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Trading system using relative strength

  • #501
  • Edited 7:29pm Oct 12, 2008 6:56pm | Edited 7:29pm
Quoting ronzzer
I hope this contribution helps everyone.

These 2 SCRIPTS (put them in your SCRIPTS directory) will allow you to MANUALLY open and close orders based on the StrongBase property that you find using the CCFp indicator.

These scripts are tied together with a unique MagicNumber, and should not interfere with other EAs or manual trades.

The Pairs property gives you the ability to match your brokers offerings, as well as limit trading to certain pairs, if you wish. You must edit the Pairs property to match your broker, including any trailing characters such as 'm' on IBFXmini. Pairs and StrongBase are case sensitive.

The CLOSE script will close ALL of the orders opened by the other script.

Both scripts use a reliable method to open and close trades, and post information of every step in the Experts tab of MT4.

Both scripts are ECN compatible, as the StopLoss and TakeProfit are set after the order is entered.

Please demo trade this, as there may be bugs.

Ron(ForexMT4)
Thank you for this but what does it do or how does it know if there were currencies that did not change + or -?

Would it be to hard to have multiple Positive entries and have the script place all the orders at once
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #502
  • Oct 12, 2008 7:12pm Oct 12, 2008 7:12pm
Pls what do u mean by CCfp indicator
  • #503
  • Oct 12, 2008 7:20pm Oct 12, 2008 7:20pm
Quoting symony
Pls what do u mean by CCfp indicator
I realize this is your first post, but have you read through the entire thread?
  • #504
  • Oct 12, 2008 7:22pm Oct 12, 2008 7:22pm
Quoting Lenoxer
A related article.

http://articles.mql4.com/484


Enjoy.

Lenoxer

Check out this link to learn more about CCfp indicator



Ziggy43
  • #505
  • Oct 12, 2008 7:25pm Oct 12, 2008 7:25pm
Quoting symony
Pls what do u mean by CCfp indicator
That's funny
24 hours in a day – 24 bottles of beer in a case – Coincidence? I think not
  • #506
  • Oct 12, 2008 7:27pm Oct 12, 2008 7:27pm
Will the Sunday bar at IBFX alter our readings?
It is not a total 4hr bar...
Should I wait for the first 2 full completed 4 hr bars on Sunday/Monday before I start to select trades?
  • #507
  • Oct 12, 2008 7:32pm Oct 12, 2008 7:32pm
Quoting RickW00716
Will the Sunday bar at IBFX alter our readings?
It is not a total 4hr bar...
Should I wait for the first 2 full completed 4 hr bars on Sunday/Monday before I start to select trades?
That would be a good idea. Especially after the market gapped.
  • #508
  • Oct 12, 2008 7:35pm Oct 12, 2008 7:35pm
If I understand the concept that ES has explained, you take a base that is getting stronger and make long trades on all of it's primary pairs, and short trades on it's secondary pairs.

>>how will it know which currency is the -negative currency?

The script does this by searching all the pairs in the "Pairs" property.
As an example (if NZD is gaining strength,) It matches NZD based on where in the pair the base is located. If NZD is in the front(primary), you go long. If NZD is in the back(secondary) you go short.

buy nzdjpy
buy nzdusd
sell audnzd

Possibly I can add strong and weak, but I think it might be less confusing to have 2 scripts, one for strong, and one for weak. Trying to explain how to leave strong blank and only fill in weak and vice versa, can be quite confusing.

Ron(ForexMT4)



Quoting matrixebiz
Thank you for this, so by Strong base do you mean the symbol that is +positive? how will it know which currency is the -negative currency? so it will match up properly

Would it be to hard to have multiple Positive and Negative variables? so we can apply all the + and _ in one go and have the script place all the orders
  • #509
  • Oct 12, 2008 7:40pm Oct 12, 2008 7:40pm
[quote=ronzzer;2275651]If I understand the concept that ES has explained, you take a base that is getting stronger and make long trades on all of it's primary pairs, and short trades on it's secondary pairs.
  • #510
  • Oct 12, 2008 7:42pm Oct 12, 2008 7:42pm
so are your questions in every thread.

Quoting matrixebiz
That's funny
  • #511
  • Oct 12, 2008 7:43pm Oct 12, 2008 7:43pm
[quote=mitchp;2275656]
Quoting ronzzer
If I understand the concept that ES has explained, you take a base that is getting stronger and make long trades on all of it's primary pairs, and short trades on it's secondary pairs.

oops!

This is not entirely correct, if the base is getting stronger (indicated with a +), you only go long if the other currency is weak ( indicated with a -).
  • #512
  • Oct 12, 2008 7:45pm Oct 12, 2008 7:45pm
Quoting ES Trader
May be even show +or- ONLY when both day and 4 hr time frame are in tandem .
thanks
That is sort of what I rigged a spreadsheet to do. I enter the + or - on multiple timeframes and it gives me a signal when the higher timeframes concur. Its nothing you can't see by switching timeframes on your chart, but the less remembering I have to do, the easier life is
  • #513
  • Oct 12, 2008 7:50pm Oct 12, 2008 7:50pm
Hello, I've got my IBFX and FXDD charts side by side and they have different values and I understand why because of the timezone; but how do you decide which values to use now.

IBFX
+
EUR
AUD
NZD

FXDD
+
USD
GBP
NZD

the rest are neg.
  • #514
  • Oct 12, 2008 7:52pm Oct 12, 2008 7:52pm
Quoting ronzzer
I hope this contribution helps everyone.

These 2 SCRIPTS (put them in your SCRIPTS directory) will allow you to MANUALLY open and close orders based on the StrongBase property that you find using the CCFp indicator.

These scripts are tied together with a unique MagicNumber, and should not interfere with other EAs or manual trades.

Ron(ForexMT4)


Hi Ron,

Thanks for thie script.

Is it possible to also churn out a script that would enable us to select buy/sell/notrade from all the possible combinations that can be traded? Pipo's Excel sheet provides the tradeable pairs, and this script can execute the buys/sells/notrades from the various applicable combinations.

Thanks.

TF
  • #515
  • Oct 12, 2008 7:53pm Oct 12, 2008 7:53pm
Quoting ES Trader
I like ccfp v1.0.2b.
I just wanted to know if it is possible to have this indicator to show the Relative strength of a currency on a daily frame as well.(MTF -but just daily and 4hr).
I do not want any lower time frame since it does not work well in anything lower than 4hr,
Thanks
Kris
Hi ES Trader, Hope this will help. Combining 4H and daily.
Attached File(s)
File Type: xls rStrength(1).V.04.xls   32 KB | 1,334 downloads
  • #516
  • Oct 12, 2008 7:57pm Oct 12, 2008 7:57pm
You need to demo both to determine which give you a better signal. FXDD did well for me last week. Today I made 9 trades at the first 4 hr bar ( probably should have waited). At about hour 2 I was close to -$500, I am now -$100.
  • #517
  • Oct 12, 2008 7:57pm Oct 12, 2008 7:57pm
Quoting Jack2000
Hi ES Trader, Hope this will help. Combining 4H and daily.
That's a nice little spreadsheet! Thank you much. I'll go through and double check the formulas for you when i get some time. Not like any are wrong, can't hurt anything right?
  • #518
  • Oct 12, 2008 7:58pm Oct 12, 2008 7:58pm
The scripts know nothing. You have to edit the Pairs, and you have to tell it what the strong pair is. That's the "manually" part of it.

Ron(ForexMT4)


Quoting matrixebiz
Thank you for this but what does it do or how does it know if there were currencies that did not change + or -?

Would it be to hard to have multiple Positive entries and have the script place all the orders at once
  • #519
  • Oct 12, 2008 8:01pm Oct 12, 2008 8:01pm
Dang!

Ok, I'll remove the scripts for now, until I can get that sorted out.

Ron


[quote=mitchp;2275667]
Quoting mitchp


oops!

This is not entirely correct, if the base is getting stronger (indicated with a +), you only go long if the other currency is weak ( indicated with a -).
  • #520
  • Oct 12, 2008 8:03pm Oct 12, 2008 8:03pm
Quoting criss73
Hello, I've got my IBFX and FXDD charts side by side and they have different values and I understand why because of the timezone; but how do you decide which values to use now.

IBFX
+
EUR
AUD
NZD

FXDD
+
USD
GBP
NZD

the rest are neg.
Actually you can trade either FXDD or IBFX or both sets.
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