A few weeks ago user @mite posted an idea for an Expert Advisor in order to trade signals from the following indicator:
Following this request, I have made an attempt to create such an EA.
The task wasn't easy because of certain limitations:
1. We only have the compiled .ex4 file, so we can't make any changes in the indicator itself,
2. We can only read the signals from the data contained in the objects which this indicator plots,
3. We don't know the original name of this indicator:
I have figured out a way to read the data from the objects.
In order for the EA to work the indicator must be working on the same chart as the EA!
There should not be any other objects, from other indicators, whose name starts with the strings "mtf" or "MTF"!
We do not have any method by which to check if the indicator is on the chart, because of pt. 3.
I checked and the MQL4 code for checking this returns -1, which means that it doesn't see any indicator of this name on the chart.
This means that the IndicatorShortName in the original code is not the same name as the file name which we have.
And this fact means that the trader must make sure that both the EA and the Indicator are on the same chart.
This can be any instrument, and the chart itself can be invisible.
Here is one idea of what this setup might look like:
4. We don't have a clear picture of how this indicator works, exactly.
I have studied how this indicator is working for about two weeks of live trading while debugging my EA.
I have noticed a few things:
1. The signals depend on the settings in the indicator. The obvious dependencies are associated with the STOCH and MACD settings. The less obvious dependencies are which timeframes are specified. This indicator generates different signals depending on which timeframes we have enabled. I have not had enough time to figure out how exactly that works, and I leave that to every trader who is willing to do the work.
2. The indicator IS NOT any type of Holy Grail, and the signals are just as good, and just as bad as any other indicator's!!!
From my observations, the signals are usually bad ones, they are very lagging, and overall I do not see how the EA could be overall profitable by trading automatically without the trader's intervention. Putting this in other words, some signals are good, but only those at the very beginning of a swing. The indicator seems to work like a momentum indicator, so it generates a signal when the price is moving, and that causes very bad entries. So, IMHO, if the EA can be profitable, the trader must know when to allow the EA to place orders, and when to turn the EA off.
BTW, if any trader using this indicator has the impression that it only gives good signals, this means that this trader doesn't see everything the indicator is showing, and the EA sees everything.
3. The idea of closing the trades according to the readings from the indicator's objects, ie. when the given currency has reached some threshold value, seems to be a very bad idea. Nevertheless the EA has such an option.
Now the Expert Advisor:
1. The EA works on Demo accounts only!
I will not provide a version for Real accounts!!!
Unless someone will provide an evidence-based method for using this EA which is profitable.
This evidence and method must be provided on this thread, publically and free of any charge.
2. This EA has expiry date: 2023.12.31
I am going to prolong this date only if there is enough interest on this thread and You are showing Your activity in developing this method.
3. The file name of this EA must NOT be changed!
If You change the name of the EA file, it will be removed from your chart.
4. I am willing to unlock this EA for any type of application the trader chosses only under specific conditions!
This will be done free of any charge, under the condtion that someone will provide an evidence-based method for using this EA which is profitable.
This evidence and method must be provided on this thread, publically and free of any charge.
Following this request, I have made an attempt to create such an EA.
The task wasn't easy because of certain limitations:
1. We only have the compiled .ex4 file, so we can't make any changes in the indicator itself,
2. We can only read the signals from the data contained in the objects which this indicator plots,
3. We don't know the original name of this indicator:
I have figured out a way to read the data from the objects.
In order for the EA to work the indicator must be working on the same chart as the EA!
There should not be any other objects, from other indicators, whose name starts with the strings "mtf" or "MTF"!
We do not have any method by which to check if the indicator is on the chart, because of pt. 3.
I checked and the MQL4 code for checking this returns -1, which means that it doesn't see any indicator of this name on the chart.
This means that the IndicatorShortName in the original code is not the same name as the file name which we have.
And this fact means that the trader must make sure that both the EA and the Indicator are on the same chart.
This can be any instrument, and the chart itself can be invisible.
Here is one idea of what this setup might look like:
4. We don't have a clear picture of how this indicator works, exactly.
I have studied how this indicator is working for about two weeks of live trading while debugging my EA.
I have noticed a few things:
1. The signals depend on the settings in the indicator. The obvious dependencies are associated with the STOCH and MACD settings. The less obvious dependencies are which timeframes are specified. This indicator generates different signals depending on which timeframes we have enabled. I have not had enough time to figure out how exactly that works, and I leave that to every trader who is willing to do the work.
2. The indicator IS NOT any type of Holy Grail, and the signals are just as good, and just as bad as any other indicator's!!!
From my observations, the signals are usually bad ones, they are very lagging, and overall I do not see how the EA could be overall profitable by trading automatically without the trader's intervention. Putting this in other words, some signals are good, but only those at the very beginning of a swing. The indicator seems to work like a momentum indicator, so it generates a signal when the price is moving, and that causes very bad entries. So, IMHO, if the EA can be profitable, the trader must know when to allow the EA to place orders, and when to turn the EA off.
BTW, if any trader using this indicator has the impression that it only gives good signals, this means that this trader doesn't see everything the indicator is showing, and the EA sees everything.
3. The idea of closing the trades according to the readings from the indicator's objects, ie. when the given currency has reached some threshold value, seems to be a very bad idea. Nevertheless the EA has such an option.
Now the Expert Advisor:
1. The EA works on Demo accounts only!
I will not provide a version for Real accounts!!!
Unless someone will provide an evidence-based method for using this EA which is profitable.
This evidence and method must be provided on this thread, publically and free of any charge.
2. This EA has expiry date: 2023.12.31
I am going to prolong this date only if there is enough interest on this thread and You are showing Your activity in developing this method.
3. The file name of this EA must NOT be changed!
If You change the name of the EA file, it will be removed from your chart.
4. I am willing to unlock this EA for any type of application the trader chosses only under specific conditions!
This will be done free of any charge, under the condtion that someone will provide an evidence-based method for using this EA which is profitable.
This evidence and method must be provided on this thread, publically and free of any charge.
.ex4/.ex5 files can't be fixed or modified / I'm not a coder!
