Double Stochastic and Bollinger Bands

Initialization

1. Define input parameters:
   • Stochastic period 1 (e.g., 5)
   • Stochastic period 2 (e.g., 3)
   • Bollinger Bands period (e.g., 20)
   • Bollinger Bands deviation (e.g., 2)
   • Lot size for trading
2. Initialize variables for storing indicator values and trade status.

Main Loop (OnTick function)

1. Update Indicator Values

• Calculate Stochastic oscillator values for both periods
• Calculate Bollinger Bands values (upper, middle, lower)

2. Check for Entry Conditions

Buy Signal:

• If the faster Stochastic (shorter period) crosses above the slower Stochastic (longer period)
• AND the current price is below the lower Bollinger Band

Sell Signal:

• If the faster Stochastic crosses below the slower Stochastic
• AND the current price is above the upper Bollinger Band

3. Check for Exit Conditions

Close Buy Position:

• If the faster Stochastic crosses below the slower Stochastic
• OR the current price crosses above the upper Bollinger Band

Close Sell Position:

• If the faster Stochastic crosses above the slower Stochastic
• OR the current price crosses below the lower Bollinger Band

4. Execute Trades

• If entry conditions are met and no open position exists, open a new position
• If exit conditions are met and a position is open, close the position

5. Implement Risk Management

• Set stop loss and take profit levels based on a predefined risk-reward ratio
• Implement a trailing stop if desired

6. Handle Errors

• Check for errors after each trade operation
• Log errors and take appropriate action (e.g., retry, abort)

Additional Functions

Calculate Indicators

• Implement functions to calculate Stochastic and Bollinger Bands values
• Use built-in MQL4 functions where available (e.g., iStochastic, iBands)

Trade Management

• Implement functions for opening, closing, and modifying trades
• Include logic for position sizing and risk management

Logging and Debugging

• Implement functions for logging trade actions and important events
• Include debug information for troubleshooting

Optimization Considerations

• Make key parameters customizable through input variables
• Consider implementing a mechanism for backtesting and optimization

Safety Measures

• Implement a maximum spread check to avoid trading in high-spread conditions
• Add a news filter to avoid trading during major economic news releases
• Implement a maximum daily loss limit to prevent excessive losses