Three Step Paroli Outcome

I want to use the 3-step Paroli theory in a "Semi-Automatic EA". Perhaps there is already an EA out there that uses this?

The theory is this below: See Theory Website But you might not know that parlay represents a modified spelling of the French name for such bets: paroli.

1) Enter a trade when you believe in a trend direction Long or Short (use MA's or some other clever trend detectors or other EA's, but these are not in the EA these are used by you manually when to enter. This is not a set & forget EA). The EA has been turned on with its smiley face in the corner waiting for you to place that trade and then it takes over. Use 1:1 Win Loss Ratio for the SL & TP based on ATR or ADR (ADR is better).

2) If you lose then try again at the beginning lotsize & direction (0.01). If you win place another trade immediately at the TP point with double the (0.02) & same direction with the same SL & TP Pipettes used originally.

3) If you lose then try again at the beginning lotsize & direction (0.01). If you win place another trade immediately at the TP point with double the (0.04) and same direction with the same SL & TP Pipettes used originally. If you win you are finished and return to 0.01 with the same direction from the TP point and with the same SL and TP Pipettes as used in the original.

4) If you lose then try again at the beginning lotsize & direction (0.01).

5) Are you getting it yet? just follow the above 4 steps and if you get three wins in a row start from 0.01. Your EA will take your profit from the inputs and then be on stand-by. Won't that be a nice thing to wake up to?

Here is a scenario:



This is a less aggressive approach to "Reverse Martingale". The key here is when to enter and when to stop. You can be chopped to death and be stuck in this sequence for an extended time. Get the direction right and you should be golden using this theory in Forex Trading, unlike a roulette wheel.

ES

P. S. Please ask questions and would some kind coder please post an EA for all of us to forward test. The EA can stop and go back on standby (waiting for your trade) when you reach the desired profit in dollars, percent of equity... or pips. Naturally it should run with an ECN or not (choose in the inputs). Please try and put all the latest code in to make it work for all of the dealers, decimal schemes, lotsizes, suffixes, spread & slippage inputs. Email alerts and notification choices with audible using our own sound file choices would be nice. Oh!... and this cannot be one of those EA's that if you are in the middle of a trade and close your platform and reopen it it will place trades, it should pick up where it left off...and nothing more.

P.P.S. Also as an option if you know how...give us a button on the chart to "Close All" and turn off the EA in the symbol with this magic number and put it on standby....and another button on the chart for the basket traders to "Close All" on all trades and turn off all of the Paroli EA's on all symbols with this magic # and put it on standby. These two buttons should use the minimum amount of screen real estate. Dazzle us with your coding skills...it will all come back to you with people asking you for coding.

P.P.P.S. Can we have a MT4 code and a MT5 code?

P.P.P.P.S. I need an input for stealth SL and TP true or false

Here is what the input menu will look like:

MANAGEMENT---------------------------------------------------------------------------------------------------------------------
LotSize Type: Fixed, Percent of Balance
LotSize: Default 0.01
Type of SL: Do not use. Set in % of balance, Set in Pips, Set in $, Set in ADR Value *Multiplier
SL :
Type of TP: Do not use. Set in % of balance, Set in Pips, Set in $, Set in ADR Value *Multiplier
TP :
SL & TP Stealth Mode: True or False
Close All from Inputs:
Mode: Semi Automatic, Automatic w/Indicator, Automatic Long and Short at the same time
TimeFrame: 0=current
# of Wins in Trade Sequence :
INDICATORS----------------------------------------------------------------------------------------------------------------------
Indicator: MA
MA Length:
ADR Length:
BUTTONS--------------------------------------------------------------------------------------------------------------------------
Button1: Close All Symbol, Close All Basket
Button1 X Coordinate
Button1 Y Coordinate
Button1 Font:Tahoma
Button1 Font Size:10
Button1 Font Color: color palette including custom colors
Button2: Close All Symbol, Close All Basket, Optimize
Button2 X Coordinate
Button2 Y Coordinate
Button2 Font:Tahoma
Button2 Font Size:10
Button2 Font Color: color palette including custom colors
COMMUNICATION-----------------------------------------------------------------------------------------------------------------
Email:
Pop Up Message:
Push Notification:
Advanced Alert Discord, Telegram, Other:
Play Sound on Alert:
Soundfile:
Close ALL Profit: Percent of Balance, $'s, # of Pips
Close ALL Loss: Percent of Balance, $'s, # of Pips
CHART PANEL---------------------------------------------------------------------------------------------------------------------
On Chart Info: True or False
X Coordinate:
Y Coordinate:
Font: Tahoma
Font Size:10
Font Color: Color palette including custom colors
Chart Components Status: Stand By, Trading Sequence Activated
Chart Components: Spread: True
Chart Components: Bar Countdown Timer: True
Depth: number of levels
# of Wins seen in current sequence:
Floating Equity:
GENERAL--------------------------------------------------------------------------------------------------------------------------
Spead:
Slippage:
ECN: True or False
Suffix:
Print Log: True or False
Magic#:
Comment: Paroli


Disclaimer: Make Money. If you do not, don't blame me.

I can see there are readers lurking in this thread. Please excuse my late edits. I have a terrible habit with this. I treat these threads as Archives not chats...I want everything right.

I am getting some private messages from other traders that know me. Please limit your messages to this thread if you would be so kind. I want everything to be transparent and shared. If this EA works I want it to be open source for the community.

However if I must pay a coder to get this done....well it is mine then right? (I have been a member here for 15 years don't you think that I could find a friend to code this for me?) Please coders be generous with your time and benevolence. Sure you can make an EA and never share...but you know where you got this idea from...Folks lets hope for the best. Heck...this idea to trade this theory in Forex could be a total loss...but in theory it shines. Just get your Entry direction, SL & TP right...

This is not a simple thing to code...but not the hardest. You could even call this the 3-step Paroli exit method and use this chunk of code in other EA's. I could see it now in the inputs...lol...use 3-step Paroli: True or False?

ES

I am not smart enough to imagine this....make this a trending EA (semi automatic) in any direction just pick the non-chop time...but what if you were to go long and short in the same symbol and see what rises to the top?...just an idea...come on coders where are you? You could write this in just a week or so...just let us know your on it!

Folks give up on trying to make this an automatic Set & Forget EA. Forex only trends about 30% of the time...so what is it doing all the other times? If you make your 1:1 SL & TP too tight you only get restarts with 0.01.

ElectricThinksHeIsBrilliantSavant
There have been 21 downloads of the PDF file in the opening post at the time of this post

Late edits everywhere...I am getting some questions privately that I have to clear up. Mainly, the direction does not change until you get out of the trade-sequence with the button or the "EA's profit close all". Remember the direction starts with your first trade then the EA takes over. You must use the Button or the EA's input of "Close All" to get the the reset. It is all tied to the magic number so a restart of your platform will not even reset....unless you restart with a new magic number. If you uninstall the EA and reinstall it with the same magic number I am not clear if that would restart it. This EA starts a trade-sequence with your first trade directions entry, it's tough to break it.

Is this complicated traders? Ask me your questions. I make it sound complicated as I must go into great detail for the coders.

ES

P.S. I am getting some interesting ideas from freelance coders. I cannot share them as they are not mine. But there seems to be great interest in this idea so I must march forward.

There have been 42 downloads of the PDF file in the opening post at the time of this post

Folks..This is going to take some time for the semi automatic version. An "Always in set and forget" version is even tougher.

on another note:

It would be nice to have two versions eventually in MT4 & MT5. But I may need to pay $'s for this as this is really not a free project to me. I can imagine how I will feel seeing this system offered commercially by someone else. Imagine all these views in this thread and not one post or like or anything, just an old trader posting by himself...You come into this world alone and you go out alone. I do not think that there is anybody that is going to help other than themselves. It's sad. Where can a creative person go these days? I have no faith in mankind and I should just listen to that little voice.

I cannot use people over there in the freelance section of the MQL forum unless I pay them. I want to pay them if they do this project. But I really do not want to be a commercial vendor. I thought this community thing was the right way to go. Believe it or not there are people over in the MQL forum that seem to believe in this project more than over here...maybe because they would be getting paid right?

ES

P.S. Are there any benevolent and extremely experienced coders here in Forex Factory taking this project on?...I needs' to know.

P.P.S. Perhaps I should just wait and be patient.

There have been 87 downloads of the PDF file in the opening post at the time of this post

I want to post about ATR or ADR now.

What does sizing SL's and TP's have to do with ATR or ADR? To me it may be a different understanding.

Everything always relates to the EUR/USD in Forex.

You could all agree that the GBP/JPY has a much different size of candlestick that reaches up and down compared to the EUR/USD. So why would your SL and TP be the same number of Pipettes? They must be normalized using the EUR/USD as the base pair.

Take a reading with your ATR indicator or the less well known indicator ADR. Take a slice of time in the EUR/USD and then decide what you SL and TP shall be. Then when you load up your GBP/JPY you need to calculate what percentage of range it is compared to the EUR/USD. Lets say you use the H1 chart... how many hours are you going to look back? 1 day...3 days...8 days...112 days...etc (make sure you have enough history)? If we have the indicator look back 112 days to give us an average well that would be 8=112*24=Period 2688...this is your setting for the indicator when using H1 charts. Now how the coder does with this inside the EA...I do not know but I have seen ATR inputs in various EA's. I can only illustrate how I use it and calculate it. The coders may have a different meaning and a different way to arrive at the differences in pairs.... so do not worry.

Do you get my point? or should I say Do you get my Pipette?...HeHe

ES

Really interesting idea!! I think it's something we realize from playing around with Never's EA. You can Make money by trading the Trend or volatility regardless of the price direction.

A touch of martingale needs to be calculated with this. With ADR or ATR adjustment for lot size and target to cover previous lost.

We don't really need to guess if there will be a trend or not, we can try running the EA to start trading from during London session only, as the most volatility happen around this time. Trading should stop at the end of london session and resume the next day regardless if it's profitable or not.
Next day's trading would then be adjusted to cover if there are any loses from previous day. Lot size, TP and SL would be adjusted based on ADR or ATR.

And then just simply cycle the 3 steps paroli.

PS: if you don't get anyone to code this, just PM me and I can share half the burden. I've had EAs coded at freelancer website

There is a coder working on an Oanda API over here Post

I am interested in his settings and test results.

ES

Ok buddy....there are a lot of freelancers bidding on it...there is one that is going to give me a light version this week for free for testing (I like him but I do not know if he has the expertise for self optimization). I will let you know by PM. There is another freelancer that has made 622 projects with a 5 star rating! But once you and I do this it cannot be shared as we are paying for it. Do you have commercial aspirations or do you just want it for yourself?

Those buttons that I need and self optimization will be for advanced programmers though...Wouldn't it be kewl to have a third button for optimization? I know it is possible as I have used another Indicator with it. Post

ES

There have been 99 downloads of the PDF file in the opening post at the time of this post

Ah that's good to know. Re-reading your posts again, my idea may have slightly deviated from the original concept, I would have to put it on scratch for now.
I've no intention of going commercial, i just want to see if it works on the long run fully automated and then add it to my EA portfolio.

So you do not want to split it with me? It is not that much. Tell me about your ideas?

ES

I can still shoulder half the cost. If you're thinking of going commercial then we can also discuss that provided that this does work. By the way, this shouldn't cost more than $150 in freelancer based on the description, some would even bid lower than $100 to make this EA. I suggest we get it coded for MT5 first so we can run better test in strategy tester.

Here is basically what i'm thinking for a fully automated concept:

1.EA will trade during london session only
2.Trade direction would be based on MA or which ever indicator can be used to determine trend
3.Continue to cycle and stop trading after london session and continue the next day
(Trade would need to close regardless of PnL. Lot size, TP and SL to be recalculated the next day or simply start from 0.01)
*Re-calculate lot size TP and SL from previous day based on current ADR (On/Off)

I'm also thinking of making it martingale based on ADR as another strategy (i'm curious how it will turn out).

Oj,

I am quoting myself. I find myself doing that a lot in this thread due to a lack of participation.

Take a look at this sequence. Going Long & Short at the same time. We did not know the direction and we never went red.

I think we need those three wins and if we can hold out long enough to find them then this way to trade this EA is golden...It's just how long can you wait? Also if it goes deep enough will it never dig out of the spread and commish cost accumulating? Naturally if you know the "Trade Direction Bias" that is best and just go long only or short only. 3 times your TP (see below) is good especially if you had a lot of pipettes in your TP.


Long....Short.....Profit
Win +1 Loss -1 0
Win +2 Loss -2 0
Win +6 Loss -3 +3
Loss+5 Win -2 +3

ElectricIsMissingSomethingSavant


P.S. Folks I know the arguements about going long and short at the same time and how wasteful it is. But this above takes place while I am sleeping where going long only or short only or reversing requires management. This proposed EA is very versatile and can do all of the above...it can be semi automatic and take its trades from your first entry or it can be automatic and have a built in indicator to give it trend direction and long only or short only.

Folks! Can you give me some scenarios from the above post where the commish and spread run it out? Better yet does anybody have the time to throw together a spreadsheet? I can do it...but I feel I am missing something and am biased.

We have some time as we will not get an EA quickly.

Es

P. S. I am trying to discover if you set the SL and the TP tight enough will you be able endure a "set and forget always in" EA for the 70% of the time the currency ranges. Lets make this a collaborative effort.

P.P.S. Sheesh I feel like I am writing a book.

There have been 128 downloads of the PDF file in the opening post at the time of this post

Check out my opening post at the bottom. Did I miss any inputs?

ES

There have been 138 downloads of the PDF file in the opening post at the time of this post

Made some edits. this should do for now to conduct fully automated test.


Here is what I'm thinking instead for a fully automated version:


EA Parameters:
Buy - When candle close above MA
Sell - When candle close below MA

ADR TP & SL (1:1) - On/Off (Use Manual when off)
Manual SL -
Manual TP -

Paroli Feature:
-A new trade will automatically open IMMEDIATELY when the trade closes in WIN, up to the 3rd sequence.
Initial lot -
*Lot increase sequence
0.01 (Initial trade)
0.02 (2nd trade)
0.06 (3rd trade)
*Lot size will revert back to initial when a trade close in negative and will wait for the next signal to start trading

Indicator Moving Average:
Period -
Shift -
Method -
Type -

Magic Number:
Trading time (broker based): 00:00 - 24:00
Close open trade outside of trading hours: On/Off (Trade will reset to 0.01 initial lot on next trade)
Slippage:

Dashboard button:
Close all trades

*EA should work on ECN and none ECN brokers
*EA should work on Major and Minor Pairs
*This EA only have 1 open trade at a time following FIFO rule

EA in opening post also.

Back to the drawing board....

Thanks! we will have to test and optimized.

I'm not sure why you're disappointed, it actually looks promising! I will email you the set file