I have been turned on to Range bar charting over the past couple of months, and I have truly been impressed with what I have seen. I have a system that will work, and would like to get it programmed into an EA
My first question is: Is it possible to program an EA to execute trades on and offline chart. (The range bars that I use are painted real time be a script to a M2 offline chart)
Please let me know if that is possible, if it is not, then the rest below is all for not!
I have taken the Mr. Nims Renko strategy and modified it to fit my trading style, and I use constant range bars instead of Renko bars (More reliable).
I also have added another indicator called lab trend which is extremely accurate and to my knowledge does not repaint. Here are the rules:
1. MACD crosses below/above Zeroline and is red for short, or green for long (or it crosses over again for a long and stays above the zero line and vice versa for a short)
2. Bar closes "x" amount of pips above/below the 5 EMA envelope (above for long, below for short and probably 2-5 pips outside would suffice, this needs to be an adjustable parameter)
3. A blue/red dot has formed on that bar that closed or "x" amount of bars before (1-2 bars would suffice here...this needs to be an adjustable parameter), and the bar is red for short, or blue for long
4. 15 pip TP, 15 pip SL would give a 1:1 risk/reward ratio, but if you are trading on a higher pip range, you could make your stop 30-40 pips and aim for 75-100 pips with a trailing stop (me, i am very short term minded, therefore I would trade it with the 1:1 short term method)... So clearly, Take Profit, Break Even, Trailing Stop, and Stop loss would all be adjustable parameters.
5. Would also need the option to turn on/off a MA that would determine if you can take long or short trades (Ex. 60 EMA - only go long if price is above and only go short if price is below)
***Here's where it gets a little tricky. I would like for the EA to have the ability to take a trade long at the bottom of the move only of there is a double bottom, a Higher low, and divergence on the MACD (vice versa for short) this way, when price is trending down, the EA doesnt try to take every crossing up, and when price does get to the bottom/top of the move, if the EA can recognize divergence and support/resistance it will be able to catch the swing move up.
Hopefully I have made it relatively clear for starters. Like I said, this is def. a job for a very experienced programmer, if it can be done at all. Please let me know if you think you can do it, and we can discuss this in more detail.
I have attached the indicators and a screen shot of trade set ups
***It would also need to have the ability to start trading at x time and stop trading at x time (I will want to trade it from london open to close)
My first question is: Is it possible to program an EA to execute trades on and offline chart. (The range bars that I use are painted real time be a script to a M2 offline chart)
Please let me know if that is possible, if it is not, then the rest below is all for not!
I have taken the Mr. Nims Renko strategy and modified it to fit my trading style, and I use constant range bars instead of Renko bars (More reliable).
I also have added another indicator called lab trend which is extremely accurate and to my knowledge does not repaint. Here are the rules:
1. MACD crosses below/above Zeroline and is red for short, or green for long (or it crosses over again for a long and stays above the zero line and vice versa for a short)
2. Bar closes "x" amount of pips above/below the 5 EMA envelope (above for long, below for short and probably 2-5 pips outside would suffice, this needs to be an adjustable parameter)
3. A blue/red dot has formed on that bar that closed or "x" amount of bars before (1-2 bars would suffice here...this needs to be an adjustable parameter), and the bar is red for short, or blue for long
4. 15 pip TP, 15 pip SL would give a 1:1 risk/reward ratio, but if you are trading on a higher pip range, you could make your stop 30-40 pips and aim for 75-100 pips with a trailing stop (me, i am very short term minded, therefore I would trade it with the 1:1 short term method)... So clearly, Take Profit, Break Even, Trailing Stop, and Stop loss would all be adjustable parameters.
5. Would also need the option to turn on/off a MA that would determine if you can take long or short trades (Ex. 60 EMA - only go long if price is above and only go short if price is below)
***Here's where it gets a little tricky. I would like for the EA to have the ability to take a trade long at the bottom of the move only of there is a double bottom, a Higher low, and divergence on the MACD (vice versa for short) this way, when price is trending down, the EA doesnt try to take every crossing up, and when price does get to the bottom/top of the move, if the EA can recognize divergence and support/resistance it will be able to catch the swing move up.
Hopefully I have made it relatively clear for starters. Like I said, this is def. a job for a very experienced programmer, if it can be done at all. Please let me know if you think you can do it, and we can discuss this in more detail.
I have attached the indicators and a screen shot of trade set ups
***It would also need to have the ability to start trading at x time and stop trading at x time (I will want to trade it from london open to close)
Attached Image (click to enlarge)
Attached File(s)
