Price Flip EA

** To obtain a 30 days evaluation of Price Flip v4.6 robot, please go to https://sellfy.com/fxtigerfx . Once you download the evaluation copy, you will need credentials to authenticate it. I will send you the credentials via email. Please allow up to 8 hours to get the credentials as I do them manually. In the evaluation copy, there is a FULL PDF document that explains how to install the robot and all the features. It also includes some set files for different currency pairs that you can test via Strategy Tester.**

Price Flip is a price-action expert adviser. It identifies critical reversal points in any time frame (preferably M5 and above).

The strategy of the EA is based on a sound technical price reversals concept that is based on consecutive upward or downward bars, providing strong signs of possible fatigue/exhaustion in the instrument traded.

The EA when deployed on any currency pair looks for consecutive up or down bars (minimum of 2 is preferable) and then compares the next bar closing price to the previous candle.

There are mainly three modes of entry built into this EA
1. Pin Bars
2. Engulfing Candles
3. Combination (Pin Bars & Engulfing Candles)

We will first cover the Pin Bars

(1) EA BUY RULES (Pin Bars)

 

1. At least 2 consecutive downward candles (Number of candles can be adjusted in the EA settings)
2. Difference between the low & close of the current candle (bottom wick) must be greater than the difference of the low & close (bottom wick) of the previous candle.
3. Difference between the low & close of the current candle (bottom wick) must be at least 20% of the total size of the current candle (high to low). (The percentage can be adjusted in the EA settings)
4. Trade is triggered at the open of the new candle following the candle that provided the setup signal.
5. Stop Loss is placed a few pips below the low of the signal candle (SL in pips can be adjusted in the EA settings)
6. Take Profit is set to at least 1:1 risk-reward ratio (You can set whatever risk:reward ratio in the EA settings)
7. If you wish to go for higher risk-rewards ratios however, you can trail your trades with a stop that’s locking in profits at appropriate times (an exponential moving average is provided in the EA settings to achieve this)
8. SL and TP will be addressed later

(2) EA SELL RULES (Pin Bars)

 

1. At least 2 consecutive upward candles (Number of candles can be adjusted in the EA settings)
2. Difference between the high & close of the current candle (top wick) must be greater than the difference of the high & close (top wick) of the previous candle.
3. Difference between the high & close of the current candle (top wick) must be at least 20% of the total size of the current candle (low to high). (The percentage can be adjusted in the EA settings)
4. Trade is triggered at the open of the new candle following the candle that provided the setup signal.
5. Stop Loss is placed a few pips above the high of the signal candle (SL in pips can be adjusted in the EA settings)
6. Take Profit is set to at least 1:1 risk-reward ratio (You can set whatever risk:reward ratio in the EA settings)
7. If you wish to go for higher risk-rewards ratios however, you can trail your trades with a stop that’s locking in profits at appropriate times (an exponential moving average is provided in the EA settings to achieve this)
8. SL and TP will be addressed later

With regards to Engulfing Candles

(1) EA BUY RULES (Engulfing Candles)

 

1. Upon the close of each candle, the EA compares the open and close of the current candle to the entire body of the previous candle or candles (depending how many candles you want the EA to look back at.)
2. If the current candle engulfs the previous candle(s) and is bullish, the EA will enter a buy trade.
3. Stop Loss is placed a few pips below the low of the signal candle (SL in pips can be adjusted in the EA settings)
4. Take Profit is set to at least 1:1 risk-reward ratio (You can set whatever risk:reward ratio in the EA settings)
5. If you wish to go for higher risk-rewards ratios however, you can trail your trades with a stop that’s locking in profits at appropriate times (an exponential moving average is provided in the EA settings to achieve this)

(2) EA SELL RULES (Engulfing Candles)

 

1. Upon the close of each candle, the EA compares the open and close of the current candle to the entire body of the previous candle or candles (depending how many candles you want the EA to look back at.)
2. If the current candle engulfs the previous candle(s) and is bearish, the EA will enter a sell trade.
3. Stop Loss is placed a few pips above the high of the signal candle (SL in pips can be adjusted in the EA settings)
4. Take Profit is set to at least 1:1 risk-reward ratio (You can set whatever risk:reward ratio in the EA settings)
5. If you wish to go for higher risk-rewards ratios however, you can trail your trades with a stop that’s locking in profits at appropriate times (an exponential moving average is provided in the EA settings to achieve this)

EA Modes of Operation

Now this is the most interesting part. The expert adviser employs 3 different modes of operations to suit any kind of investor/trader. You can pick any mode you want from the expert adviser properties

1. Quick Stop Out Mode

The Quick Stop Out Mode is mainly used by traders who wants to get in and out of the market very quickly. Either the setup works or it doesn’t. In this mode, a Stop Loss is placed a certain number of pips away from the setup signal candle.

For Pin Bar Setups, the Stop Loss is placed a certain number of pips below the pin bar for a buy trade and a certain number of pips above the pin bar for a sell trade. The Stop Loss in pips is a field you can adjust in the EA settings.

For Engulfing Candles setups, the stop loss is placed a certain number of pips below a bullish engulfing candle in a buy trade and a certain number of pips above the bearish engulfing candle in a sell trade. The stop loss in pips is a field you can adjust in the EA settings.

Take Profit in the Quick Stop Out Mode is based on Risk: Reward.
For example, if you set a risk: reward of 1:1 and your stop loss is 30 pips, the EA automatically sets the take profit at (30 pips + spread) from the trade entry price. If you set the risk: reward as 1:5 and your stop loss is 30 pips, then your take profit will be 150 pips + spread.

2. Rollover Mode

In the rollover mode, the expert adviser does not use the stop loss parameter which is used in the quick stop out mode. If a trade goes against the original setup, the EA will continue to work until it finds another setup and will take additional trade(s) in order to get a better breakeven price (cost averaging). The maximum number of additional trades the EA can take will need to be specified in the EA settings.

The size of the additional trades is determined by the initial lot size the user configures when the EA is attached to any forex chart. There are two ways to identify the additional trade size:

• Lot Multiplier
• Lot Riser

The Lot Multiplier as the name implies basically takes the initial trade size and multiplies it with a multiplier in order to determine the 2nd trade size.
If a trade needs more than 2 trades to hit the take profit level, there will be a need for additional trades. The 3rd trade size will be the 2nd trade size multiplied by the multiplier. The 4th trade size will be the 3rd trade size multiplied by the multiplier, so on and so forth.

For Example: If the initial trade size is 0.20 Lots and the multiplier is set to 2; then
1st trade size = 0.20 lots
2nd trade size = 0.2 lots x 2 = 0.40 lots
3rd trade size = 0.40 lots x 2 = 0.80 lots
4th trade size = 0.80 lots x 2 = 1.60 lots
Etc.

You can also set the lot multiplier to 0.5… In this case, the additional trades will be smaller in size than the 1st trade

For Example: If the initial trade size is 0.20 Lots and the multiplier is set to 0.5; then
1st trade size = 0.20 lots
2nd trade size = 0.20 lots x 0.5 = 0.10 lots
3rd trade size = 0.10 lots x 0.5 = 0.05 lots
4th trade size = 0.05 lots x 2 = 0.03 lots (rounded to the nearest 10)
Etc.

The Lot Multiplier is a strong feature especially if the multiplier is large in value as it will take a little reversal in price to close out all trades in profit.
However, you have to be careful about drawdown in case the 2nd or 3rd trade also goes against you. That is why, we have added a stop loss feature
in the rollover mode to protect your account from such incidents.



The Lot Riser basically takes the initial trade size and adds the same lot size to it in order to determine the 2nd trade size. If a trade needs more than 2 trades to hit the take profit level, there will be a need for additional trades. The 3rd trade size will be the 2nd trade size plus the initial lot size. The 4th trade size will be the 3rd trade size plus the initial lot size, so on and so forth.

For Example: If the initial trade size is 0.20 Lots and you have chosen the lot riser feature; then
1st trade size = 0.20 lots
2nd trade size = 0.20 lots + 0.20 lots = 0.40 lots
3rd trade size = 0.40 lots + 0.20 lots = 0.60 lots
4th trade size = 0.60 lots + 0.20 lots = 0.80
Etc.



The rollover mode can be dangerous to some traders especially the ones trading small accounts (i.e. less than $10,000) as drawdown can get to levels that will make the trader uncomfortable. Eventually the rollover trades will hit the profit level if the trader has unlimited supply of money in the account but this is not the case.

Some traders will have a mental stop level or value in the back of their minds. If they see that the loss hits this level or value, they immediately close out the trade at a loss knowing that they will make up the money they lost in future trades.

To make it easy for traders of this EA; we have programmed protection mechanisms for the rollover and rollover with hedging modes (explained
later). Those features are highlighted with the red arrows in the EA properties below



• Set Max Stop Loss per currency pair & Max SL in Dollars

This field is only used in the rollover and rollover with hedging modes. It basically allows the trader to set a maximum stop loss amount in dollars (or the account currency). For example
A trader might have $10,000 of available equity to trade in the account and he/she does not want to risk more than $500 in any sequence of trades in any currency pair. In this case, the Set Max Stop Loss per currency pair is set to TRUE and the Max SL in Dollars is entered at $500. The trader can be assured that he/she will not lose more than $500 in any rollover trade.

• Stop taking additional trades if max loss amount is reached & Max SL in Dollars

This field allows the trader to set a max loss amount if reached, the EA will NOT close the existing trades BUT will not take any additional trades that will eat up from the trader’s margin and increase the drawdown. For example
I want the EA to stop taking additional trades if my loss hits the $400 mark. Once this is reached, the EA will not take any additional trades. This features allows the trader to re-think his strategy on the open trades and try to figure out a way to get out of the bad trades at the lowest loss possible or even at profit. It can be used in conjunction with the previous feature or it can be used alone.

• Pause Candles

Pause Candles mean that the EA has to wait a certain number of candles before entering in a new rollover trade. Let’s say, a bullish pin bar setup occurs, the EA will trigger a long buy entry. If another long pin bar setup occurs within a certain number of candles, the robot will ignore the new setup and will not take a trade. This feature ensures that rollover trades are not close to each other. We need the rollover trades to be separated apart so we get a better breakeven price. This features applies to all rollover trades.

• Pause Pips

Pause Pips mean that the EA has to wait a certain number of pips before entering in a new rollover trade. Let’s say, a bullish pin bar setup occurs, the EA will trigger a long buy entry. If another long pin bar setup occurs within a certain number of pips of the 1st entry, the robot will ignore the new setup and will not take a trade.

This feature ensures that rollover trades are not close to each other. We need the rollover trades to be separated apart so we get a better breakeven price.

In the new release of Price Flip version 4.1, we have introduced the element of pause pips between the first 6 rollover trades. You can now adjust the pause pips between the first trade and second trade, between the second trade and third trade, etc. After the sixth trade, you have a universal pause pips that will be used for any trade above the sixth trade.

• Max Open Trades

Maximum Open Trades restricts the EA from opening any new rollover trade if the maximum open trades value is reached. This is extremely important to protect the account.

• Alert when Max trades reached

If enabled, this feature will alert you once you hit the limit of maximum open trades in a rollover scenario.

• Insert dots after Max trades reached

This feature allows the EA to draw a dot on the chart when a valid setup occurs but a trade is not triggered because the max trades are reached. This feature will allow the trader to look back at the chart and determine if a trade should have been taken or not to produce a profitable trade.

3. Rollover Mode with hedging

The rollover with hedging mode is similar to the rollover mode. However, the EA will buy when a valid buy signal occurs and will sell if a valid sell signal occurs. The EA can be in one or multiple buy positions but the profit target has not been hit yet and while still in the buys, a sell setup occurs. In this case, the EA will also take the sell and will manage the trades independently.

In this method, you are guaranteed winning trades irrespective of market going up or going down. You will cash in money either way.
A small initial trade size is recommended when using the rollover mode with hedging as well. All of the protection features are applicable to the rollover with hedging mode.

TRADE FILTERING MECHANISMS

The Expert adviser can take a lot of trades especially if placed on an M5 or M15 time frame chart. This can yield to big draw-downs if you are deploying rollover modes. Therefore, the expert adviser uses different trade filtering mechanisms in order to improve the trade results and cause the minimal draw-down possible. You can choose one or more of these filtering mechanisms

1. Trading Zones - If Set to True, you can configure the EA to look for buys and sells around demand or supply areas only (Support or Resistance). Those trading zones are very powerful when they come from the Daily and H4 charts. You can identify those zones before placing the EA on the chart. Once those zones are identified, you can place the EA on M15 chart and allow the EA to only trade within those zones only.

Below is an example on how to set those zones from a Daily Chart. Once price travels to the Buy Zone and has a valid long setup, it will take it within this zone only. Once price travels to the Sell Zone and has a valid short setup, it will take it within the sell zone only.




2. Bollinger Bands - The BB is an excellent filtering mechanism that will prevent the EA from taking every signal. In addition to the rules of the EA, you can set the EA to only take a trade when a candle closes outside the Bollinger Bands of your choice. The EA will allow you to set the period of the BB and the deviation.




3. RSI Divergence - The RSI divergence field will only enable the EA to take a trade when there is an RSI divergence. The period of the RSI can be set in the EA fields.


4. RSI Filter - The RSI filter will only allow the EA to trade a long position when a setup occurs and RSI is in the oversold zone and will allow the EA to trade a short position when a setup occurs and RSI in in the overbought zone. This is a very powerful filter and will lead you to take quality trades automatically.


5. Stochastic Filter - The Stochastic filter will only allow the EA to trade a long position when a setup occurs and Stochastic is in the oversold zone and will allow the EA to trade a short position when a setup occurs and Stochastic in in the overbought zone. This is a very powerful filter and will lead you to take quality trades automatically.


6. Momentum Filter - The Momentum filter will only allow the EA to trade a long position when a setup occurs and Momentum is in the oversold zone and will allow the EA to trade a short position when a setup occurs and Momentum in in the overbought zone. This is a very powerful filter and will lead you to take quality trades automatically.


7. EMA Filter - The EMA filter is the newest addition to Price Flip EA which got introduced in version 3.4. The EMA filter deploys the “Mean Reversion” concept; which assumes that price will always return (revert) to a mean (moving average). The mean reversion applies to all currency pairs, all time frames, and all moving averages. The higher the time frame, the longer it will take price to extend from and revert back to the moving average.

In the EMA filter module of this EA, we can basically ask the EA to only take trades when price is away from a specific exponential moving average (either by pips or by candles). We can also specify what is the time frame for the exponential moving average.

For example, we can place the EA on a 5-minute chart but we only want to get in a trade when price is at least 80 pips away from EMA 144 on M15 time frame, and have a pin bar created on M5. If pips away from EMA is not enough, we can also add candles away from EMA. So if price moves 80 pips away from EMA144 on M15 and the last time candles touch EMA144 exceeds 100 candles, then we enter in a trade provided a M5 pin bar is produced.
Deploying this method will eliminate a lot of the false pin bar entries.

8. Days and Time Filter - The EA also has the ability to trade on certain days and certain times within those days. For example, you can allow the EA to trade on all days except Friday and only trade the London and US sessions.

9. Trailing Profits - The EA also has the ability to trail profits using two parameters

a. Trailing start: Amount in Dollars to be locked once it is hit
b. Trailing Step: Amount in Dollars. The EA locks in the profit amount specified above. If price falls by the amount of the trailing step, the trade will be closed

For Example: The EA takes a 0.25 lots long trade on EURUSD. The specified trailing start is $100 and the trailing step is $10. If price moves 44 pips, the profit on the trade will be $110. At this point, the EA will lock in $100 as profit and will try to go for more. If price reversed $10, then the EA will close the trade for $100.

For rollover and rollover with hedging trades, the same concept applies. Once the total profit from all trades hit the trailing profit, the EA will lock in this profit and try for more. If profit starts to decrease, then the EA will close all buy and sell positions and will bank the profit

If you do not set a trailing profit target, the EA will keep trading until it hits the specified take profit target.

For rollover with hedging, the EA will treat all buy positions and sell positions independently. Once the buy trades hit the take profit level, all buy trades will be closed. Once the sell trades hit the take profit level, all sell trades will be closed.

*Note: As mentioned above, if you set a trailing profit target, then the EA will lock in the trailing profit target and if price reverses then the EA will close all buys and sells at the profit it was able to accumulate. This is very important.

10. Breakeven - The EA also has the ability to move the stop loss to Breakeven once a profit amount has been reached.

a. Breakeven Trigger: Once profit hit the breakeven trigger, the EA will move the SL to the breakeven profit specified by the trader. The breakeven trigger is a dollar amount
b. Breakeven Profit: This is the breakeven profit in dollar amount.

Recommendations

 

1. Before using on a live account, test the EA with minimal risk;
2. Use VPS or hosting server with minimal network latency to the broker's server;
3. For best results, use the leverage of 1:100 and more;
4. When using the EA with FIFO supporting brokers, do not run more than one EA on one account;
5. Low spreads = low commission + high quality execution are important when choosing a broker to trade.

What’s new in Price Flip version 4.6

(1) Lot size can be fixed or variable

If “Use Auto Lot and Profit” is set to False, then the robot will use Fixed Lot & Profit
For Fixed Lot & Profit, you need to specify the initial lot size and the TP per initial lot size
For Auto Lot and Profit

1. You need to set the profit target for each micro lot (0.01) in dollar amount.
2. The lot size will be determined as a percentage of a base amount according to the below formula.
3. You need to specify the base amount. This is useful if you run the robot on multiple currency pairs and you need to limit the lot size for each currency pair based on a formula to the available capital you have in the account.
4. The size of lot is based on available equity/free margin/balance according to the below formula.

Initial Lot size = (Percentage of Based / Micro Lot for Based with Amount) x (Size of Account / 10000)

For example, if your account has $5,000 of equity and you specify a percentage of 50% and use $1,000 as the basis of micro lot, then the initial lot size will be:

Initial Lot size = (50/1000) x (5000/10000) = 0.025 (rounds to 0.03 lots)

If your account has $10,000 of equity and you specify a percentage of 20% and use $3,000 as the basis of micro lot, then the initial lot size will be:

Initial Lot Size = (20/3000) x (10000/10000) = 0.006 (rounds to 0.01 lots)

If you change the percentage to 60% in the above example, then the initial lot size will be:

Initial Lot Size = (60/3000) x (10000/10000) = 0.02 lots

The profit target is in dollars (or whatever your account currency is) and is based on each micro lot (0.01).

For example, if your initial trade size is 0.01, then the profit target in the above example will be $4.00
If your initial trade size is 0.02, then the profit target will be $8.00



** Please run different simulations to fully understand this concept **

As the account equity increases, the lot size will increase which will lead to more profits as the account grows.

(2) Rollover Time Frame

It is now possible to use different time frames for rollover trades. Time frame for rollover trades should be equal or higher than the previous rollover trades.
For example, you can use the M5 TF for rollover 2, M15 for rollover 3, M30 for rollover 4, etc..

You cannot use M15 for rollover 3 and M5 for rollover 4. The rollover trade TF should be equal of higher than the previous rollover trade time frame



(3) Bollinger Band Filter Time Frame
It is now possible to set the time frame of the Bollinger bands filter irrespective of the chart time frame. For example, you may want to take trades when price is outside BB on H1 but the trading time frame is M5.

(4) RSI Filter Time Frame
It is now possible to set the time frame of the RSI filter irrespective of the chart time frame. For example, you may want to take trades when price is overbought on H1 time frame, but your trade is from M5 time frame.

(5) Stochastic Filter Time Frame
It is now possible to set the time frame of the Stochastic filter irrespective of the chart time frame.

(6) Momentum Filter Time Frame
It is now possible to set the time frame of the Momentum filter irrespective of the chart time frame.

You can get a 30 days evaluation copy of the EA from sellfy.com/fxtigerfx

Price Flip v4.6 Test results
Currency: AUDCAD
Time Frame: M5
Period: 2013-2017
Starting Balance = $5,000
* Set File included in evaluation copy of Price Flip v4.6

Price Flip v4.6 Test results
Currency: AUDCHF
Time Frame: M5
Period: 2013-2017
Starting Balance = $5,000
* Set File included in evaluation copy of Price Flip v4.6

Price Flip v4.6 Test results
Currency: AUDJPY
Time Frame: M5
Testing Period: Jan 2013 – Dec 2017
Data: Dukascopy from Tick Data Manager (https://eareview.net/tick-data-suite)
Starting Balance = $5,000
* Set File included in evaluation copy of Price Flip v4.6

Price Flip v4.6 Test results
Currency: AUDNZD
Time Frame: M5
Testing Period: Jan 2013 – Dec 2017
Data: Dukascopy from Tick Data Manager (https://eareview.net/tick-data-suite)
Starting Balance = $5,000

* Set File included in evaluation copy of Price Flip v4.6

Price Flip v4.6 Test results
Currency: AUDUSD
Time Frame: M5
Testing Period: Jan 2013 – Dec 2017
Data: Dukascopy from Tick Data Manager (https://eareview.net/tick-data-suite)
Starting Balance = $5,000

* Set File included in evaluation copy of Price Flip v4.6

To get a 30-days evaluation copy of Price Flip EA, please go to my store at sellfy.com/fxtigerfx
The evaluation copy works on MT4 (Live or Demo) accounts.

Price Flip v4.6 Test results
Currency: EURCAD
Time Frame: M5
Testing Period: Jan 2013 – Dec 2017
Data: Dukascopy from Tick Data Manager (https://eareview.net/tick-data-suite)
Starting Balance = $5,000

* Set File included in evaluation copy of Price Flip v4.6

You can get a 30 days evaluation copy of the EA from sellfy.com/fxtigerfx
The evaluation copy is 100% identical to the full version and can work on demo or real account

Discount promotion: 60% OFF for 3 days only
Use Code: 60OFF
Store: sellfy.com/fxtigerfx
Happy trading