I've been looking for a freely available EA to trade basic engulfing bearish and engulfing bullish patterns for MT4. If you ever came across one please share it...
Thank you!
Thank you!
for me I am looking for an ea that can place an order based on outside bar. An outside engulfing bar being one that has a higher or equal high and a lower or equal low to the previous bar. The stop loss is the length of the engulfing bar plus 2 points and spread. The entry is two points below or above the low or the high of the engulfing bar. The take profit is the length of the engulfing bar plus a user decided percentage.
Hope that makes sense
thanks
Hope that makes sense
thanks
Gravity goes both ways in forex...
Alright, so here's the EA that can trade like max_pips just described
I personally think this system is missing an edge, but I had some spare time, so I made it as per your request.
I took the liberty to add an option to take spreads into account the correct way, instead of how max_pips described it.
Also, because the identification of an Engulfing pattern involves trend confirmation I added the option to use a few MA's to help you do that. I also added an option to use the previous candles bearish/bullish bias as one would normally need to identify the pattern, because otherwise there would always be two orders placed instead of one biassed order.
What the EA does:
IF "Use MA Trend Filter=true"
THEN IF PA > MA's
THEN look for buys (and vice versa for sells)
AND
IF "Use Prev Candle Bearish/Bullish Filter=true"
THEN IF candle2 is bearish
AND IF candle1 bullish
THEN look to place buy order (and vice versa for sell orders)
AND
IF candle1 high >= candle2 high
AND candle1 low <= candle2 low
THEN place pending order above/below candle1 (offset is adjustable)
AND
The SL will be placed at candle1's high/low (offset is adjustable)
AND
The TP pips will be an adjustable factor of candle1's length (candle1 high - candle1 low)*factor
IF "Take Spreads Into Account The Correct Way=true" the spread will be added to the entry offset for buys and to the exits for sells.
IF "Take Spreads Into Account The Max_Pips Way=true" the spread will be added to the SL for both buys and sells (note that I think this might not make sense)
Please notify me if I misinterpreted the request
If there's anything more I can do, let me know
Happy trading!
Saf
EDIT: 05-27-2015: EA Updated
I personally think this system is missing an edge, but I had some spare time, so I made it as per your request.
I took the liberty to add an option to take spreads into account the correct way, instead of how max_pips described it.
Also, because the identification of an Engulfing pattern involves trend confirmation I added the option to use a few MA's to help you do that. I also added an option to use the previous candles bearish/bullish bias as one would normally need to identify the pattern, because otherwise there would always be two orders placed instead of one biassed order.
What the EA does:
IF "Use MA Trend Filter=true"
THEN IF PA > MA's
THEN look for buys (and vice versa for sells)
AND
IF "Use Prev Candle Bearish/Bullish Filter=true"
THEN IF candle2 is bearish
AND IF candle1 bullish
THEN look to place buy order (and vice versa for sell orders)
AND
IF candle1 high >= candle2 high
AND candle1 low <= candle2 low
THEN place pending order above/below candle1 (offset is adjustable)
AND
The SL will be placed at candle1's high/low (offset is adjustable)
AND
The TP pips will be an adjustable factor of candle1's length (candle1 high - candle1 low)*factor
IF "Take Spreads Into Account The Correct Way=true" the spread will be added to the entry offset for buys and to the exits for sells.
IF "Take Spreads Into Account The Max_Pips Way=true" the spread will be added to the SL for both buys and sells (note that I think this might not make sense)
Please notify me if I misinterpreted the request
If there's anything more I can do, let me know
Happy trading!
Saf
EDIT: 05-27-2015: EA Updated
Thanks SAFV6, I really appreciate it. I think I just didn't explain the spread bit well, I knew what I wanted
For me this is part of a system which is based on my interpretation of the market. I then just need to decide whether to accept the trade or not. Unfortunately it does not work for me as I am on Mac, so a quirk of this is that I also need the MQ4 file for it to work.
If you're happy to give it, thanks a lot, if not, thanks a lot anyhow
Max
For me this is part of a system which is based on my interpretation of the market. I then just need to decide whether to accept the trade or not. Unfortunately it does not work for me as I am on Mac, so a quirk of this is that I also need the MQ4 file for it to work.
If you're happy to give it, thanks a lot, if not, thanks a lot anyhow
Max
Gravity goes both ways in forex...
Thanks SAFV6, I really appreciate it. I think I just didn't explain the spread bit well, I knew what I wanted
If anything more needs to be added or adjusted, I'd be happy to do it
Cheers,
Saf
EDIT: The new EA is in my previous post above
Thanks SAFV6, I really appreciate it. Unfortunately it does not work for me as I am on Mac, so a quirk of this is that I also need the MQ4 file for it to work. If you're happy to give it, thanks a lot, if not, thanks a lot anyhow
max
Gravity goes both ways in forex...
{quote} You're very welcome Max! If you want me to remove the "Take Spreads Into Account The Max_Pips Way" option, let me know. You said you use the candles to decided IF you want to take the trade, so I added the option to send push/email alerts instead of trades. If anything more needs to be added or adjusted, I'd be happy to do it
I've been playing with this and it has been useful at just getting me to the orders I want that bit quicker. I am shocked and amazed at how much went into the programming! It looks epic! Thank you. One question however, does the MA trend filter work? I don't get any orders placed at all when I have this on.
Thanks mate
Max
Gravity goes both ways in forex...