I need a “mediator” to semi-automate my entry/ manage my trade based on the following rule (which should be adjustable)- for mt4 platform. I am using a signal indicator which works fine, so based on the buy/sell signals that will be generated- *I want something that if I simply drag and drop, or hit the buy or sell button the following pending order(s) rules Take Profit, Stop, and Trail Stop (stop should trail only once) rules will be entered automatically based on the ATR (Average True Range, set period to 20) at the entry price point.
Stop at: P+/-yATR
Take Profit at: xATR
Where x, and y are adjustable figures
Trail Stop(once): to the open price when in the money at +/-yATR (i.e when trend has moved in our favour in the same number of pips or distance as the Stop from the open price ). At this point, moving the stop to the open price makes the trade risk free and in case it reverses against us (because the take profit wasn't hit) we only stand to loss the spread and nothing else.
Example: I get a signal to buy at price P, the ATR set at period 20 at that moment is ATR, then I should have the following for example: if I set y=1.5, x=3.5
Stop at P-1.5*ATR
Take Profit at P+3.5*ATR
Trail stop (+1.5*ATR) once to P (the open price only when we are in the money (P+1.5*ATR)- making the trade a “free trade”.
The opposite for a Sell trade would have been-
Stop at P+1.5*ATR
Take Profit at P-3.5*ATR
Trail stop once to the open price when we are in the money (P-1.5*ATR)- making the trade a “free trade”.
I would be glad if you can do this. Please let me know as soon as possible with your quotation.
Looking forward to hear from you soon.