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Manage Take Profit EA

  • #141
  • Sep 20, 2007 3:15am Sep 20, 2007 3:15am
Frank, Only one expert can be attached to a chart. If another expert is imposed, the previous one will be deleted from the chart. Also, If you have an EA and an Indicator, both of which generate text on the chart, one will overlay the text of the other. Put your EA on one chart and your Indicator, script or another EA on another chart of the same currency.

Once I put MTP on a chart, I don't touch that chart again. Any indicators or scripts I need are done prior to attaching MTP to a chart, or done on another chart. I also re-initialize MTP between trades by clicking on the smiley face or re-attaching the EA.

I use a modified "OpenWithMagic" program. I changed it from an EA to a script and added an edit of the Input parameters. I changed the name to "OpenMagic".
Attached File(s)
File Type: mq4 OpenMagic.mq4   2 KB | 1,722 downloads
  • #142
  • Sep 20, 2007 7:30am Sep 20, 2007 7:30am
Moneybiz,
Thanks for the response. I can see the logic of doing what you suggest, and checking the journal after the post i could see the EA was deleted each time i superimposed one EA on the other EA in the same chart. The concept of using a second chart is great, and a simple solution.
I'll try this OpenWithMagic indicator and see what you mean.
Thanks again and thanks to Stockwet who started this off,
Frank
FrankieB
  • #143
  • Sep 21, 2007 9:50am Sep 21, 2007 9:50am
Moneybiz,
Thanks for your help. Both charts work fine. I loaded the old EA by Stockwet OPenWithMagic on it which opened the trades and when I clicked on the smiley on the other chart for MTP 1.5, it refreshed and caught all the trades opened on the other chart of the same pair. I'll try the indicator next.
That is the lion's share of the work done.
Thanks for that.
Frank.
FrankieB
  • #144
  • Sep 23, 2007 1:39am Sep 23, 2007 1:39am
Is there any way to set take profit at certain fib points in an EA.?

I use the BAT EA and want to be able to set up a Take Profit of only part of my position when it hits the 144 fib and the rest I want to trail it or break even.

I have great success with this 144 fib TP but my problem is that usually this moves happen when Im sleeping and I have to set my orders to Take all profit at 144 and close all leaving sometimes lots of pips on the table.
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The more obstacles I overcome the better man I become.
  • #145
  • Sep 23, 2007 7:23am Sep 23, 2007 7:23am
Moneybiz,
Sorry to hassle you with newbie stuff. Can you tell me what i am doing wrong or is it something with OpenMagic.mq4.
Copied it into the indicators folder in experts; opened the Mt4 program and then MetaEditor and found OpenMagic in the indicator folder in the Navigator>Files Frame.
Compiled OpenMagic; no errors; closed MetaEditor; closed MT4 just in case it needed to refresh the listing of Custom Indicators. Reopened MT4 and double clicked on OpenMagic icon in Custom Indicators with a chart that did not have an EA on it; the input box should have popped up; nothing happened; the icon is a nice yellowy colour like the rest of them; nothing out of order as I see it. I tried to drag it onto the chart, but stubborn animal wouldn't come. Has a mind of its own.
Tried it on another application of mt4 by another server; same problem.
Had a look through the script and nothing seemed to be begging for some typing into it for me to do. How can I tempt this mutt to do the right thing?
Any tips?
Thanks
Frank
FrankieB
  • #146
  • Sep 23, 2007 2:41pm Sep 23, 2007 2:41pm
Frank, OpenMagic is a script, not an indicator. Copy it to the Expert/Scripts folder.
  • #147
  • Sep 23, 2007 7:05pm Sep 23, 2007 7:05pm
Quoting moneybiz
Frank, OpenMagic is a script, not an indicator. Copy it to the Expert/Scripts folder.

Quick question money.

Ihave one EA on one chart for one system I use. I want the MTP EA to handle the orders.

What should I do :
1. Have the System EA running in one chart , and open another chart with the same pair with the MTP EA. Do I need to put the openmagic number from my system EA on the Magic Number Input tab of the MTP?

2. Or do something with the open magic script you posted a few post before.

Thank you in advance for your help.

Seve
The more obstacles I overcome the better man I become.
  • #148
  • Sep 23, 2007 11:21pm Sep 23, 2007 11:21pm
Quoting sevejose
I have great success with this 144 fib TP but my problem is that usually this moves happen when Im sleeping and I have to set my orders to Take all profit at 144 and close all leaving sometimes lots of pips on the table.
This is off-topic, so if the thread starter doesn't want it, let me know and I'll delete the post...

Why are you using 144? It's not a fibonacci level? I mean, if it works, that's cool, but it's not a fib level. I know 144 is a fibonacci number, but in terms of ratios it's not one. Just curious.
  • #149
  • Sep 23, 2007 11:47pm Sep 23, 2007 11:47pm
Question about MTP:

What would be the work involved in modifying the EA so that it has several different TP targets? It only has one, and then it must remain at that interval. Why not make it so that TP1 is at 20, TP2 is at 55, TP3 is at ..., and so on...? I can code it, but I was not sure if there was a particular reason it had not been coded that way to start?
  • #150
  • Sep 24, 2007 12:25am Sep 24, 2007 12:25am
Quoting JoshDance
This is off-topic, so if the thread starter doesn't want it, let me know and I'll delete the post...

Why are you using 144? It's not a fibonacci level? I mean, if it works, that's cool, but it's not a fib level. I know 144 is a fibonacci number, but in terms of ratios it's not one. Just curious.

Josh, I found the 144 and 169 in the tunnel system created by team Vegas, I understand big money managers use it all the time and for some reason price usually hit it.

I use the BAT system and I draw the fib from the ATR line to the low or high from where price breaks the ATR. I have very good results using this strategy but I notice that I left lots of pips on the table. Not that I want to be greedy but I' m always trying to find a way to better my trades just like everyone here I suppose.

That is why it would be perfect to use the MTP to take profits at fib levels. I wish I knew how to program.

Your idea of adding more TP targets is also very good I don't see why not, unless someone contradicts with a good point.
The more obstacles I overcome the better man I become.
  • #151
  • Sep 24, 2007 8:57am Sep 24, 2007 8:57am
Quoting sevejose
Josh, I found the 144 and 169 in the tunnel system created by team Vegas, I understand big money managers use it all the time and for some reason price usually hit it.
I see sevejose. In your situation, if you're using it the same as vegas and others have, then 144 is the actual number of pips from a particular point, not a ratio, so you should be able to use it with MTP as is--just set your TP to 144. However, if you're using it like a 1.44 "fib extenion" ratio, then it won't--but be aware that that's not how the vegas tunnel method originally used this number. I've never actually seen anyone use a 1.44% level, but like I said, if it works for you, then keep doing it!
  • #152
  • Sep 24, 2007 12:02pm Sep 24, 2007 12:02pm
Quoting JoshDance
I see sevejose. In your situation, if you're using it the same as vegas and others have, then 144 is the actual number of pips from a particular point, not a ratio, so you should be able to use it with MTP as is--just set your TP to 144. However, if you're using it like a 1.44 "fib extenion" ratio, then it won't--but be aware that that's not how the vegas tunnel method originally used this number. I've never actually seen anyone use a 1.44% level, but like I said, if it works for you, then keep doing it!
Hey Josh, It is a Fib, I m pasting some text from the tunnel method directly from vegas is interesting:


So, 144 is the only fib number that has a whole number square root [12]. The closet fib number to this square root is 13. The square of 13 is 169. The tunnel is now created.

But, the proof is in the pudding. In a trending currency market [which is what it does most of the time over the long run], retracements are where you can re-establish profitable positions. Go back and look on the 1 hourly charts and see where the retracements stop, and you will need to know nothing more about Gann or numerology, astrology, or anything else. They stop very close, if not exactly on the 144 and 169

At a minimum you should be able to do 3 units to implement tunnel trading. Use the 55, 89, and 144 levels to take 1/3 off at each level. If you can do 4 units, use 55, 89, 144, and 233. 5 units is the preferable level, and you use 55, 89, 144, 233, and let one unit ride until crosses over tunnel boundary or it reaches 377.
The more obstacles I overcome the better man I become.
  • #153
  • Sep 24, 2007 6:57pm Sep 24, 2007 6:57pm
Since this is a "why" question, I thought I would answer it. The reason was to provide me with an easy, codified manner for taking out unlimited profit targets. It was to enable me to trade multiple systems using this EA for exits without being locked into a limited number of take profit targets. I had originally created this EA to go along with two systems I traded which had uniform TP targets.


Quoting JoshDance
Question about MTP:

What would be the work involved in modifying the EA so that it has several different TP targets? It only has one, and then it must remain at that interval. Why not make it so that TP1 is at 20, TP2 is at 55, TP3 is at ..., and so on...? I can code it, but I was not sure if there was a particular reason it had not been coded that way to start?
  • #154
  • Sep 26, 2007 7:10pm Sep 26, 2007 7:10pm
I've modified MTP to add 2 more fixed TP targets. The TP Target Increment will kick in after the last non zero TP Target. I've also added a second method of closing lots, which increments the lots closed at each TP by the original Close_Lots number. I've removed the boolean (true/false) Input fields, Move_Stops and Use_Max_Loss (MTP is psychic!). If you have saved Pre-Sets, you'll probably need to revise and re-save them. Read the .doc file!!!

This EA now does everything I need it to do, so I hereby declare it mature. I don't intend to do any more enhancements. It already borders on being too cluttered now. If someone finds a bug, I'll try to fix that, otherwise . . .

The following files are in the .zip file

MTP_1.7.mq4 ............. The MTP source file
MTP Advisor4FF.doc .... A "how to use" document file
MTP Read Me.txt ......... A version history file
mtp1.wav .................. An alert sound file
mtp2.wav .................. An alert sound file
mtp3.wav .................. An alert sound file
Attached File(s)
File Type: zip MTP4FF.zip   328 KB | 3,546 downloads
  • #155
  • Sep 26, 2007 8:45pm Sep 26, 2007 8:45pm
Quoting sevejose
Hey Josh, It is a Fib, I m pasting some text from the tunnel method directly from vegas is interesting:
Fib numbers: 1,2,3,5,8,13,21,34,55,89,144,233 and so on.

Yes, 144 is a fib number. But it's not a fib ratio. Fib ratios, such as those used in a retracement, are ratios of one fib number to another, are defined like so, where "x" is some number in the sequence, "x1" is the next, and so on:

38% level : x/x2 (so, 89/233 => .382, 144/377 => .382, and so on)
50% level: not a fib ratio. but commonly used
61% level: x/x1 (so, 89/144 => .618, 144/233 => .618, and so on)
161% level: x1/x (so, 144/89 => 1.618, 233/144 => 1.618, and so on)
261% ... 423%... etc etc

These ratios are unique because they are constant, no matter what the fib numbers are (after you pass the first few, that is).

These are ratios of numbers in the sequence, not numbers themselves. The numbers themselves, like 144, are used to calculate the ratios that traders use in a retracement.

Vegas and others have used an absolute pip distance from some reading, such as a moving average, to create a "tunnel", and this is used as TP/SL levels and so forth. And like you posted, 144 is one of those distances. But realize that it has nothing to do with fib ratios--it's a fib number, an absolute number of pips, not a ratio or a percentage. So there is no "1.44" or "144" fib retracement/extension/expansion/projection level. It can certainly be used, (and may have better success than actual fib ratios! ), but it has no significance as it relates to fibonacci ratios. Hope this helps.

Sorry for taking up space with this, back to MTP...
  • #156
  • Sep 27, 2007 1:00am Sep 27, 2007 1:00am
Quoting JoshDance
Fib numbers: 1,2,3,5,8,13,21,34,55,89,144,233 and so on.

Yes, 144 is a fib number. But it's not a fib ratio. Fib ratios, such as those used in a retracement, are ratios of one fib number to another, are defined like so, where "x" is some number in the sequence, "x1" is the next, and so on
Josh, I just wanted to explain that it is used profitably as a fib number. I know is not a ratio. Maybe I didn't explain myself right.

My point is that I wish I could make MTP work to take profits at certain Fib levels be it numbers or ratios as well at specific pip numbers. Anyway I'm not an expert trader but I am positive most of the time and my system works very well.

I just think that MTP is a great tool and I want to thank and complement the work done by stockwet and all the people that have help to make it even better.

I have been using it with my system seting up the orders taking profits at the 144 and so far has worked great. Here is one that just closed.

Sorry for blabing so much guys.
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The more obstacles I overcome the better man I become.
  • #157
  • Sep 27, 2007 1:03am Sep 27, 2007 1:03am
Quoting moneybiz
I've modified MTP to add 2 more fixed TP targets. The TP Target Increment will kick in after the last non zero TP Target. I've also added a second method of closing lots, which increments the lots closed at each TP by the original Close_Lots number. I've removed the boolean (true/false) Input fields, Move_Stops and Use_Max_Loss (MTP is psychic!). If you have saved Pre-Sets, you'll probably need to revise and re-save them. Read the .doc file!!!

This EA now does everything I need it to do, so I hereby declare it mature. I don't intend to do any more enhancements. It already borders on being too cluttered now. If someone finds a bug, I'll try to fix that, otherwise . . .

The following files are in the .zip file

MTP_1.7.mq4 ............. The MTP source file
MTP Advisor4FF.doc .... A "how to use" document file
MTP Read Me.txt ......... A version history file
mtp1.wav .................. An alert sound file
mtp2.wav .................. An alert sound file
mtp3.wav .................. An alert sound file

Hey Money,

Thank you for the great work with the new version, I will try it out today.
The more obstacles I overcome the better man I become.
  • #158
  • Sep 28, 2007 11:08am Sep 28, 2007 11:08am
Hi all,

thanks for this great EA. Will appreciate if someone can help me to add a function to close all open order @ a specific time. Eg close all order @ 23:59 (this is set as a input viarables)

thanks!!

Wee Wee
  • #159
  • Sep 28, 2007 8:15pm Sep 28, 2007 8:15pm
Works very nice for me thank you guys.
Attached Image (click to enlarge)
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The more obstacles I overcome the better man I become.
  • #160
  • Sep 29, 2007 3:07am Sep 29, 2007 3:07am
Quoting moneybiz
I've modified MTP to add 2 more fixed TP targets. The TP Target Increment will kick in after the last non zero TP Target. I've also added a second method of closing lots, which increments the lots closed at each TP by the original Close_Lots number. I've removed the boolean (true/false) Input fields, Move_Stops and Use_Max_Loss (MTP is psychic!). If you have saved Pre-Sets, you'll probably need to revise and re-save them. Read the .doc file!!!

This EA now does everything I need it to do, so I hereby declare it mature. I don't intend to do any more enhancements. It already borders on being too cluttered now. If someone finds a bug, I'll try to fix that, otherwise . . .

The following files are in the .zip file

MTP_1.7.mq4 ............. The MTP source file
MTP Advisor4FF.doc .... A "how to use" document file
MTP Read Me.txt ......... A version history file
mtp1.wav .................. An alert sound file
mtp2.wav .................. An alert sound file
mtp3.wav .................. An alert sound file
moneybiz, I'm modifying this to also remove the limitation on fixed lot sizes which are closed, so that at TP1 I can have X lots closed, at TP2, I can have Y lots closed, and so on.

In the process of modifying the code, I ran across a portion of your profit-taking code which looks like this:

Inserted Code
         if(nextTP == Third_TP) nextTP = nextTP + TP_Increment;
         else if (nextTP == Second_TP) nextTP = Third_TP;
         else if (nextTP == First_TP) nextTP = Second_TP;
         else nextTP = nextTP + TP_Increment;

I have not even run this, so maybe I'm wrong here, but I don't see how your logic works. Here's a case: I have TP1 set, and TP2 and TP3 are zero, and TP_Increment is set. Per the init() function, my "nextTP" will initially be "First_TP". The second time around, "nextTP" will be "Second_TP", which will be zero, and it should be First_TP+TP_Increment, but I see nowhere this is performed. You should do a check to see if the next TP level is zero, and if it is, then increment it. This would work:

Inserted Code
if (nextTP == First_TP && Second_TP != 0)
   nextTP = SecondTP;
else if (nextTP == Second_TP && Third_TP != 0)
   nextTP = ThirdTP;
else
   nextTP += TP_Increment;

I could be all wrong and you may already have it correct, especially since I have not tested and confirm that it doesn't work, I just didn't see how it did while looking through the code.

Also, is there a functionality in the code that will close out a smaller lot portion if only a certain amount is open? For example, if I open 0.7 lots, and my increment is 0.3, then I will close 0.3, and 0.3 the second time, and only have 0.1 open the third time. Will the close fail because I am trying to close 0.3, but only have 0.1 open? In my glances through the code I did not see that this case was handled, but I didn't look very hard either. Just checking.
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