Hello, i am about to write my first EA and i am currently planning it out. I am new to mql4 but have a good programming background, so much of my examples will simply be my thought processes with which i will base the actual EA. I do this so that experienced programmers can point out where i do not have the right/ logical ideas.
I plan on making a 5 min scalping system that works at a 1:1 RR ratio. The goal here is to trade more profitably than negatively, for 10 pips each side, in a liquid market.
The system will be based off a combination of the indications of 2 strong 5 minute indicators,a strong swing indicator, and a candlestick indicator. when these indicators are positive and in the same direction i enter a trade.
The system will also be self assessing. To achieve this the system will record the number of take profits vs. the number of stop losses and plot a graph of:
^y - axis
|
| take profits
|
|------------------------>time
|
| stop loss
|
graph A
the assessments will be based off of the ratio of take profits : losses, and will determine whether or not the program continues live trading. if the ratio begins to favour losses over a certain period of time(I'm thinking using 15 minute periods and assessing over last 5 periods) it stops trading and enters 'demo' mode.
Demo Mode:
in this mode, the program will not open any new positions, and will only close outstanding trades based off of the rules of the system.
the program will operate as normal but instead of opening a position where it normally would, it would now create a variable. the program would then compare this value to the last candlestick of the live chart to determine if a profit or loss would have occurred.
graph A would now be plotted using these values, and the system will continue to assess itself. If successes surpass losses over a certain time period, it enters 'live' mode and trades again.
this is the basic principle of the EA, because i am new to this, i don't have a very wide range of good indicators. i already plan on using Imran's strategy for 1 5min indicator, but don't know what to do about the other 5 min, swing, or candlestick.
This is why i come to you my more experienced forex brothers and sisters for guidance and wisdom as i try to create my first successful EA
I plan on making a 5 min scalping system that works at a 1:1 RR ratio. The goal here is to trade more profitably than negatively, for 10 pips each side, in a liquid market.
The system will be based off a combination of the indications of 2 strong 5 minute indicators,a strong swing indicator, and a candlestick indicator. when these indicators are positive and in the same direction i enter a trade.
The system will also be self assessing. To achieve this the system will record the number of take profits vs. the number of stop losses and plot a graph of:
^y - axis
|
| take profits
|
|------------------------>time
|
| stop loss
|
graph A
the assessments will be based off of the ratio of take profits : losses, and will determine whether or not the program continues live trading. if the ratio begins to favour losses over a certain period of time(I'm thinking using 15 minute periods and assessing over last 5 periods) it stops trading and enters 'demo' mode.
Demo Mode:
in this mode, the program will not open any new positions, and will only close outstanding trades based off of the rules of the system.
the program will operate as normal but instead of opening a position where it normally would, it would now create a variable. the program would then compare this value to the last candlestick of the live chart to determine if a profit or loss would have occurred.
graph A would now be plotted using these values, and the system will continue to assess itself. If successes surpass losses over a certain time period, it enters 'live' mode and trades again.
this is the basic principle of the EA, because i am new to this, i don't have a very wide range of good indicators. i already plan on using Imran's strategy for 1 5min indicator, but don't know what to do about the other 5 min, swing, or candlestick.
This is why i come to you my more experienced forex brothers and sisters for guidance and wisdom as i try to create my first successful EA