The strategy is based on three indicators. First is Bollinger
bands(20,2), second is WPR(14) and third is ADX(14). I am also using
SMA(100) to identify the direction of the trend. The strategy checks
the direction of the trend and then see that the ADX is not increasing
(it confirms the absence of a trend, I want to trade ranging market).
After checking ADX it checks if the last candle closed above or below
the SMA(100). If above SMA(100) then it looks to enter buy trades if
below then it looks to enter sell trades. For a SELL trade if the 2
candles before WPR is above -10 then strategy checks the last candle
WPR. If it is below -10 then strategy checks the high of the last
candle. If it is higher than the upper Bollinger band then it checks
for the close of the last candle. If it is below the upper Bollinger
band then strategy checks for open positions. If there is none then it
opens a Sell trade.
For a BUY trade if the 2 candles before WPR is below -90 then strategy
checks the last candle WPR. If it is above -90 then strategy checks
the low of the last candle. If it is lower than the lower Bollinger
band then it checks for the close of the last candle. If it is higher
the lower Bollinger band then strategy checks for open positions. If
there is none then it opens a BUY trade.
The amount to trade is set at 15 Million with stoploss at 300 pips
take profit at 8 pips. The instrument used for trading is AUDJPY.