I am looking for someone to create an EA (for MT4) that can perform the following hedge operations:
1) The EA will either monitor all trades, monitor trades by magic number, or monitor by Trade Comment (there should be the ability to select between these 2 options when initialising the EA).
2) When a trade falls into loss by a certain number of pips (i.e. 40 pips), a trade in the opposite direction will be opened (a hedge trade). The number of pips should be able to be selected when the EA initialises.
3) When the hedge trade itself reaches a certain profit (i.e. 30 pips), the hedge trade will have a Stop Loss introduced.
The Stop Loss can either be 0, or a set number of pips.
The number of pips for the Stop Loss can be selected when the EA initialises.
The hedge trade itself is not to be closed with a profit (just the Stop Loss to be incorporated to the trade). This will mean that if the profit of the hedge trade was to then go back down to zero (or have a slight loss) at a later stage, the Hedge Trade would then close (i.e. break even).
4) The original trade is to remain open (even if the hedge trade is closed).
5) If the original trade then has a loss again as in part (2) (i.e. 40 pips), then another hedge trade will be opened for this original trade (and the process will start over again).
Please note: The EA will hedge with the same currency pair. I am in Australia; so hedging the same currency pairs is allowed (i.e. I can have 1 open buy position of AUD/USD and 1 open sell position of AUD/USD at same time).