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Attachments: PipBoxer_SE Safely Exit an Open Trade
Exit Attachments

PipBoxer_SE Safely Exit an Open Trade

Quoting irusoh
Al, you should release your trade stops management code as a library (ex4), then anybody could use it for their own EAs. As well as Money management scheme (VAR).
I'll spend the next week to make this EA available to all programmers out there. I'll consider your solution as an option. I'll let you all know as soon as I figure out a system that helps everybody.

Thanks for the suggestion,
Al
Quoting mikhaildgreat
I completely understand. But still thanks for the great exit strategies.

Regards,
Mikhail
Thanks for your understanding. I will work on alternative solutions that will help you to use the EA for your exit strategy without the necessity to share the source code.

Good Luck,
Al
I entered 4 trades randomly to forward test the power of this system. I was amazed by the results. It can probably used to explain why Money Management is important.

Click here to see it for yourself.
  • Post #24
  • Quote
  • Edited 7:58pm Jan 30, 2007 7:37pm | Edited 7:58pm
Quoting aparsai
Hi everybody,

I have developed an EA based on PipBoxer technology. It helps you to exit your trades with a sophisticated strategy.

Please read the attached guideline before using the EA. Please also cosider the following issues:

  1. Do not use this tool for scalping and exiting trades with SL and TP levels less than 15 pips.
  2. PipBoxer_SE is not a complete trading package. You need to open the trade yourself. It just helps you exit the trades in a better way.
  3. PipBoxer_SE is a freeware. Feel free to distribute and send it to your friends. However, it’s under my copyright. You are not permitted to sell this program or use reverse engineering techniques to extract the code.
  4. PipBoxer_SE is written for MetaTrader 4 build 201. It might not work properly on other releases of the MT4.
  5. You are using this tool at your own discretion. I shall not held responsible for your losses due to the usage of this tool. I recommend forward testing it several times to make sure this is the solution you are looking for.

Note: I updated the EA on Jan 26, 2007. Please download the new version if you have downloaded the file prior to this date.

Hi. I'm using your SE program, and it is excellant - thank you for sharing it.
I would like to ask the following.
Once a Trade is entered, and your program activated, would an alteration in the TP on MetaTrader be copied & used by your program?
TKS
Quoting springer
Hi. I'm using your SE program, and it is excellant - thank you for sharing it.
I would like to ask the following.
Once a Trade is entered, and your program activated, would an alteration in the TP on MetaTrader be copied & used by your program?
TKS
Thanks for your positive feedback. I'm not quite sure if I've got your question. If I got it right, the answer is that the program always read the TP and SL levels from the open trade based on the ticket number. So if you change TP manually it will consider the new TP instead of the old one.
  • Post #26
  • Quote
  • Edited 8:42pm Jan 31, 2007 8:35pm | Edited 8:42pm
Quoting aparsai
Thanks for your positive feedback. I'm not quite sure if I've got your question. If I got it right, the answer is that the program always read the TP and SL levels from the open trade based on the ticket number. So if you change TP manually it will consider the new TP instead of the old one.
Hi, You had it perfectly. I spent the day trading Cable, and it would be an understatment to say I was impressed with you program - its terrific!
25 pips TP, 6 trades, and only one loss, 5 pips. For a total gain of 45 pips (net of spread). Congratulations.
Would you know of an EA that only opens a position?
Tick
Quoting springer
Hi, You had it perfectly. I spent the day trading Cable, and it would be an understatment to say I was impressed with you program - its terrific!
25 pips TP, 6 trades, and only one loss, 5 pips. For a total gain of 45 pips (net of spread). Congratulations.
Would you know of an EA that only opens a position?
Tick
I'm happy to hear that. I'm not aware of such a program that just opens a position.

Good Luck,
Al
I have used your ea now for about a week and what a great addition to my trading armoury.

Great work, and your information data well presented and very profesional, going to have a look at the pipboxer ea although I must say I do prefer to trade manually.


Again well done and thankyou for sharing it with us..


Glenn
Quoting glenn5t
I have used your ea now for about a week and what a great addition to my trading armoury.

Great work, and your information data well presented and very profesional, going to have a look at the pipboxer ea although I must say I do prefer to trade manually.


Again well done and thankyou for sharing it with us..


Glenn
I'm happy you liked it. Good luck.
I am very interested in using this exit strategy with an EA I use for entry. How can this be done?

Thanks,

dbcmkx
Quoting dbcmkx
I am very interested in using this exit strategy with an EA I use for entry. How can this be done?

Thanks,

dbcmkx

I've found the solution to this and will develop the necessary files as soon as possible but it won't happen in less than 10 days from now as I'm busy with developing PB2 EAs.

Good Luck,
Al
Is it possible to have an EA call another EA? I was thinking of maybe using this with EAs which actually triggers a trade instead of having separate charts with different EAs. Can this EA be modified to only touch orders which have a particular comment when trade was entered instead of all orders involving GBPUSD.
Quoting et_phonehome_2
Is it possible to have an EA call another EA? I was thinking of maybe using this with EAs which actually triggers a trade instead of having separate charts with different EAs. Can this EA be modified to only touch orders which have a particular comment when trade was entered instead of all orders involving GBPUSD.
It is possible to call an EA within another EA. However, I need to develop a *.mqh file based on this EA. I'll do that in the near future.
Quoting aparsai
I've found the solution to this and will develop the necessary files as soon as possible but it won't happen in less than 10 days from now as I'm busy with developing PB2 EAs.

Good Luck,
Al
Looking forward to the files and also the new EAs.

dbcmkx
Quoting dbcmkx
Looking forward to the files and also the new EAs.

dbcmkx
Thanks and good luck.
Great Al,

Looking forward to it. keep up the great work! and I hope you always stay as generous as you are.

-Mikhail
Quoting aparsai
It is possible to call an EA within another EA. However, I need to develop a *.mqh file based on this EA. I'll do that in the near future.
Quoting mikhaildgreat
Great Al,

Looking forward to it. keep up the great work! and I hope you always stay as generous as you are.

-Mikhail
Hi Mikhail,

I'm not that generous. Actually I planned to sell that extension to the EA (I mean the one that you can use in other EAs). Anyway, I hope I didn't dissapoint you too much.

Good Luck,
Al
Al,

I completely understand the need for a S/L which is usually based on what a trader is willing to risk on the trade. What criteria is used to chose the T/P? Is letting the momentum/strength of the movement to determine the exit better?

Thanks,

dbcmkx
What I mean is if a T/P has to been entered in order for Pipboxer_SE to work, what is the best way to determine the T/P?

dbcmkx
Quoting dbcmkx
What I mean is if a T/P has to been entered in order for Pipboxer_SE to work, what is the best way to determine the T/P?

dbcmkx
Thanks for your question. I beleive setting TP is as important as setting SL. You need to define when you want to take your profit and go. There are several methods that you can use to determine your profit target or take profit. For example:

  1. In a breakout system the TP can be related to the box height. For example if the box height is 100 pips you can set a target of 0.618 of the box height (i.e. 61 or 62 pips) as your TP. Many people prefer to use one of Fibonacci ratios. I prefer to backtest to recognize the best result.
  2. The other approach is to use pivot lines as TP.
  3. If you are using a chart pattern to enter a trade you may use the recommended targets. For example in a double-top pattern the profit target could be the height of the pattern. No matter the pattern is a reversal or continuation there are many predefined systems to set the profit target.

Some people prefer to use other approaches to define the profit targer for example if RSI drops below a certain level then the system gets closed. Even with these system you may define a TP that you guess is roughly around where you want to go. If in the system you are using there is no way to define TP or SL with pips then it's probably better to use another type of MM system to handle the open trade. I can design other types of EAs that handle such trades.

I hope I answered your question. Please feel free to let me know if I need to further clarify.

Good Luck,
Al

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