lots. when I've reached a certain amount of profit I withdraw the profit and go back to trading 1 lot sizes and work my way up to 5 lots. Then the process of withdrawal and starting again begins once more. This works very well for me. Hoping u can create the EA. It will save me from having to be close to my PC to see if I am stopped out. Will share everything with you (Strategy).
Best regards

Hi Flirrrt

Forgot to mention. I use no indicators, just the price action itself and it only works on one pair.

You've got a pm..

fxwealth, share your hour and you can use my EA. As good measure i'll post it first. I need an expert programmer to check the code as it is not doing exactly what it should in backtesting. It's got settings for hour, tp, sl, sl-offset and pips entry above/below the hour bar. Let's see if we can make it work better.

Attached Files

BreakoutHour-4.mq4 (11.3 KB, 81 views)