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Cheelu's Journal

  • #1
  • First Post: Edited Nov 20, 2008 10:48pm Oct 14, 2008 11:10pm | Edited Nov 20, 2008 10:48pm
Visual Indicator for Nomoretoxic's breakout method, that displays the breakout , pullback and entry automatically.

This is an indicator. copy it over to experts\indicators directory.

EDIT: Updated the indicator with two new inputs. Session number and display stops
use a different session number everytime you attach the indicator to the same chart. useful for displaying boxes of different sessions.

EDIT oct 18: Modified the indicator to display stop levels as soon as pullback start candle is formed.

EDIT Oct 26. I didnt realize that the indicator doesnt work on platforms which have more than 4 digits in the decimal place. Fixed it.

EDIT Oct 26 : Added more confirmation in finding a swing high / swing low by including 2 more prior bars for confirmation.

EDIT Nov 13: Added the popup alert and email alert functionality to the indicator itself. No need for alert EA anymore. Also fixed the problem where other nonbox related objects disappear when switching to different TF


Nomoretoxic's breakout method
http://www.forexfactory.com/showthread.php?t=106489
Attached Image
Attached File(s)
File Type: mq4 BOXBreakOut.mq4   14 KB | 574 downloads | Uploaded Nov 20, 2008 10:48pm
  • #2
  • Oct 15, 2008 9:57am Oct 15, 2008 9:57am
Once price reaches the entry point, a snapshot of the chart will be taken and if you have enabled 'Publisher' under MetaTrader options, the EA will ftp the chart to an ftp server.

I have a free account with www.villagephotos.com and I input my credentials into the MetaTrader publisher tab.

today morning USDCAD breakout

http://img.villagephotos.com/p/2007-...LONG_10-15.gif
  • #3
  • Oct 15, 2008 10:22am Oct 15, 2008 10:22am
Cheelu, The indicator doesn't show the stop loss on my charts
  • #4
  • Oct 15, 2008 10:28am Oct 15, 2008 10:28am
I will update the latest version when I go home in the evening.
Will make the display stops as an input.

Quoting paradoxical
Cheelu, The indicator doesn't show the stop loss on my charts
  • #5
  • Oct 15, 2008 10:48am Oct 15, 2008 10:48am
Forget the last post. The stop loss shows after the entry is hit.
  • #6
  • Oct 16, 2008 2:49pm Oct 16, 2008 2:49pm
Thanks for your efforts Cheelu! We are lucky to have you on Nomo's thread.

Fast question. I noticed that the EA is calculating the entry line at a distance that is way more than 3 pips above the breakout. Is this correct?

My assumption was to wait for breakout...then confirm pullback....then enter 3 pips above breakout (highest high or lowest low before the pull back).

Again, thanks for your time and efforts.

  • #7
  • Oct 16, 2008 3:19pm Oct 16, 2008 3:19pm
thanks for your kind words.

yes. that distance is the breakout offset variable.
I guess I can introduce another variable for this purpose. should I ?


Quoting Skygod
Thanks for your efforts Cheelu! We are lucky to have you on Nomo's thread.

Fast question. I noticed that the EA is calculating the entry line at a distance that is way more than 3 pips above the breakout. Is this correct?

My assumption was to wait for breakout...then confirm pullback....then enter 3 pips above breakout (highest high or lowest low before the pull back).

Again, thanks for your time and efforts.

  • #8
  • Oct 19, 2008 10:21am Oct 19, 2008 10:21am
Hi Cheelu
Thanks for the indicator. It is very useful.I am not very good with computer.
I dont know how to change the time on the indicator for european ssession.
Please let me know how i can use this indicator for both newyork as well as European session.It will be a great help .
Thanks in advance
Bhupinder
  • #9
  • Oct 19, 2008 11:33am Oct 19, 2008 11:33am
Hi Bhupinder,

my indicator has the default european session time.
05:00 to 07:00.

Assuming you have a GMT broker like Interbank FX, 05:00 is the london open time.

all you have to do is to attach the indicator to ur chart.

Quoting bhupinder
Hi Cheelu
Thanks for the indicator. It is very useful.I am not very good with computer.
I dont know how to change the time on the indicator for european ssession.
Please let me know how i can use this indicator for both newyork as well as European session.It will be a great help .
Thanks in advance
Bhupinder
  • #10
  • Oct 19, 2008 1:28pm Oct 19, 2008 1:28pm
Hi Cheelu
Thankyou for your quick reply.
what i should do to draw the box for Ney York session ?
Bhupinder
  • #11
  • Oct 19, 2008 2:11pm Oct 19, 2008 2:11pm
when u attach the indicator , in the input tab,
type 11:00 for BoxBegin
13:00 for BoxEnd
18:00 for BreakoutEndTime

Quoting bhupinder
Hi Cheelu
Thankyou for your quick reply.
what i should do to draw the box for Ney York session ?
Bhupinder
  • #12
  • Oct 19, 2008 2:18pm Oct 19, 2008 2:18pm
Thanks A lot For your help Cheelu
Bhupinder
  • #13
  • Oct 20, 2008 3:16am Oct 20, 2008 3:16am
Quoting cheelu
Breakout Alert for NomoreToxic's breakout method
Thanks for the BreakOut 'Indi' Cheelu...works really well
Can you please tell me which folder to place the Alert EA ....I can not get it to work...
Thanks
  • #14
  • Oct 20, 2008 4:29am Oct 20, 2008 4:29am
experts folder.
Quoting lnefx
Thanks for the BreakOut 'Indi' Cheelu...works really well
Can you please tell me which folder to place the Alert EA ....I can not get it to work...
Thanks
  • #15
  • Oct 22, 2008 1:35am Oct 22, 2008 1:35am
Cheelu, when you use the box for the Asian session - what time do you use for the "BreakoutEndTime" field? If I go over 00:00hrs (ie. into a new day) the Offset levels don't display correctly.
Thanks
  • #16
  • Oct 22, 2008 7:50am Oct 22, 2008 7:50am
Inefx, I dont use the box for the asian session. if the box has to span over two different days, it may not work properly. I will have to look into that sometime.
Quoting lnefx
Cheelu, when you use the box for the Asian session - what time do you use for the \"BreakoutEndTime\" field? If I go over 00:00hrs (ie. into a new day) the Offset levels don't display correctly.
Thanks
  • #17
  • Edited 11:37am Oct 22, 2008 7:56am | Edited 11:37am
I'm finding it very difficult to wake up in the morning to trade the london session. I'm thinking of converting the alert to an auto trading EA.
  • #18
  • Oct 22, 2008 9:12am Oct 22, 2008 9:12am
Hi,

I have been trying your indicator lately and I have a question on how stops are set.

On the first chart the stop is defined by taking the highest high since the box end.

It is not the case on the second chart.

Could you please advice how stop are set? Which rule do you follow?

Thanks a lot in advance and good trading.
Dids
Attached Images
  • #19
  • Oct 22, 2008 11:18am Oct 22, 2008 11:18am
its not since the box end.
I will keep looking for the first swing high starting from the current bar and traversing back thru the prior bars. it will stop looking once the final breakout has happened. at that point whatever swing high it found earlier would be your stop loss.

thats the case in both of your charts

Quoting Dids
Hi,

I have been trying your indicator lately and I have a question on how stops are set.

On the first chart the stop is defined by taking the highest high since the box end.

It is not the case on the second chart.

Could you please advice how stop are set? Which rule do you follow?

Thanks a lot in advance and good trading.
Dids
  • #20
  • Oct 22, 2008 5:13pm Oct 22, 2008 5:13pm
Quoting cheelu
its not since the box end.
I will keep looking for the first swing high starting from the current bar and traversing back thru the prior bars. it will stop looking once the final breakout has happened. at that point whatever swing high it found earlier would be your stop loss.

thats the case in both of your charts
Cheelu,

Thanks for your quick reply.
But which criteria are you using to find the high?
On this chart why do you use stop A instead of stop B?

Don't you think both could have been good candidate?

Dids
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