I'm looking for help in programming an EA in MQL4. The EA called MTF, as of now, has been in development for well over 2 1/2 years. The system works extremely well. The problem that I've had is trying to find a reliable, competent programmer who really knows what they are doing!!! Must also have strong math skills and sign an NDA.
The EA should require around 40 - 60 hrs to complete. Once the EA is proven, Greenberg Traurig will patent the EA at Phase 1 and 2, then it will be marketed with a "small twist". The marketing "small twist" will be discussed with the chosen programmer which will be part 2, a new commercial EA. Step 1 first.
The following is a short partial description of the MTF EA.
The EA is heavily rule-based and works with any currency pair, 24 hrs a day, independent of current affairs. It is best not to run the EA 24 hrs before a major holiday of that currency pair. No problem running Friday's, except do not open a new trade after noon of the New York session and it is better to wait for the London session to open on Monday, to start trading again. The first of the week opening sessions of the Australian and the Tokyo market on Monday, usually does not move very much, short cycles. MTF looks for trends, it is not a scalping system. MTF is designed for day trading and long term. Therefore, it is designed to work on the M30 and higher time frames. The most stable and profitable time frames. The faster time frames are used to help verify that a trend is developing. Scalping is too risky!!! As the trading account develops, then the W1 and MN time frames will be traded.
Custom channel indicators for each time frame are used to determined if the developing trend is new or a late rebound. Support and Resistance (S/R) is used to set the Stop Loss, or the Channel Indicator. Stop Loss is not set at a predetermined setting for each time frame. As an example, lets say 40 - 60 pips for the M30 time frame which is the average Stop Loss setting for most of the EA's on the market. Using S/R or the Channel Indicator, the Stop Loss setting can be as low as 10 pips. This minimizes the loss if the trade turns compared to other systems. The slower the time frame the higher the Stop Loss setting.
Take Profit is taken also from the Channel Indicator, usually securing more pips by exiting the trade in a more timely manner. Trends follow channels. Very few EA's use a channel indicator. Most channel indicators simply are very poor. Of the hundreds of channel indicators that are on the market, I got lucky and found one that partially worked. After studying this channel indicator I realized it needed a few modifications and needed to be adjusted for each time frame. This little bit of programming I was able to do.
There are 4 custom indicators to help the program stay in a trade without a premature exit, due to a very small trend reversal. One or all 4 of these custom indicators need to be merged with another indicator, for improved trend confirmation and to help filter out the noise of a small trend reversal. The problem is the number of buffers available with MQL4. 8 is the maximum number of buffers that MQL4 allows. With just simple merging of 2 indicators, this number is exceeded. This is where some great programming skills are required.
Phase 2, I want to market an EA that works, not scam the general consumer. 99% of the EA's on the market just don't work. Those that do, seemed to be designed for a few specific currency pairs and are only marginally profitable for a short time before major updates are needed or stop being profitable at all. MTF does not have that problem.
This is just a brief outline of the EA. There are many more custom and modified indicators used in determining a trade entry or exit.
I hope this helps some.