I have included a trend indicator in the EA (Heiken asi smothed).
I am not an expert in mql programming. It may be badly programmed, but I still tried AUDCAD in a period from January to July and these are the results of the strategy tester (with and without HAS).
Heiken ashi smoothed 3.mq4
V7 is an initial idea. It would be nice if someone with more knowledge could help.
this EA has a lot of potential.. btw can u add equity lot?
I'm at a bit of a loss. Does not the EA get us into trades when we get an inside bar and the RMI is either oversold or overbought? Do those situations not predominantly occur at the end of a trend/run? If the trend still has further to run do we not get into more reversal trades based upon a grid? If the above are true then what's the point in putting a trend filter on the EA. Surely we are buying/selling reversals not trends. Besides aren't Heiken Ashi candles way too slow. You might as well use SMA/EMA/LWMA or SSMA crossovers to define trend change.
Also, when there are tradeable reversals on a lower timeframe(like 30mins) according to this strategy and you only trade those ones that agree with the trend on a higher timeframe (like 4hrs or daily), then you stay safe from large drawdowns that are caused by the trend and remain profitable on the long run.
The point i'm trying to make is similar to what we have here; https://www.forexfactory.com/showthr...4#post12278734
RMI EA V6 Strategy tester not taking short trades !!!
I do remember that it was mentioned but i have just gone back over the tread and can't find the topic i'm looking for.
Can anyone point me in the right direction please.
I would like to introduce my trading method using Cubbybgood’s “RMI_EA_inside_candle_V5”. I have been trading my method for 8 weeks since 12-August. The following table shows my weekly results. Week 8 is the current week and it only includes results from Sun to Wed.
Before 12-August, I tested Cubbybgood’s method as he recommended. I used only the 3 CAD pairs he recommends and used his exact set files. Over a few weeks I made some modifications to the settings and continued live testing. I now feel very comfortable with the profitability of my method and settings. In the next post I will present my settings and rules.
I have not back tested my trading system, nor do I intend to. I have been live trading since I started testing during July. I started trading using minimum size positions and I have gradually increased position size as my confidence in the system grows.
Before I continue, I would like to thank Cubbybgood for giving the EA at no charge. That was a very generous gesture.
I trade the system on an Oanda account using 50:1 leverage. I cannot use higher leverage as I trade from USA. For position size, I use 0.01 lots per $600 of balance.
All 28 pairs are traded using the 8 currencies: USD, EUR, GBP, JPY, CHF, CAD, AUD, NZD. All are traded on the 1 Hour chart.
I use V5 of the EA. The EA settings are identical for all charts. I was having success with V5 so I never considered changing to V6. Here is an image of the settings I use for the EA V5:
Going down the list of the settings.
- For the RMI Indicator, use Buy Level 30 and Sell Level 70.
- Set “Use Grid” to “false”
- Spread filter is set to 10.
- Use “Close by Pips Profit” set to “true” at 12 pips.
- Stop Loss is not used.
- All other options to close trades set to “false”.
Next post I will discuss my trading methodology.
A bit of discussion on my methodology.
I open the EA when the Forex markets open (Sunday 4:00 PM for me). It usually takes at least 2 to 4 hours before the first trade opens because the spreads are high at market open and the spread filter is set to 10.
I usually close all trades and stop trading about 6 to 8 hours before the markets close on Friday. I prefer not to leave any open trades over the weekend.
The Take Profit value of 12 pips may sound a bit low for other users. I prefer to take profits when they are available and not allow the trade to reverse against me. During the day I may even close trades manually at 8, 9, or 10 pips, if it appears to me that the trade won’t go higher anymore.
I do not use the grid option but it is possible for a pair to open multiple positions. This happens when a pair develops a new inside bar and opens a second position. This does happen and in some cases I have had 3 positions open on the same pair. Since I trade from USA, I must follow the “First In – First Out” (FIFO) rule. I prefer not to have multiple positions open with the same pair. I try to close multiple positions as quickly as I can without taking a big loss. Ideally, when the combined positions total is at break even or at a small loss, I will go ahead and close them all.
Sometimes one trade will go significantly against me. If I have several positions with small profits at the same time, I may go ahead and close all positions to limit the loss.
From what I have seen so far trading my system, I believe it can continue to consistently generate 5% to 10% profits per month. I will continue to post weekly results if there is any interest.
During a trading day do you have normally on each currency of the 28 pairs a max spread of 10? For me it sounds very low.
Yes please keep updating.
When you've had multiple trades open for the same pair -- Oanda didn't flag the trade(s) for two or more trades/same pair / TP rule? I also have Oanda (sounds like we are in the same time zone) -- and a couple of weeks ago they froze my account because the EA created that situation...
But my EA settings are exactly as I posted earlier with a 12 pip TP. The EA has been closing my trades when the profit reaches 12 pips. So the new FIFO rule has not been a problem.
As a test, I went into one of the GBP/CAD trades and attempted to set a TP and the order was rejected.
But greatly appreciate your sharing and look forward to implementing...
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