Monday/Tuesday Breakout EA

Monday/Tuesday Breakout EA

Note: this thread is NOT about discussing this very simple strategy. If you want to discuss the strategy and interact with other traders who are using it in a variet of ways, I suggest that you go over to @4ectasy's thread here: https://www.forexfactory.com/showthread.php?t=976730

This thread is dedicated solely to my EA which implements the simple MondayTuesday Breakout strategy; settings, results and, of course, issues you may have.

 

1. This thread is NOT about the strategy itself (see above).
2. I will NOT code EAs for you, so please don't ask.
3. I will NOT share the source code, so please don't ask.

Version 1.091:

1. Removed the expiry date.

Version 1.09:

1. Disable any order checking while trading has been disabled (stops unnecessary messages being output to the journal).
2. Add new Min Range filter.

Version 1.08:

1. Enforce the maximum and minimum broker lot sizes.
   While this was supposed to be happening all along, it would appear that a bug was bypassing this check.
2. Add new 'Indicator' mode.
   The EA can be operated in two modes:
   EA: It works as originally intended.
   Indicator: It doesn't open or manage orders, it simply plots the lines and boxes.
3. Expose object prefix as a parameter.
   The items on the chart are all prefixed with a value to make then unique to the EA. This can be changed in the rare insance where the EA clashes with another indicator.
4. Add the weekl's range to the display.
5. Allow maximum trades per week to be amended.
   The default is '1', but this can be changed to whatever value you want. I recommend that you leave this at 1.

Version 1.071:

1. Fixed bug in startup calculation of previous weeks' ranges.
2. Increased the maximum number of weeks to draw boxes and guides to 200.
3. Added check for Auto Trading button not being activated.
4. Info panel now displays some previously-missed parameters.

Version 1.07:

1. Fixed trailing stop bug when two orders for the same pair are active.
2. Added BE and TS Trigger guides.
3. Added option to display boxes and giudes for up to 4 weeks.
4. Added option to close all trades at the end of the trading period.
5. If trading period is set to be either Monday or Tuesday, the range calculation is adjusted to finish the hour before trading starts.

New trigger guides:

Version 1.062:

1. Fixed a bug in the TradingHours function.
2. Allow 2 trades to be open for the same pair, but only one can be for the current week.
3. Efficiency improvements when running in the tester.
4. Info panel debugging tweaks.

Settings

Money Management
This governs how lot sizes for trades are calculated, and there are three methods:


You select which method you want to use and then set the associated setting(s) (Fixed lots, Lots per 100 of balance or Risk percentage.
For Risk Percentage, you can choose what value to use as the basis of the percentage calculation:



Lots Size Maximum and Minimum


If you set a maximum lot size, and the calculation comes to more, the lot size will be capped at the value you set.
If you set a minimum lot size, and the calculation comes to less, the lot size will be increased to the value you set.
HOWEVER: if "Trade if less than minimum?" is set to false, and the calculated lot size is lower than the minimum set, the EA will NOT enter the trade, as it is deemed too risky.

Break Even


There are three settings:

 

1. No break even: basically, don't use the break even.
2. Pips profit: moves stop to break even (i.e. the entry price) when the price is in profit by the specified number of pips.
3. Factor of Stop Loss: moves the stop to break even when the price is in profit by a factor of the Stop Loss. e.g. If the stop loss is 150 pips and the factor is set to 0.5, when the price gets to 75 pips in profit (150 x 0.5), the stop loss will be moved to break even.

Break Even Pips is the number of pips to use for method 1.
Pips to lock in on break even: when moving the stop to break even, you can specify a number of pips of profit to lock in.

Trailing Stop

There are four settings:

 

1. No trailing stop.
2. Regular trailing stop: triggered when the price is in profit by the Regular trailing stop start, and is moved in steps set in the Regular trailing stop step setting.
3. Follow MA: the trailing stop is triggered when the price is in profit by the factor of the stop loss specified (e.g. if the stop loss is 150 pips and the factor is set to 0.75, the trailing stop is triggered when the price reaches 112 pips (150 x 0.75). The stop is then trailed along the line of a moving average with the period specified.
4. Previous high/low: the trailing stop is moved when the previous three candles form a new low or high.

Reserved 2

subscribed

Thanks for starting this thread and this will afford us the opportunity to fine tune the Ea well and proffer suggestions were necessary

Hey there Paul...I'd just want to clarify a couple of things with the settings
Trade Management:-
.....Break Evan (Factor of SL)........As in 1 would be 1 to 1, 2 would be 1 to 2??
.....Trailing Stop High/low.........Is that actual swing on the current time frame be it 1hr, 4hr, Daily, Weekly candle close?

Break even factor of SL: yes, 1 would be 1xSL, 2 would be 2xSL

Trailing stop high/low currently looks at the previous three candles, and if they form a high (when going short) or low (when going long) then the stop is moved to the high/low.
A high would be where the middle candle body is higher than the two either side, and the current candle is lower than all three.

I plan on reviewing this as my testing has shown the high/low not to be so good for profitability.

Subscribed!

I'll test it and comment any error or improvement.

Thx for your work @PaulDV.

Could you explain the strategy itself? And I have an idea, since you shared this EA, can you code an EA for me? I really like to see the source code so I can understand the EA better. Please share.

Some brief analysis for the week:

27 pairs triggered.
14 trades closed.
13 trades still open (following some interesting back testing I've been doing, I chose not to close manually this week to see how the trades play out over Monday/Tuesday of next week).

Chose this week to double up on my risk (bloody daft in hindsight), giving a much greater loss than would otherwise have been registered.

Of the trades that are closed:
11 Lost
3 Won
So, down 8 losses, which would normally have been 8%, but seeing as I'd doubled my risk, its actually 16%...

Analysing the entries:
If I had amended the trading hours to start from 18:00 on Wednesday (something which someone else had pointed out to me previously), the outcome would have been VERY different:
3 losses
3 wins
...basically a neutral week.

Very funny.

[quote = Anusragger; 12857532] Pourriez-vous expliquer la stratégie elle-même? Et j'ai une idée, puisque vous avez partagé cette évaluation environnementale, pouvez-vous coder une évaluation environnementale pour moi? J'aime vraiment voir le code source afin que je puisse mieux comprendre l'EA. Veuillez partager. [/ Quote]

You are a funny guy .
The strategy is explained here https://www.forexfactory.com/showthread.php?t=976730
and why do you want the code ? to improve the EA ? maybe are you a coder ?
PaulDV made an amazing coding job. I don't think he needs your help.

Thanks Paul for sharing the new version of the EA, was excited to see you put in the close all on friday option. As i am in Australia i get a couple hours into the london session then feel like sleeping. So i closed all manually around midnight and did ok for the week.

have updated now to this new version so looking forward to it.

Question: Is their still a bug for the strategy tester present in this version as i cant get it to run?

Hi,

I think there has been some misunderstanding: there isn’t a close all on Friday setting.

Also, yes the bug that was affecting the strategy tester was fixed in this version, so perhaps you could explain what you mean when you say you can’t get it to run?

Paul with reference to the start time you mentioned (18.00 Wed) What were you referring to?
Because the Asian session is generally regarded as the fake out session has any body tried launching the EA at the open of the London session or similar.

Start time of Wednesday at 18:00...not really sure how to put it any other way.

Paul, here are my results from last week. At the outset I should say, with Covid-19 and NFP messing with the markets, it might have been prudent to sit out last week, but since I'm testing on a DEMO account, I jumped in!

My setup: 17 pairs, closed candles only to calculate range and trading delayed until 18 hours after Wednesday open (except for 3 of the 17 pairs, which I set to open at Wednesday open). The rest of my settings were typical: 50% SL, 100%TP, 15% entry ratio, etc.

Within a few hours of the Wed. open, the 3 pairs I had set to open at Wed. open, all hit SL.
Between 18 hours and about 22 hours after Wed. open, three more pairs hit SL.

At this point in the week, I was 902 pips negative. My analysis at the time showed if the first 3 trades had been set to open at the same time as the others, or I had used high/low for the range calculation, they would have been OK. Since the second 3 trades opened at +18 hours, if they had used high/low to calculate the range, they would have been OK too.

The remaining pairs did fine although none were close to hitting TP. I closed all pairs about an hour before market closed and finished the week -318 pips. This wasn't too bad considering I was down 902 pips 2 days prior and I knew why!

Now that the week has ended, I have 2 thoughts regarding the settings:

1.) delaying the start of trading for 18 hours was a good thing last week, in fact, a longer delay would have been better. Opening as late as Thursday open +1, would have worked well. It remains to be seen if this past week was an anomaly in this regard or if such a long delay would work long term.

2.) For range calculation, for using closed candles to work, I believe you need to use a larger SL and a larger entry ratio; say 25% to 35%. Next week, I'll go back to high/low for my range calculation but I may revert to closed candles on an individual pair basis, if a pair has a very long wick involved in its range calculation (see pic below). In such a case I'd try a 60% SL and 25% (or 30%) for an entry ratio.

You could incorporate an Auto range setting into the EA, wherein the default was high/low but if a wick involved in the range calculation was longer than say 50 pips, the range calculation changed to open/close and increased the entry and SL to 25%/60%, or something along these lines. Just thinking out loud!

As far as V1.061 is concerned, it worked exactly as I told it to! I've now installed V1.062.

If I could ask for one future addition, that would be, when using a trailing stop, it would be nice to see a line at the trailing-stop start/trigger level.

Paul, keep up the good work!

Paul,

By the way, what type of MA do you use for the trailing stop MA?

Thanks!

Thanks Paul, when i seen the Friday trading limit i assumed this was a close all at that time and got excited lol

Any chance of putting that into a future release? close out the basket 1 or 2 hrs prior to close on Friday

I will give the strategy tester another shot tonight and figure it out, if i cant get it to work i will post any errors and screenshots.

hi paul,
i was using 1.05 version last week on DEMO. entry:15%, stop:50%;TP:1SL, BE:0.85SL
and first time: risk_percentage from balance=1%.
it was an up and down... i really have to learn: don't touch til friday
anyhow... i haven't this time.

can i place 2 requests?
- to mimic my live-account would it be possible the have a "manual" balance amount to overrige the actual?
- would it be possible to have a "close orders at" possibility?

thanks again for this amazing EA.