My Pin Scouter Indicator for use with Pin Trading | Forex Factory

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Attachments: My Pin Scouter Indicator for use with Pin Trading
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My Pin Scouter Indicator for use with Pin Trading

  • #1
  • First Post: Edited 5:32am Feb 26, 2010 5:18am | Edited 5:32am
Hello friends of Forex Factory forum,

I am Louizos Alexander Louizos. I have experience in programming from my computational quantum mechanics background.

You know pins. They are an excellent trading pattern.

You may learn more about pins here:

http://www.forexfactory.com/showthread.php?t=163972

I have created an indicator that automatically finds Pins in charts.

Copy it in /experts/indicators folder and activate it on a chart.

You will need to open a new chart if you wish to reopen it because the recognized candles are not removed.

Use candlesticks and disable auto scroll in chart to see the past recognitions.

I share it with you in order to exchange opinions about it's performance and optimize it.

The indicator is based on a revised version of Pattern Recognition Indicator for candlesticks.

Let me know what you think of it and we will work it out together.

I am not experienced with pin trading. If you are please let me know your trading settings and I will create an expert advisor for you.


PS: You may want to get an older EA of mine here:
http://www.forexfactory.com/showthread.php?t=220411

or take a look at my blogs here:

http://www.forexrobotscoach-louizos.com
http://www.nanotechgalaxy.com



Let's work it out together.....
Attached Image (click to enlarge)
Click to Enlarge Name: Pin Scouter Ind V1.2.jpg Size: 62 KB
Attached File(s)
File Type: mq4 Pin Scouter Ind V1.2.mq4   1 KB | 4,937 downloads
Singularity is near....
  • #2
  • Feb 26, 2010 5:35am Feb 26, 2010 5:35am
MEGALE,
GRAPSE TO EA NA DOYME TI GINETAI. EXO DOKIMASEI PIN TRADING ALLA 8ELEI KAPOIA FILTRA (TIME OF TRADING, PRICE RELATED TO MOV.AVERAGE, ETC.)
EAN DOKIMASEIS NA DHMIOYRGHSEIS EA, MPORO NA BOH8HSO ME IDEES.

TA LEME,
KOSTAS.

P.S. For the rest of the readers, I know it's all Greek to you but I just asked Alexander to write an EA for this....
  • #3
  • Feb 26, 2010 5:40am Feb 26, 2010 5:40am
Geia sou file!!!

Dwse mou idees na ftiaxoume ton EA!!!

Perimenw!!


Translation:

Hello my friend,

Please give me ideas on the creation of an EA based on Pins...

Waiting for your feedback...
Singularity is near....
  • #4
  • Feb 26, 2010 8:34am Feb 26, 2010 8:34am
Hi Louizos Alexander Louizos (is this your name? cool!)

There isn't any attachment.
  • #5
  • Feb 26, 2010 10:27am Feb 26, 2010 10:27am
Quoting pa18
Hi Louizos Alexander Louizos (is this your name? cool!)

There isn't any attachment.
Hello, the attached indicator is below the picture.

L.A.>
Singularity is near....
  • #6
  • Feb 26, 2010 11:58am Feb 26, 2010 11:58am
Quoting alouisos
Hello my friend,
Please give me ideas on the creation of an EA based on Pins...
Waiting for your feedback...
OK Aleko,
Here are some initial filters:
1. The pinbar should be traded long only when EMA(21) is above EMA(50) (opposite for short). The EMA should be user defined (e.g. for other timeframes maybe EMA(6) over EMA(21) is more useful)
2. I haven't played with your indicator but not all pinbars are good. The best are the ones with long tail and their body should be contained within the previous bar.
3. There should be a user defined TP, SL. Usually SL is 5-6 pips+spread above the pinbar. TP should be an amount of pips equal to the SL for half of the position and the other half at 2*SL
4. Trade is opened when price clears the pinbar by a user defined amount of pips (depending on the timeframe this can change, e.g. for a 4hr pinbar at least 10 pips before the trade is opened)
5. Time filters: trade only 6-18:00 GMT (user defined), do not trade on Fridays, do not trade 1hr before and 1hr after announcements
6. Finally an ADX filter should be included since best trades happen when there is a trend (e.g. adx(14)>20 should allow a trade to occur)

If you manage to include the filters they should be user defined (ON or OFF).
I hope this doesn't look like a nanotube separation.....

I think an EA like this would be very useful in evaluating the method over several pairs and timeframes. Keep in mind that there is another way to trade the pinbars against the trade but using divergence as an indicator confirmation. This has less success but if you create the EA as described above we could add this later.

XAIRETISMATA and I hope I didn't tire you.

KOSTAS.
  • #7
  • Feb 26, 2010 1:57pm Feb 26, 2010 1:57pm
Thank you very much for the specifics Kosta.

It is not very complicated. It is less difficult than nanotubes... :-)

The only think that is difficult is the News Filter but I think I have an extra
EA that will be able to handle this.

I will make a Pin Trading EA based on your recommendations and share it here to optimize together. I will ping you when ready.

Ta leme Kostas!
Singularity is near....
  • #8
  • Feb 26, 2010 5:45pm Feb 26, 2010 5:45pm
Look forward to it man

BTW you are very talented!
  • #9
  • Feb 26, 2010 6:33pm Feb 26, 2010 6:33pm
Quoting Sim
Look forward to it man

BTW you are very talented!
It will be ready soon, that is for sure...

No talent here, just passion for the beauty of the universe....
Singularity is near....
  • #10
  • Feb 26, 2010 7:01pm Feb 26, 2010 7:01pm
Cool man. I share that passion but not as creatively as you via your coding !
  • #11
  • Feb 26, 2010 7:40pm Feb 26, 2010 7:40pm
Quoting alouisos
Hello, the attached indicator is below the picture.

L.A.>
Hi LA,

When I don't log in, I try to get the indi at the bottom left but I only download a php file.

When I do log in, I try to get the indi at the bottom left but I only download a php file again.

I can only get your indi when I'm logged in and press the attachment at the top right.

Must be a quirk with FF
Attached Image
  • #12
  • Feb 27, 2010 3:07am Feb 27, 2010 3:07am
Must be a quirk with FF [/quote]

Yes it should be because it works all right in some other PC I have tried.
Singularity is near....
  • #13
  • Edited 7:08am Feb 28, 2010 2:14am | Edited 7:08am
Well guys the pin expert advisor is ready!

It is based on my pin indicator pattern recognition along with Kostas directions on the trading algorithm.

Once a pin is recognized the expert advisor enters a trade at the open of the new candle.

Long if MA(21) > MA(50) && ADX > 20
Short if MA (21) < MA (50) && ADX > 20

The TP and SL are user defined. The EA is set to trade between 6:00 and 18:00. It is stand alone and it does not need the pin indicator.

I did not yet backtest it. Please backtest it with visual trading and post your suggestions for improvement.

L.A.>

PS: The EA is for 5 digit brokers. I removed the Quantum Ind call and used a boolean to close signal for MA(21)=MA(50). It is optional to UseCloseSignal
Attached File(s)
File Type: mq4 Pin Trader EA.mq4   13 KB | 2,658 downloads
Singularity is near....
  • #14
  • Feb 28, 2010 4:15am Feb 28, 2010 4:15am
Quoting alouisos
Well guys the pin expert advisor is ready!

It is based on my pin indicator pattern recognition along with Kostas directions on the trading algorithm.

Once a pin is recognized the expert advisor enters a trade at the open of the new candle.

Long if MA(21) > MA(50) &&...
Hi LA,

I put this indicator into the experts=>indicator folder and load it on the charts when i restart the mt4 platform right?

i tried it and its not displaying any past pin bars

let me know if i am doing something wrong
  • #15
  • Feb 28, 2010 4:18am Feb 28, 2010 4:18am
Quoting alouisos
Well guys the pin expert advisor is ready!

It is based on my pin indicator pattern recognition along with Kostas directions on the trading algorithm.

Once a pin is recognized the expert advisor enters a trade at the open of the new candle.

Long if MA(21) > MA(50) &&...
Alexander,
You are a fast dude! I will test and will post my findings.
Two first questions:
1) I have 5 digit prices, do I adjust the number of pips by 10 or the EA takes care by itself?
2) The EA tries to open Quantum Gravity Ind.ex4 and it doesn't run further.

Regards,
Kostas.
  • #16
  • Feb 28, 2010 5:27am Feb 28, 2010 5:27am
Yeah wonder why we need quantam gravity indicator.. it seems to want to scan multi time frames too
  • #17
  • Feb 28, 2010 6:53am Feb 28, 2010 6:53am
Quoting kostas1
Alexander,
You are a fast dude! I will test and will post my findings.
Two first questions:
1) I have 5 digit prices, do I adjust the number of pips by 10 or the EA takes care by itself?
2) The EA tries to open Quantum Gravity Ind.ex4 and it doesn't run further.

Regards,
Kostas.
Thanks Kostas

The EA is for 5 digit brokers.

I removed also the call to Quantum Grav Ind.

It should be fine now. Please redownload

L.A.>
Singularity is near....
  • #18
  • Feb 28, 2010 7:11am Feb 28, 2010 7:11am
Quoting TheFutureAce
Hi LA,

I put this indicator into the experts=>indicator folder and load it on the charts when i restart the mt4 platform right?

i tried it and its not displaying any past pin bars

let me know if i am doing something wrong

It works for 5 digit brokers. I cannot think of anything else.

I tried it on FXCM MT4.

L.A.>
Singularity is near....
  • #19
  • Feb 28, 2010 7:14am Feb 28, 2010 7:14am
Guys I am backtesting it in EUR/USD.

I cannot yet find any profitable setup. Surely the EA needs refinement.

Please let me know of your suggestions so we can improve it.

L.A.>
Singularity is near....
  • #20
  • Feb 28, 2010 8:17am Feb 28, 2010 8:17am
Quoting alouisos
Guys I am backtesting it in EUR/USD.

I cannot yet find any profitable setup. Surely the EA needs refinement.

Please let me know of your suggestions so we can improve it.

L.A.>
Alexander,
Good work on the first version of the EA!
Best results so far, on EU 1hr with default settings. I am optimizing EMAs, TP, SL for better results. Here are some more comments:
1. There should be a way to enter the trade only if the new bar moves in the right direction by a number of pips (e.g. in a short if new bar moves lower by 5 pips from the bottom of the pinbar only then enter trade). If the next bar never clears the pinbar then no trade (but if the 2nd bar after the pinbar clears then that's your entry). This is the conservative pinbar entry. I think your EA follows the aggresive entry which is enter the trade on the opening of the next candle. You may want to consider the conservative entry as an option with a user defined amount of pips.
2. You should allow the ADX period and value to be user defined.
3. Can you comment on what CloseOnOpposite, UseCloseSignal, OrderTypeBuy1, OrderTypeSell1 do?

Cheers and congratulations on the effort.
Kostas
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