Fruitfull Input EA thread.

Good Day/night to everyone,

Im starting this thread today to Discuss some of my EA ideas and to hopefully learn, collaborate and gain something possetive. If memory serves me correctly then this is my first time posting in this section of FF, although I have been 'lurking' for a day or two reading various threads and just generaly furthering my knowledge in this area of trading.

As I have little knowledge of programming and the likes I shall not be able to offer much possitive input in this area, but none the less, I do have idea's that could be used and a willingness to learn.

Im not sure if it is possible to create a working EA, or automate the process of profitable trading. Obvious disadvantages are the fact that a code can not match the intelligence of human brain, especially not coding for an MT4 EA, BUT
and this is a big BUT....
Isnt the way we are wired the reason so many fail in the FX markets, emotion and feelings get in the way of trade decisions at times, and are often wrong, although sometimes also work in out favour.

The scales of weight for mechanical and discretionary are no heavier on either side at this point, I hope to gain a little more opinion either way.

In the next Post I shall disclose some idea's, simple ones, but ideas none the less.

Thanx for reading,

L'Lorenzo

Ok, Like said previously, this is nothing amazing and I have much more to give in idea's but for now Ill hand this one out..

Im pretty sure this already exists elsewhere in the forum due to the simple nature.

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Suave System
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Currency pair: Currently EU (Feel would work equaly in any)
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Timeframe: Currently 5min chart (after a quick scan over other timeframes I --------------feel It would work equaly in any)

Indicators: WMA's 20 + 30
-------------Stochs 5,3,3

also possibly keltner channels, If range is below a certain number of pips(indicated by the spacing of the channels then trades would not be taken)
But values for this situation have not been decided.

Entry for a long:
20WMA closed above the 30WMA (this means only long trades will be taken)
Trades are then entered on a cross of the stoch lines up.

Entry for a short:
20WMA closed below the 30WMA(only shorts will be taken)
Trades are then entered on a cross of the stoch lines down.

TP + SL levels:
This is yet to be decided, but I think the beauty of EA's is that it would be reletively easy to determine optimal levels. Considering the fact that spread needs to be covered over 13pips seems the most sensible, this is also my reason for choosing EU when it comes to aiming for small profits per trade.

Even with a spread of 2 pips, Consider stop is 13pips and TP is 13pips the possition would have to move......
11pips to be stopped out
15pips to hit TP
and this is with below 1:1 R:R

If we were to strucure the R:R to be 1:1 at SL 13 and TP 15 the possition would have to move........
11pips to be stopped out
17pips to hit TP
So an extra 6pip move is needed to win the trade with 1:1 R:R.

It may suprise you but many people I have spoken to in the past do not realise this and the massive disadvantage it puts us traders under.
My reason for me writing about this was just to make the newer people aware of what we are actually dealing with.

In the next post I will post a chart..

Thanx for reading

L'Lorenzo

In the following chart I have marked entries that the system would have given and whether they would have given a manageable profit,
The reason that I say 'manageable' is because optimum levels have not yet been decided for TP and SL's.
Keep in mind that not all signals would have been taken due to a trade already being open...
(also remember to see the key)

Just to clarify my understanding of the subject, I understand that for an EA to be coded SET IN STONE rules are required.
Things such as whether the stochs need to close crossed or just cross to enter a trade need to be decided.
Very possibly further consideration in to settings/conditions/filters need to be discussed, please give all the input you can, afterall the purpose of this thread is to share and learn together.

From what I can see over my few days research is that there are certain individuals who create threads only to help themselves out, for backtesting off the other less selfish individuals, and do not make the sourcecode freely available. This is wrong in my opinion, and the people who will be rewarded in life are the ones who share (to some extent).

If anyone could be of help I would actualy like to learn MQL, so if anyone has any directions towards helpfull learning material I would apreciate the shove in whatever direction.

Thanx

L'Lorenzo

The more set the rules the better when creating an EA. I found these documents which helped kick start my knowledge of writing code for mq4. They will take you step by step through creating an indicator and creating the EA.

Thankyou very much Magnum,

Thats excellent, ill dive in streight away.

Good trading

L'Lorenzo