Bobnannings Range trading method | Forex Factory

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Bobnannings Range trading method

  • #1
  • First Post: Edited Jan 12, 2009 11:20am Jan 9, 2009 3:15pm | Edited Jan 12, 2009 11:20am
OK, I'm opening this thread at the suggestion of NanningBob to cover range trading, on various currency pairs,
anyone who is in the dark about this should read the thread "trading the AUD/NZD successfully" also in the rookie section
please read it all the way through , as it goes through many metamorphoses, you might also want to read "100 x 80 EA oh boy"
otherwise following this will be like watching the third Star Wars film and saying "so who's this Darth Vader bloke then?" (you wouldn't want to look that stupid would you?)

now I may have opened this thread but it belongs firmly in the hands of nanningbob, this is his method and I am just a follower, so any questions you may have should be directed towards him.

so, to start the ball rolling I am posting my version of Bob's EA that uses ATR to form a buffer between the 40MA and the first trade ,it is set up for 5 digit brokers (Alpari)
the only new settings are;

ATRperiods and ATRmultiplier

ATRperiods is the no. of bars back to look and is set at 13 (adjustable)

ATRmultiplier is a factor to multiply the ATR by and is set at 6 (also adjustable)

with the EA settings as they are you could have traded GPB/USD all last year with no "death trade"

experiment & enjoy.

Steve.
Attached File(s)
File Type: mq4 60x40 buy sell M5 ATR EA.mq4   25 KB | 977 downloads
  • #2
  • Jan 9, 2009 3:27pm Jan 9, 2009 3:27pm
Quoting Arnold49
OK, I'm opening this thread at the suggestion of BobNanning to cover range trading, on various currency pairs,
anyone who is in the dark about this should read the thread "trading the AUD/NZD successfully" also in the rookie section
please read it all the way through , as it goes through many metamorphoses, you might also want to read "100 x 80 EA oh boy"
otherwise following this will be like watching the third Star Wars film and saying "so who's this Darth Vader bloke then?" (you wouldn't want to look that stupid would you?)

now I may have...
Thanks, I have played with a 60x40 on some pairs with decent results. I will look at this and compare.
  • #3
  • Jan 9, 2009 3:27pm Jan 9, 2009 3:27pm
the only problems I had when experimenting with this was Monday gaps & sudden rises in price early in the morning, this was solved by turning off trading from midnight to 8am. (GMT)
  • #4
  • Jan 9, 2009 4:14pm Jan 9, 2009 4:14pm
I am posting some useful EA's I have found as you may find them useful also.

the only one I have used is the Swiss army knife, the other two I only found today.

the trailing stop one has the ability to trail normally or in steps

the breakeven one is self explanatory.
Attached File(s)
File Type: mq4 TrailingStop.mq4   9 KB | 776 downloads
File Type: mq4 BreakEvenExpert_v1-10.mq4   3 KB | 784 downloads
File Type: mq4 Swiss Army EA v1.35.mq4   19 KB | 817 downloads
  • #5
  • Jan 9, 2009 4:54pm Jan 9, 2009 4:54pm
Quoting Arnold49
OK, I'm opening this thread at the suggestion of BobNanning to cover range trading, on various currency pairs,
anyone who is in the dark about this should read the thread "trading the AUD/NZD successfully" also in the rookie section
please read it all the way through , as it goes through many metamorphoses, you might also want to read "100 x 80 EA oh boy"
otherwise following this will be like watching the third Star Wars film and saying "so who's this Darth Vader bloke then?" (you wouldn't want to look that stupid would you?)

now I may have...
Steve,
Thanks for the work you've done on the ATR. If I don't have a 5 digit broker, what should my starting lot size be? .1 instead of .01? Does the ATR multiplier stay the same (6)? I know TPshould be 60,pips40,SL400. Couple more questions, when you said you could have traded the G/U all last year without a death trade, was that excluding 12 midnight to 8:00 am.? How did you test for the whole year? Thank you.
  • #6
  • Jan 9, 2009 5:20pm Jan 9, 2009 5:20pm
Nice to see this thread started, as I think this system and EA is very good, and can be even better with refinement based on the historical movement of the various pairs. I'll start off with questions.
1.) Bob initially had his EA on a one hour chart, and said he found differences that weren't expected between the one hour and 5 minute chart. I just compared the one hour and 5 minute chart, and one hour chart on two different pairs. From what I can see, the green line representing the entry trade is still 80 pips away. So, wondering what the difference would be using this on either a 5 minute, or 60 minute?

2.) Your ea designed for 5 digit broker, so I assume if mine isn't, I just have to delete the extra zero?

3.) What are your entry levels based on? Looks like it's every 40 pips for 5 levels which is same as the other one?

4.) Your stop is 400. Your checking has shown that the GBP never went over 400 pips without a retrace of 40 pips? If you're going 5 levels only, wouldn't you need a retrace of over 200 pips after that 5th trade, if the EA is making entries every 40 pips?
  • #7
  • Jan 9, 2009 5:22pm Jan 9, 2009 5:22pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting Arnold49
OK, I'm opening this thread at the suggestion of BobNanning to cover range trading, on various currency pairs,
anyone who is in the dark about this should read the thread "trading the AUD/NZD successfully" also in the rookie section
please read it all the way through , as it goes through many metamorphoses, you might also want to read "100 x 80 EA oh boy"
otherwise following this will be like watching the third Star Wars film and saying "so who's this Darth Vader bloke then?" (you wouldn't want to look that stupid would you?)

now I may...
Thx Steve!
  • #8
  • Jan 9, 2009 5:30pm Jan 9, 2009 5:30pm
can someone post the files of Bob's original 5m version for this, im getting confused lol
Grabbing the bull by the horns!
  • #9
  • Jan 9, 2009 5:35pm Jan 9, 2009 5:35pm
Quoting Toothman
Steve,
Thanks for the work you've done on the ATR. If I don't have a 5 digit broker, what should my starting lot size be? .1 instead of .01? Does the ATR multiplier stay the same (6)? I know TPshould be 60,pips40,SL400. Couple more questions, when you said you could have traded the G/U all last year without a death trade, was that excluding 12 midnight to 8:00 am.? How did you test for the whole year? Thank you.

ooer,
lot size is unaffected, but ATR mult' will need to be 0.6.

yes, I excluded those hours, otherwise the EA is set as is.

Steve.
  • #10
  • Jan 9, 2009 5:38pm Jan 9, 2009 5:38pm
Hey Steve,
I'm kinda wondering your choice to omit midnight to 8 a.m. simply because earlier on in the process here, that very time frame was the prime trading time. (that was for the AudNzd only)

I'm altering your ea for 4 digit , looks good but I don't see down at the bottom were are the numbers coming from for the levels to initiate the trades, ie: if( Ask > Var3+(buffer *Point)

where as the other ea's had numbers there, like
50 - 40 or whatever the level is used. I just can't find where that is coming from , of course I am NOT a programer so I'm just flying by the seat of my pants here.

I believe you are using a 40 period LWMA, I had been using a 120 lwma on the 5 min version.

.....
  • #11
  • Jan 9, 2009 5:48pm Jan 9, 2009 5:48pm
Quoting paradoxical
Nice to see this thread started, as I think this system and EA is very good, and can be even better with refinement based on the historical movement of the various pairs. I'll start off with questions.
1.) Bob initially had his EA on a one hour chart, and said he found differences that weren't expected between the one hour and 5 minute chart. I just compared the one hour and 5 minute chart, and one hour chart on two different pairs. From what I can see, the green line representing the entry trade is still 80 pips away. So, wondering what the difference...

Paradoxical

1. response is the answer, a 40ma will rise quicker on a 5 min chart than a
1 hour one, so the price will have risen further before, or even if, a trade
opens.

2. see toothmans post above and my reply.

3. yes 40 pips entry 60 pip TP & 5 levels.

4. no, the price only needs to retreat 60 pips and hit the TP of the last
position opened, then they all close , some of the positions will lose but
overall a profit is made.

Steve.
  • #12
  • Jan 9, 2009 5:51pm Jan 9, 2009 5:51pm
Questions for Arnold.

"ATRperiods and ATRmultiplier

"ATRperiods is the no. of bars back to look and is set at 13 (adjustable)"
If this is used on 5 minute chart, this would be 13 times 5 = 65 minutes?

"ATRmultiplier is a factor to multiply the ATR by and is set at 6 (also adjustable)"
The 65 minutes is multiplied times 6 for a total of 390 minutes?"

For each pair your EA is attached to, the EA would take the average of the last 390 minutes, and enter there? Or enter 80 pips above that?

The template on the other thread isn't needed, then?
  • #13
  • Jan 9, 2009 6:03pm Jan 9, 2009 6:03pm
Quoting tommyd
Hey Steve,
I'm kinda wondering your choice to omit midnight to 8 a.m. simply because earlier on in the process here, that very time frame was the prime trading time....
Tommyd,

the time I omitted was GMT and on GBP/USD that is a quiet time, which of course lowers the ATR, so when the price suddenly rises at 6 or 7 am I don't get caught out.

if you look at the line of code before the one with "buffer" in it , you will see it defined as a double variable here:
double buffer = MathCeil(100000*ATRmultiplier*(iATR(NULL,0,ATRperiods,0)));

basically all this does is multiply the ATR to make it big enough to use, and call the number "buffer" which is why you now see that instead.

all you need to do is remove one of the zero's from 100000 to change it to 4 digit use.

Steve.
  • #14
  • Jan 9, 2009 6:08pm Jan 9, 2009 6:08pm
Thank's Steve...
  • #15
  • Jan 9, 2009 6:21pm Jan 9, 2009 6:21pm
paradoxical Questions for Arnold.

"ATRperiods and ATRmultiplier

"ATRperiods is the no. of bars back to look and is set at 13 (adjustable)"
If this is used on 5 minute chart, this would be 13 times 5 = 65 minutes?
no, leave it at 13, it's just the no. of bars to look back eg 288 is 24 Hrs.

"ATRmultiplier is a factor to multiply the ATR by and is set at 6 (also adjustable)"
The 65 minutes is multiplied times 6 for a total of 390 minutes?"

this adjusts the size of the buffer or the gap between the 40MA and the first trade taken, it's not a time measurement.

For each pair your EA is attached to, the EA would take the average of the last 390 minutes, and enter there? Or enter 80 pips above that?

it would take the average of 13 bars X 5Mins =65 mins,
forget the 80 pips that is now replaced by the ATR so that it varies with how busy the market is

The template on the other thread isn't needed, then?

the old template is no use now.


see above
  • #16
  • Jan 9, 2009 6:45pm Jan 9, 2009 6:45pm
Arnold, thanks for the quick and informative answers. I have one last question

"For each pair your EA is attached to, the EA would take the average of the last 390 minutes, and enter there? Or enter 80 pips above that?

it would take the average of 13 bars X 5Mins =65 mins,
forget the 80 pips that is now replaced by the ATR so that it varies with how busy the market is

The template on the other thread isn't needed, then?

the old template is no use now.

What determines if the EA will buy or sell? and, is the buy or sell right at the ATR? Or, is this opening two positions like the 100X80 EA? OOPS, that's 3 questions.
  • #17
  • Jan 9, 2009 7:24pm Jan 9, 2009 7:24pm
If I use the standard ATR in MT4 and it is set at 13 will it give me any read on your system. I am trying to visualize your system so I can eyeball backtest it. Is that possible? I am not familiar with the ATR and have never used it.
  • #18
  • Jan 9, 2009 7:31pm Jan 9, 2009 7:31pm
Steve,
My setting must not be right yet. I ran them through the strategy tester for the GBP/usd 5M for this week and only get 4 trades for a profit of $2.79. Please check my settings.My broker is not a 5 digit broker. LOTS .01, tp 60, mult. 1.8, ATR periods .6, max.trades 5, pips 40, sl 400. Also, to get this not to trade from 12 midnight-8:00 am EST would you set New York hours- true start 14,stop 5 GMT? Thanks
  • #19
  • Jan 9, 2009 9:03pm Jan 9, 2009 9:03pm
Quoting nanningbob
If I use the standard ATR in MT4 and it is set at 13 will it give me any read on your system. I am trying to visualize your system so I can eyeball backtest it. Is that possible? I am not familiar with the ATR and have never used it.
yeh whats the ATR, im quite new to mt4 so I havent come across it
Grabbing the bull by the horns!
  • #20
  • Jan 9, 2009 9:17pm Jan 9, 2009 9:17pm
ATR = Average True Range

so using the atr set to 13 will give you the average range over a 13 period lookback.
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