Pippo: A Murrey Maths Retrace EA
I've agreed with Steve to move Pippo to a new thread for the following reasons:
1) There are people who want to contribute but can't due to voucher/buddy limitations
2) There is the possibility that this EA will evolve away from the description on the front page
3) It's tricky ensuring the latest version is easily accessible.
I strongly recommend readers of this thread to familiarise themselves with the original thread first.
I equally strongly recommend that you take note of Steve's health warnings regarding Auto trading EA's
I got involved in this because I'm interested in Murrey Math lines as a support resistance indicator for lots of different trading systems and happened to be working on an improvement to the lines indicator which has been available elsewhere on FF.
This post explains where I'm coming from in that respect.
The end result is a new Murrey indicator which doesn't redraw as frequently as the original and also displays how the lines would appear in the past.
I have since worked this indicator into Steves pippo EA.
I cannot yet advocate pippo for live trading just yet for the following reason(s)
1) Pippo is vulnerable to protracted trending moves which can quickly produce big drawdowns. There is a hedging option in there but this has problems of it's own particularly if the price chops afer the hedge is placed.
Place the Pippo.mq4 in the "experts" folder of your metatrader installation
One final note. As a programmer, I'm a tinkerer/optimiser/bugfixer. I'm crap at creating from scratch so I'm completely in Steve's debt for the EA code base he has selflessly contributed here.
Your work on this is greatly appreciated.
Thanks for opening this thread and to Steve for all his hard work. I will give it a try, just starting from scratch , do you have a set file for your version and I believed you said you were running it on m5 to get some activity.
Thanks for any help.
I would not recommend M5 for live trading or even evaluation. The lines are just too close to together to be profitable and lots of trades would not be taken because the minimum stoplevel would prevent limit orders being generated. I used m5 just to prove the thing worked, not as a serious test.
The shortest timeframe that I've heard of being used with v12 is 1 hour.
For the MML indicator, the key parameter is P which is the period used to get the hi/lo range which should be set to a period which makes sense for the timeframe you use.
The default is 118 which just happens to be the number of H1 bars in a week from my data provider.
For H4, 1 week is 30 bars so P=60 or 120 makes sense.
Lower values of P will generate more trades but also more troublesome redraws
Just so everyone knows, this thread has my blessing and support. I hope Pippo evolves into something fantastic.
Thank you for your help and I will follow and learn , Steve thanks for your support and blessing.
Original Pippo on the metals
Great to see this work continue I'm still new to understanding this movement, but so far its going well.
My result on metals with mostly default settings on 15 min TF, haven't even started to try and optimize. IMO metals is the best market to trade this EA. Steady, low drawdown profit, due to their huge retracements and seeming respect for murrey.
Hi I have been following this this Ea for a number of weeks now and I am pleased you have started this new thread so I can contribute as a newbie
I have been testing V12 for a couple of weeks and everything was going ok small profits but this week have seen a big difference with a big DD tried to use MPTM but not sure how to apply it, if someone could help or advise me that would be great
I strongly suggest that you download the instruction manual from the first post of the MPTM thread and read it several times so you fully understand what it can do and how it does it and then decide what it is that you actually want to do.
What I had to do to get Pippo to be managed by MPTM was to use a trade copier. Ronald Raygun has a few in his threads if I am not mistaken.
1) I trade with pippo on a demo account
2) copy the trades to a live account
3) Setup MPTM in live account and manage the trade
look its the long way but it works for me. Hoped this info helps.
I have been playing around with more different settings and ways to trade with Pippo using the basic Fabionici points ie 2/8 , 4/8 & 6/8 where theoretically there should be more resistance more probability of a reversal = more pips, if any of it works , will post here. My old system setup performed really well this last week , cant really post results as I had two other EA's trading on the same platform so results will be confusing. Definitely going to try trading gold and silver with Pippo,as an ex commodity trader I was impressed with bud4oilprgm's results.
Hope we all make millions with this one.
Hi Dietcoke and crew. I'm aboard for this one. After a reset with the appropriate indicator as per Batemaps advice last week Pippo V12 came alive with a vengeance. A bit of DD at close on Friday but that doesn't bother me at the moment as I'm used to trading TB !!!
Curious to see what will happen this week with all the USA hype that's going on.
what's your setfile for the indi (see posts #1 and #4 in this thread) ?
Did you change it for using on the TF M15 ? Especially the parameter "P" in the indis setfile ? Did you of course set "MMPeriod" to 15 ? You wrote in your post #8 "mostly default settings" - what changes did you do ?
Lol no I didn't change that, maybe that explains why I was getting some of the same trades on my 15 min chart as 60 min on gold Friday. But I will leave this going as is and start a new demo with the period set correctly.
One other thing, I used the default murrey math indi that came with my MT platform. Not all seem to offer it by default, so I've posted that here as well.
This was an experiment using version 12. For some reason the trades weren't closing. But it would enter trades fine. So in this exercise, I closed the trades manually at arbitrary times I felt profit was good. Obviously, manually closing didn't work too well on eur/usd but just fine for metals.
Will post my set file shortly when my vps stops acting up.
I will test.
Thanks for the starting the thread.
Hi Guys thanks for your response to my last post I probably didnt explain my self properly
I have read the manual but my biggest problem is actually setting the MPTM in motion when I have Death trade when using Pippo I just need someone to walk me through it and I will be ok from then on
I am not sure for example do I take Pippo of and then add MPTM or set my self up a blank page and then apply it leaving Pippo on that paticular currency anyway hope someone can help
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