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London close trading system for currencies

  • #3,301
  • Jul 20, 2020 8:43am Jul 20, 2020 8:43am
Hi,

Seems quite interesting and time-proven concept. I have just 2 questions on the EA:

1) What does the setting in red box actually does and what is its purpose?
2) When being targeted at quite short trade-window, perhaps it is useful to add option to time limit open baskets? E.g. two simple settins like CloseBasketAfterMinutes and CloseInProfit option as well?

Thanks in advance!
Attached Image (click to enlarge)
Click to Enlarge Name: LC_EA_Setting.png Size: 44 KB
  • #3,302
  • Jul 20, 2020 8:43am Jul 20, 2020 8:43am
hello friends give me some tips to run this EA
Swimming with sharks!
  • #3,303
  • Edited 10:06am Jul 20, 2020 9:48am | Edited 10:06am
Quoting Ilvez
Hi, Seems quite interesting and time-proven concept. I have just 2 questions on the EA: 1) What does the setting in red box actually does and what is its purpose? 2) When being targeted at quite short trade-window, perhaps it is useful to add option to time limit open baskets? E.g. two simple settins like CloseBasketAfterMinutes and CloseInProfit option as well? Thanks in advance! {image}

Hello Ilvez:
Answer to question 1:
That input tells the EA to continue looking for LC trades on NEW day if there are not PREVIOUS trades from PREVIOUS Day.
In order to make it more clear I am going to update the EA.

Answer to question 2:
Good suggestions but those are not part of the original rules. If you can show (forward testing) data in which this provides an edge that would be much appreciated.
I would recommend at the least 2 months. The best would be if you saw different market conditions (example covid vs non-covid etc).

So version v41.1 cooooommminng up!
Jess
Our AWESOME IMAGINATION is the true holy grail!
  • #3,304
  • Jul 20, 2020 10:02am Jul 20, 2020 10:02am
EA UPDATE v41.1

xm7_LondonClose_v41.ex4

EA and INDICATOR UPDATES Files located at:
https://github.com/xmess7/LondonCloseEA

Minor update: Renamed the input "EA to continue only if no OpenTrades" to "Do not trade if PrevDay openTrades".
The default is "true". In this setting the EA will not look for new LondonClose trades on a new day if there are still open trades from the previous day.

Jess

PS: Stay tuned for version 42.0. I will be adding symbol buttons to the chart display. The buttons will allow you to change symbol on same chart. That way you don't need to see what happened to a trade in a different chart. I've already done this with the Magic100 EA (see image below). As soon as I get a chance I will make this update.
Attached Image
Attached File(s)
File Type: txt post_with_LondonClose_EA_UPGRADE.txt   < 1 KB | 203 downloads
Our AWESOME IMAGINATION is the true holy grail!
  • #3,305
  • Jul 20, 2020 10:14am Jul 20, 2020 10:14am
Quoting Hercs
{quote} Thanks for your post, Ursinho. I only set it up for GBPUSD based on Jesse's recommendations. I have been with the thread since inception, so I have read every post with the exception when the trader said he was/is a newbie. Nevertheless, I do appreciate your time. Hercs.
Hey, catching up on answering posts LOL!!

So I recommended that?? LOL I don't recall but yes GBPUSD is my favorite. BTW its the oldest currency. When things were establoshed the GBPUSD was one of the first that was created for market trading. I forget which convention or meeting this happened in.

BTW that missed GBPUSD trade you mention in your post, was that an issue? Do I need to look into this?

J
Our AWESOME IMAGINATION is the true holy grail!
  • #3,306
  • Jul 20, 2020 10:17am Jul 20, 2020 10:17am
Quoting chandana47
hello friends give me some tips to run this EA
hey chandana47:
Which EA my friend? There are two... Ghost has one and the other is the xm7 LC.
For the xm7 LC , one of the traders has been using it successfully,
I believe it's ursinho4711.
I would assume since he is measuring success with PIZZA's and HAMBURGERS...
Once he gets intro bigger $$ then it should be STEAKS, WINE... etc right?

Jess
Our AWESOME IMAGINATION is the true holy grail!
  • #3,307
  • Jul 20, 2020 10:34pm Jul 20, 2020 10:34pm
Quoting xmess7
{quote} hey chandana47: Which EA my friend? There are two... Ghost has one and the other is the xm7 LC. For the xm7 LC , one of the traders has been using it successfully, I believe it's ursinho4711. I would assume since he is measuring success with PIZZA's and HAMBURGERS... Once he gets intro bigger $$ then it should be STEAKS, WINE... etc right? Jess
Hey Jess ,
I'm just a big fan of xm7 , You re involved in great projects, this one I found recently ! Great people great Inventions ! just set the ea of xm7! For steaks for !
Swimming with sharks!
  • #3,308
  • Jul 21, 2020 9:42am Jul 21, 2020 9:42am
Hey Jess, many thanks for saharing your EA. In case it could interfere with my manual trades, what magic number should be used? 0 or -1 or . ?
andres
  • #3,309
  • Jul 21, 2020 1:51pm Jul 21, 2020 1:51pm
Quoting andres11617
Hey Jess, many thanks for saharing your EA. In case it could interfere with my manual trades, what magic number should be used? 0 or -1 or . ? andres
The magic number for manual trades is 0
So u don't want to use 0 as the magic number cause then the EA will include the manual trades when it monitors/closes etc the trades it had opened.

Jess

PS: yes I built the EA but the creator is Ghost...
Our AWESOME IMAGINATION is the true holy grail!
  • #3,310
  • Jul 22, 2020 1:07pm Jul 22, 2020 1:07pm
3 trades open today
USDCAD, EURJPY, GBPJPY.
10 PIPS BASKET CLOSED.
  • #3,311
  • Jul 23, 2020 7:34am Jul 23, 2020 7:34am
the orders from yesterday closed today12:05 GMT with Basket TP
  • #3,312
  • Jul 23, 2020 11:07am Jul 23, 2020 11:07am
3 trades open today
EURNZD
GBPUSD
EURUSD
  • #3,313
  • Jul 24, 2020 2:38pm Jul 24, 2020 2:38pm
11 orders today closed with low win us Basket TP (weekend)
  • #3,314
  • Jul 25, 2020 3:49pm Jul 25, 2020 3:49pm
Hi,

May I suggest one small but quite helpful additon to EA. On EU low retail leverage of 1:30 the EA is quite heavy on the margin e.g. sometimes opening 10 pairs + additional pendings consumes almost all free margin. To avoid that there could be a setting of NoNewDealsBelowMarginPercent=X. By this user could set the X to the level where it avoids bumping into margin call levels.

Should be pretty easily doable, right?

Many thanks!


Quoting xmess7
EA UPDATE v41.1 xm7_LondonClose_v41.ex4 EA and INDICATOR UPDATES Files located at: https://github.com/xmess7/LondonCloseEA Minor update: Renamed the input "EA to continue only if no OpenTrades" to "Do not trade if PrevDay openTrades". The default is "true". In this setting the EA will not look for new LondonClose trades on a new day if there are still open trades from the previous day. Jess PS: Stay tuned for version 42.0. I will be adding symbol...
  • #3,315
  • Jul 27, 2020 11:26am Jul 27, 2020 11:26am
this is not a good trading system for leverage 1:30 and lower
or you have a big account and trade small lots

you can have 15 orders too

today 4 orders closed very fast with TP
  • #3,316
  • Jul 27, 2020 1:02pm Jul 27, 2020 1:02pm
Hi ghostbiker, you have done well. Here only 2 pairs GBPAUD, GBPCHF , current +1,1% and my goal is 1,5%
Would you list your today's pairs?
Thanks, andres
  • #3,317
  • Jul 27, 2020 1:31pm Jul 27, 2020 1:31pm
Quoting Ilvez
Hi, May I suggest one small but quite helpful additon to EA. On EU low retail leverage of 1:30 the EA is quite heavy on the margin e.g. sometimes opening 10 pairs + additional pendings consumes almost all free margin. To avoid that there could be a setting of NoNewDealsBelowMarginPercent=X. By this user could set the X to the level where it avoids bumping into margin call levels. Should be pretty easily doable, right? Many thanks! {quote}
hi Ivez:

In a sense the EA already has this detail.. but it only analyzes lotsizes vs margin. When I came across the margin condition I, in my case, had to consider the low margin brokers cause I reside in the US and we are not privy to high leverages. So what I was add code that checked the margin right before a trade is opened. If there was not enough then the lotsize would be adjusted to whatever margin was left over. So for example if the EA is attempting to open 10 trades and on the 5th trade the margin is not enough, the EA will then adjust the lotsize to match with what is left over, thus the lotsize of trade 5 will be smaller than the first 4 trades lotsizes. Upon further review I noticed that I had neglected the handling of any new trades AFTER this adjust ment was accomplished, thus you should still get MT4 warnings that a trade could not be executed due to not enough margin.

In the next post I will upload the new version which will contain an input so the user can tell the EA what MAX margin to consider when executing trades. IF there is not is none left then the EA will be done for that "basket" and continue on to monitor and do the MM stuff.

This will not be an issue since I already have this code in my other EAs..... so stayyy tunnnned

Jess
Our AWESOME IMAGINATION is the true holy grail!
  • #3,318
  • Jul 27, 2020 2:26pm Jul 27, 2020 2:26pm
EA UPDATE v42

https://github.com/xmess7/LondonClos...nClose_v42.ex4

EA and INDICATOR UPDATES Files located at:
https://github.com/xmess7/LondonCloseEA

Added input "Min %margin allowed for trading".
The default is set at 150%. This is the % margin as is calculated by the MT4 platform (AccountEquity/AccountMarginUsed)*100

In this example you are telling the EA not to open any new trades that can cause the %margin to fall below 150%.
Oanda simple example: To open a trade with 0.1 lots a margin $500 is required. You have an account balance of $1000.

The EA will look for the % margin level to no less 150% before opening a new trades. 150% is roughly $660 of margin. Which means that the EA can open 0.1 lot trades as long as the the account margin used is not greater than $660. So only 1 trade would be allowed to be opened. If 0.01 lots were used and each required around $50 of margin... then the EA can open up to about 13 trades.. As the AccountEquity grows (profit) the amount of lots that can be opened also increases.

If there is any questions or you think a different approach is needed let me know.

Jess
Attached File(s)
File Type: txt post_with_LondonClose_EA_UPGRADE.txt   < 1 KB | 226 downloads
Our AWESOME IMAGINATION is the true holy grail!
  • #3,319
  • Jul 27, 2020 3:36pm Jul 27, 2020 3:36pm
Hi Jess,

Incredible, many thanks for v42 with account margin control Amazing developments speed!

I appreciate your efforts, thanks! Regarding margin usage - I think it is interesting to test whether it is better to open less pairs with higher lots or downsize lot for additional pairs.

Regarding balanced baskets. There should be pretty good risk balance in baskets as LC can open up to 15 pairs as mentioned. But still, perhaps it would be good to think about some sort of option for "balanced basket" principles e.g. not to be heavily exposed towards single currency within the basket. For instance not to allow more than X pairs of same currency on the same side of deals. E.g. when 5 deal basket contains 4 deals with long USD positions in different pairs.

Cheers,
Ilvez

Quoting xmess7
{quote} hi Ivez: In a sense the EA already has this detail.. but it only analyzes lotsizes vs margin. When I came across the margin condition I, in my case, had to consider the low margin brokers cause I reside in the US and we are not privy to high leverages. So what I was add code that checked the margin right before a trade is opened. If there was not enough then the lotsize would be adjusted to whatever margin was left over. So for example if the EA is attempting to open 10 trades and on the 5th trade the margin is not enough, the EA will then...
  • #3,320
  • Jul 27, 2020 3:55pm Jul 27, 2020 3:55pm
Quoting Ilvez
Hi Jess, Incredible, many thanks for v42 with account margin control Amazing developments speed! I appreciate your efforts, thanks! Regarding margin usage - I think it is interesting to test whether it is better to open less pairs with higher lots or downsize lot for additional pairs. Regarding balanced baskets. There should be pretty good risk balance in baskets as LC can open up to 15 pairs as mentioned. But still, perhaps it would be good to think about some sort of option for "balanced basket" principles e.g. not to be heavily exposed...
For that my friend you need to discuss it with the creator. .
Our AWESOME IMAGINATION is the true holy grail!
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