SL and TP trend line EA - altering existing code

Dear all,

I have already posted something simillar but I think the thread has died so i though I'd give this a shot.

I trade naked and am mainly trading channels and using trend lines. I have found the EASY EA extremely useful.

http://www.forexfactory.com/showthread.php?t=98061

It is attached here for ease, and in short, for those of you who don't know, means you enter your trade via a trend line and then the SL and TP also set by a trend line. If for example you were pretty convinced price would go to the bottom of a channel and then bounce up (say going with a longer timeframe trend) you would want to go long at the bottom of a channel. Sadly sometimes even obsessed traders have to go out/sleep and you may miss the trade. I've found this EA really useful.

But what I'd find even more useful (!) is, if I've manually entered a trade, being able to have a SL and TP as trend line (sometimes sloped) levels afterwards. The attached EA only works if the trade itself is triggered by the EA.

Hope I've explained myself clearly enough and others think this may benefit them too. Sadly I've only just realised now (SO SORRY FOR THE TITLE OF THIS POST) that the code isn't public so it's not, as I initially thought, simply a case of extracting the code.

Thanks in advance and any comments/thoughts appreciated.

Dave

here's a live example of what I'm talking about...

Dave

I have made a little something for you This EA has two parameters:
SL_name - the name of the trendline that should be SL line
TP_name - the name of the trendline that should be TP line

The trade is closed once the price hit or cross a proper trendline.

It's based on indicator made by luktom, a person who has made a lot of useful indicators and EAs .

Tomorrow I will look for a way to improve this EA. Maybe these parameters with names are not necessary, but I can't find a good solution at the moment.

Hope it helps. If you find any bugs just let me know. It's quite late in Poland now and I could have made some silly mistakes

Thanks so much for this. There is a bit of a glitch in that it seems to be cloing positions quite a bit before reaching either the TP or SL line. Initially I though it may be closing at the ask rather than bid line but it's not - it's just too early. I also wondered whether it was something to do with Alpari's (stupid in my view) new extra digit so I checked it on an FXDD account too and the same thing happened.

A 'small' suggestion if I may request. Perhaps when the EA is dragged onto the chart with an open position, two lines appear x pips above and below (it could be a variable number of pips, say 30pip SL (red line?) as default and 60TP as TP (green line?) default. Depending on whether the open trade was long or short the EA would know which way round to place the lines. Then these can be dragged to the required position.

If the suggestion is too complex or time consuming forget it but if we could get what you've already done working it would be a tremendous help.

Thanks so much,

Dave

It closes trades too early. Mmm... I'll take a look at this and try to find out what's wrong.

Adding two lines to the chart (SL line and TP line) when the EA is dragged onto the chart with an open position is no problem at all. I will do this, check the problem with closing trades and post the new version

No problem Dave


Edit:

I've attached a new version - it closes trades in right moment (I think so, it needs some further tests) and creates 2 trendlines (SL and TP) when added to a chart with an open position.

If you have any other suggestions how to improve this EA just let me know


Pawel

Here's the new version.

1. The problem with closing trades too early is solved.
2. When the EA is dragged onto a chart with an open order then if there are no SL and TP set for the order the EA will create default trendlines (the values of SL and TP are parameters of the EA) and if there are SL and TP set for the order the EA will create trendlines that will match the SL and TP levels.

There are 4 parameters:

SL - how many pips above/below the current price shoud the SL trendline be placed (defaul = 30)
TP - same for the TP trendline (default = 60)
slippage - the slippage value when closing a trade (you don't need to change it unless you are using FxPro or other 5-digits brocker - it that case change it to 30) (default = 3)
remove_SL_TP - if set to true the EA will clear SL and TP values set for the order after adding SL and TP trendlines (defaut = true)


Pawel

!!! Thanks so much this is exactly what I was after... Great coding!

The Remove SL_TP variable - little confused about this... Is it a case of if one of the lines is hit it cancels the other lines order? Like a OCO? Or is it that is cancels any SL or TP that may have been entered into MT4 - not that one would need to do this with this EA...

One tiny suggestion - is it possible so that once the TP or SL level has been hit the lines can be removed from the chart?

I also had a look at the coder who you mentioned before and was impressed with his EA (although what you've done is far better for me!). The only other addition I can think of now is to add a Break Even when it x pips of profit function. This would need to be able to be turned on or off.

Will keep doing more demo testing but it seems to be working perfectly! Will it be of use to you too? I look forward to showing you some screen shots of it working in action...

All the best,

Dave

I try to explain the remove_SL_TP variable. It removes SL and TP from your order. Not the trendlines put by the EA, but the SL and TP values from your order.

This will explain it better. Before adding the EA to the chart you have one open order:



And after adding the EA to the chart (with remove_SL_TP = true) you still have one open order, but without the SL and TP:



I can remove the TP and SL lines after one of them is hit.

Please explain exactly what do you mean by adding a break even. Shoud SL be set to BE after some pips of profit? If that's it then it's no problem at all. Just let me know if I'm missing something

New version - TP and SL lines disappear when one of them is hit.

Great,

Many thanks for the explanation. Yes your understanding above is perfect. When in x pips of profit move SL to BE. Just for those times if one has to rush out and one is feeling cautious Glad that's not a problem.

For the absolute definitive version (I wasn't sure whether this would be possible initially) would it be possible to place a pending order from a trend line (which I guess one would have to name Buy Stop, Buy Limit etc - unless you have a better idea) and then once the trade is triggered add the SL and TP lines - as parallels to the initial entry line... (with the EASY EA you can get in on a trend line but the TP and SL are both horizontals which can then be altered - but need to be around to manually alter them!) Let me show a chart - a picture shows a thousand words!

Hope I've explained it ok. If my back testing keeps proving nice results I could theoretically have a lot more trades setup to trigger and be managed well when I'm not around...

Thanks again,

Dave

It can be done The next version will have two new issues - move SL to BE and trigger an order when price hits trend line.

Pawel

You are the man Pawell (assuming you're are man!) . I hope to put this to good use and hope also that you get some rewards from it.

One thing, which I'm sure you're thought of - using the trend line as a trigger idea will be amazing - but sometimes it's good to have the option of entering manually so if this could be an optional part of the EA that'd be perfect.

Dave

Hello Kapaks, Great Work. I wonder what happen to the last version, did you finish it. I hope if it's finished to provide it here so I can put it to a good use.
I trade manually, I need this EA to pick my entry when the price gets there.
although I can do that with the MT4, I do not trust the brokers, therefore the tp or sl of this EA has to not show the true values to the broker.
I want to give an example for the perfect EA for seasoned traders.
Exactly what you have done + 2 more features.
Let's assume the price of Eur/Usd is 1.3175 and I think that this pair is going down, so I enter a price of 1.3250 in the EA to sell once it's reached.
If my decision was wrong, the Eur/USD pair keeps going up and it reaches for example 1.3350 (If I enter 100 pips SL), the EA offers the option either to SL at 100 pips or hedges (open an opposite position of the same pair).
I hope that's doable. I hope you have the time for such a thing. I apperciate your help for this forum and this community.

hi nice EA with the trendlines, but i search a EA where you draw trendlines and when the price cross the trendline then send buyorder, and when the price cross the other trendline then send sellorder. Can you help me pleas?

thanks..

Hello I like this thread. I wonder is there any manual that i can read to use this EA? coz i tried it and it is not working. thx

Where is the final EA??? Please share, I've been looking for this.... Cheers mate

Sad this one died out.