Programming Request in MT4
1. The underlying strategy is based on breakout from a channel (low to high volatility)
2. The channel will be determined subjectively and entered before the trade is put on
3. Trade is put on at 07:55 GMT.
4. If any positions are open at 16:55 GMT, they should close automatically at 16:55.
5. The purpose of this programming is to prevent whipsaw losses.
6. Variables for entry:
a. Channel high (stop buy level)
b. Channel low (stop sell level)
c. Lot size
d. Excursion distance
e. Instrument
7. Orders are stacked at the channel high (buy stop level) and channel low (sell stop level) as follows and the application must enter these orders to MT4 at 07:55 GMT once the variables are input:
a. Buy Stop 4x lot size at buy stop level with a 25 pip trailing stop
b. Buy Stop 1x lot size at buy stop level with a 20 pip stop loss and 15 pip profit target
c. Buy Stop 1x lot size at buy stop level with a 20 pip stop loss and 20 pip profit target
d. Buy Stop 1x lot size at buy stop level with a 20 pip stop loss and 25 pip profit target
e. Buy Stop 1x lot size at buy stop level with a 20 pip stop loss and 30 pip profit target
f. Sell Stop 4x lot size at Sell stop level with a 25 pip trailing stop
g. Sell Stop l 1x lot size at Sell stop level with a 20 pip stop loss and 15 pip profit target
h. Sell Stop 1x lot size at Sell stop level with a 20 pip stop loss and 20 pip profit target
i. Sell Stop 1x lot size at Sell stop level with a 20 pip stop loss and 25 pip profit target
j. Sell Stop 1x lot size at Sell stop level with a 20 pip stop loss and 30 pip profit target
8. The Excursion distance is the distance price travels in pips from the initial entry point which establishes the initial trend. Once price travels the initial excursion distance it triggers a new set of orders to protect profit against a whipsaw. For example, assume the Buy Stop level on EUR-USD is 1.2385 and the Sell Stop level is 1.2345. Price reaches 1.2345 and the 5 sell orders are triggered. Assume the Excursion distance is 10.0 pips. Once price goes down to 1.2335, it has moved the full excursion distance, the downtrend is confirmed and the whipsaw orders become active. 
9. Once the Excursion distance is reached (10.0 pips or 1.2335 in this example), if price moves back to the original order price (1.2345 in this example), two new sets of orders are placed. 
a. The initial set of 5 sell (or buy) orders are closed at market price. 
b. The opposite pair of orders are moved down to the opposite price level which trigger the next set of 5 orders.  
c. So in our example, if we are filled with 5 sell orders at 1.2345, price goes below 1.2335 and then retraces back to 1.2345, the 5 (or how many are still open, some might have already closed by hitting take profit target) sell orders are immediately closed at market.  Simultaneously 5 new Buy Stop orders are triggered at 1.2345. The Buy Stop orders at 1.2385 (the original Buy Stop level) were moved down to 1.2345 and no longer exist at 1.2385.