Hi,
I want us to keep it simple.

I need a “mediator” to semi-automate my entry/ manage my trade(s)-mt4 platform- based on the following rule (which should be adjustable)- 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 or something) at the signalled price point the following pending order(s) will be entered automatically based on the ATR (Average True Range, set period to 20). It's not a whole robot, I will need to be there to trigger (i.e. drag and drop or something) to let the system instantly place the trades and let it continue from there. It has to instantly-

1. Place a Stop/Trail stop once- Where the stop trail will be 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 we only stand to loss the spread and nothing else. **The once stop trail to the open price (making the trade risk-free) the system certainly has to use the ATR from the opening.

2. Place an adaptive take profit- by using the most recent ATR value, which will be the most recent volatility measure. In other words, the take profit will simply fluctuate based on the ATR changes.

I initially thought of using an adaptive trailing (profit) stop, but to be successful with that I will have to give enough breathing space for the trend to avoid random noise at some points to allow the trend to carry on with- else exit( from a profitable trade) will be easily auto- triggered prematurely. Leaving too much room could also mean a trade you could have bagged enough if you had not been too greedy trying to milk it all, you would bag too little or nothing. So my idea here is to be realistic, and bag as much based on the ATR volatility measure or leave with nothing but a smile and come another day.


Example: I get a signal to buy or Sell at price P, the ATR set at period 20 at that moment is ATR, then I should have the following for example:

Stop at P+/-1.5*ATR

1st Trail stop (+/-1.5*ATR) to P (the open price only when we are in the money (P+/-1.5*ATR)- making the trade a “free trade”, then

Adaptive Take Profit (for example) to P+/-2.5*ATR. At this moment, I presume the ATR will be the same value as at Entry. If the ATR changes, it has to reflect in the Take Profit automatically, and that's it.

Where the values 1.5, and the 2.5 should be adjustable.

I'm not a programmer, but it seems everything about this system will be built around the ATR indicator from the price point buy or sell, or if I'm wrong please tell me...????

I would be glad if you can do this.

Looking forward to hear from you soon.

Sincerely,

Henry