Need help building an EA based on Price Action

I need help to build a strategy based on price action. Time frame 5 minutes. I open a buy position at each open price of the 5 min candle. My target is 10 pips. If this condition is not met, I want to exit with a stop loss of 2 times the target price. If the candle does not meet this target also, i exit at the close price of the candle.

Can you help me in coding this logic?

Basically i need an EA which opens a trade on each new candle on a 5min chart with TP:10pips and SL:20pips if none are met in this 5min candle then the trade will be closed automatically, and new a trade will be taken for the next candle.

i am not yet sure how to set conduction for the trade, whether if it is a buy/long or short/sell since this whole method is based on price action.


Thank you

Assuming that you are Using MT4 Platform.
First, I don't see how this is based on price action.
It is impossible to code an EA to exit at the close price of a candle. The EA cannot know that a candle has closed until a new candle opens, so it will close the trade at the open price of the new candle.
What is the point of exiting a buy trade and immediately opening a new buy trade? You will lose the spread everytime? Why not just leave the trade open and not gift the cost of the spread to your broker?

You need to re-think the logic behind this.

Attached. Should give you something to start with...

(BTW, the equity curve goes straight down with your logic.)

Above is based on this...

" I open a buy position at each open price of the 5 min candle"
" TP:10pips and SL:20pips"
" if none are met in this 5min candle then the trade will be closed automatically, and new a trade will be taken for the next candle."

So it does not sell. Just buy because that's what you said.

Don't know why you think that would work. Normally you should have a reason to open a trade, otherwise why would you put your capital at risk? Everytime you open a trade, you risk capital. If you want to make money you should spend your time learning to understand value vs price. Buy when value is greater than price and sell when price is greater than value.

@masterbrent

Thanks for the EA, i tested it and it worked very well, i know this won't be profitable yet, as i said before i wasn't able to make any logic to know where it should be a buy trade or sell trade so for now i though it would be better if i open all trades as buy. if you have any better logic in mind let me know

@Gumrai

I know what your worried about. But if you trade on commission based account with mini. spread of 2pip or so, Then you can make a decent amount of profit, where on each candle if you plan to take 5-10pips of profit

For now i am not fully cleared on placing trades, i am able to tell manually if the trade should be a sell trade or buy trade but with EA i don't have any specific logic yet, also would like to know if this method works better on higher time frames like 30mins,1hrs,4hrs with higher targets

Thanks