EA to buy/sell previous days high/low

Need an EA that looks at the previous days High and Low sets a buy order at the high and a sell order at the low. With an adjustable TP set for 10 pips. Also an option for trailing stop and stop loss. I would like for it to set the buys and sells shortly after 5pm EST. Once either the buy or sell is closed for profit, it will cancel the other pending order. If neither the buy or sell level is hit that trading day, it will just reset for the that days High and Low.

Thanks!

Hi fireslayer. Im new to codding mql4 but ill give it a go. bear with me i am bogged down with work atm and new to mql4.

Hey Fry, No problem. Just post up whenever you think you got it.

I'll break down my system to make sure we are both thinking in the same way. Here it is when I do it manually:

1. At 5pm EST when the market starts a new trading day. I look at the PREVIOUS days HIGH and LOW. (from now at 5pm to 5pm the day before)

2. I place a Buy Stop at the High with a T/P of 10 pips, usually about 5-10 after 5pm. Same for Sell Stop.

3. I place a Sell Stop at the Low with a T/P of 10 pips.

4. I do not set a Stop Loss. Though the option should be available, as well as a Trailing stop.

5. The price will either reach the Previous High or Low, the trade will be placed and profit taken when it gains 10 pips.

Here's and example:
If the Previous high was 207.55 and the previous low was 205.52, I would place the Buy Stop at 207.55 with the T/P @ 207.65. I would place the Sell Stop at 205.52 with the T/P @ 205.42. If the price reaches 205.52 first, then it should make that trade and cancel the 207.55 pending order. It should close out the 205.52 short @ 205.42 for 10 pips profit sometime during that 24 hour trading day. It should not make any other trades that day and the system should reset at 5pm EST again for that trading days High and Low.... and so on and so on.

Hope this makes things clear as mud!

Hi fireslayer. The ea is comming along nicley. Im am just stuck on a couple of issues though, so will iron these out. I dont think you will be waiting much longer, just to give u an update.
This is good for me too as i am learning new stuff

Your EA is similar to my EA. I don't want to hijack your tread but if you're interested in looking at my EA, don't hesitate. The more help I get the better the EA will be. I invite you all- http://forexfactory.com/showthread.php?t=89864

Hi derailed. Is your EA stil giving you profit? Also I think your ea imo is quite different to this. it seems a lot more complicated so im not at the stage that i would have any valid input for your ea.
Also you say that you have a problem with it calculating 26%. instead it does 26? is this still a problem? I think the solution to that problem would be quite easy.

Hi Fry:

The original plan for my EA was for the trailing stop, it would take 23% of yesterday's range. Right away a huge bug showed up. Especially on Sunday where the daily range was maybe 30 pips, it would take 23% of 30 and make that the trailing stop. So essentially the EA would put in around 20 orders with a trailing stop of 7 pips. On one pair, I counted over 100 orders placed in the span of a few hours.

So to combat that, I had my programmer put in a clause that said, either 23 pips or 23% of yesterday's range for the trailing stop, which ever was higher. Somewhere between all the emails, we got mixed up and now it does a flat 23 pips.

On big movement days, the 23% rule comes into play. I usually expect huge swings after big movements so if yesterday's range was 200 pips, a 46 pip trailing stop is more appropriate.

Now this is where it gets tricky. The EA only turns the trailing stop on after a certain amount of pips is reached. But say if the EA puts in an order and heads the other way, you have nothing to protect you. So, you have to program the EA to put in a regular stop as well as a trailing stop.

Now here comes the tricky part. Should the trailing stop be a straight 23 pip and the hard stop be 23% of yesterday's range?

These are things I have yet to figure out and invite you to come join my tread. I'm not a programmer. I wish I learned C++. Instead I went the biology route for my education. Anyway, to make things short, I tend to look outside of the box and want to apply that skill to forex trading. But in order to do that, I need help. I think you could be a good asset.

Sorry from deviating, but it looks like your EA is similar to my EA at heart. It's main goal is to take advantage of the psychological breakout often observed from when price action approaches yesterday's high and low.

Remember, things like spread, widening spread due to news, price jumping instead of going linear will really screw with the break out. My goal is to figure out anything that can screw with me and create an EA that completely removes emotion from the picture. I want a cold hard reliable robot EA to manage my money and preserve my capital. In the end, its a digital number's game.

I invite all of you guys to join the tread, look at the EA, play around or whatever. It's all open source

I like your thinking derailed. Im no programmer by any means. Im not suprised you paid good money for that ea as there are a lot of conditions.
I think i get what you mean when you say your not protected by a stop loss. Im sure your programmer was capable of putting in a regualr stop loss, then when price moves in your favour it should modify the order with your trailing stop loss.
so lets say:
1) order is made. it works out the range is = to or greater than your range limit of previous day. HARD STOP is used on this order.
2) This means you want to use a trailing stop loss. So when price moves that many pips, the order should be MODIFIED with your trailing stop.
So really your should be protected. maybe im not fully understanding what you mean, because it must be programmed to put a stop loss in the first order?

and sure ill join ur thread, but i have limited time atm.

Thanks Fry, I'm excited to see it when its finished!

Fry-

My EA does put in a both a hard stop and trailing stop.

By definition, trailing stop is only turned on when price moves x pips. But before price hits x pips, you have nothing. So a hard stop needs to be put in at y pips.

So lets say that price hits x pips- trailing stop is turned on. Now, when price moves in your favor, EA modifies the new stop to protect profit. The original hard stop doesn't matter anymore because if price action fails, the new trailing stop will protect your gain.

Trailing stops protect your profit while stops protect your capital. Anyway, I'm glad you like my EA. Please feel free to copy any part of my EA for your EA if you want. That would be awesome if you could stop by my tread and add your input.

Hi fireslayer.
I had to stop work on ea for past couple of days. It is pretty much as you asked only problem I have is tryin to cancel one pending order when the other is activated. I actually had it before but after correcting other errors I messed it up and now cant remember how I did it lol. Here is what I have so far so I dont know if you might be able to sort that little problem out, or if you find out a link somehwere that might help I can correct it.
When I have time I will still try to sort this out but dunno when. sorry.
Let me no if there is anythin else wrong with it too.

Thank you Fry. Could you explain the variable settings?

Really sry fireslayer the trailing stop I didnt even include either lol. This coding business is harder than i first fought, but you have a base from which to work from. Most settings are self explanatory. take profit and stop loss i assume u understand.
The start hh start mm, means the hour for the programme to run and also the minuites. so if you want 10 am in the moring you put 10 in HH. if you want 10:30 am in morening for it to start trading you put 10 in hh, and 30 in mm. HH short for hour, MM short for miniute.
If you want 10:30 PM, then you must put 22 in the hour, as it is 24 hour setting.
The range bars is the number of bars for the highest hight and lowest low to be calculated. it is set at 24, so from the start of the EA it will calculate 24 bars back. if you want 48 hours, put in 48. it is set to how you first wanted it.
I am working on a different strategy atm as well as working so unfortuantly am pressed for time. When I get time i will correct the trailing stop loss, and closing of the trade that is not open.
If there are any other errors you find or want to change just let me no and ill work on it. if its somthing simple i cud do it right away, but these other 2 things are not so simple to me.
p.s. if anyone no's how to code trailing stop or close a pending order when the other pending order has been activated it wud be really appreciated.

Thanks Fry, I'll do some playing around with it! Good Job! Also, would I be correct in assuming that if I wanted to watch the M30 chart I would have to set the range bars to 48? If we can finish programming it to close the other pending order when one is hit I think this would be perfect.

*update* For some reason, I cant get it to turn up any results on the Strategy Tester.

cant u? I was able to use it on strategy tester.. that is strange.
I was using it on gbpusd and eurjpy pair. it worked on those. which pairs r you testing on?
yes it would be good to close the other pending order, will look into it at some point. cant belive I had it before now forgot what exatly I did to get it. very frustrating!

I use it on the GBPJPY. But also just tried it on the EURJPY. Couldnt get any results on either.

Hey Fry, today it didnt seem to reset and put in 2 new orders. Is it set to do that? But I guess we still need to figure out how to cancel the pending orders, before it can put in new orders. Also, if I want it to start at 5:05pm and reset the next day at 5:00, I would set the start to 1705 and the end to 1700?

Hey guys,
Was messing around with this EA and changed it so that it started at 21 (9:00 pm) and I have found that it doesnt open any positions (in the strategy tester) if the EndHH is set to anything other than 21-24. So if I set the EndHH to 12 (noon the next day in theory) then it doesnt do anything. Any ideas?

hi fire...

i like ur idea ive seen so many variations of that already, but there is something about it... hm... i had an idea just now, but let me check first... just wanted to say thanks for inspiration i got through ur thread...

Hey Cash, your welcome. Let us know what you find out!