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123 Pattern EA

  • #161
  • Feb 25, 2010 5:43am Feb 25, 2010 5:43am
Quoting optojay
4 and 5 digit set files as you requested, Dennis. Please go through them and try to understand the settings. I may add more information in post#2 where the settings are explained.

Glad to hear you are getting some positive results!
Hi, I looked through the above file you prepared for dennis ,the 4 digit one at least, and I can't find what contribute to his requirement of "resetting" stop loss at 12 pips from the current price. Isnt it the MOVE_SL that contributes to it?

And here are some questions of my own,
1. What does a negative number in MOVE_SL 1/2/3 means for a "buy" order and a "sell" order?

2. Can trailing stops work properly with partial close (With/without move_sl) ? Or one must be disabled for the other to work

Thanks
  • #162
  • Feb 25, 2010 1:27pm Feb 25, 2010 1:27pm
Quoting optojay
Example:
I use a 5 digit broker. My take profit is set at 4000 and 1000 trading 1 lot. I activate partial close to true. My first pip target is set at 20 pips (enter 200 in EA), so the EA will close 25 percent of the trade (.25 lots) and move the stop loss to –50 pips (enter –500 in EA). The second pip target is set at 40 pips and will close another 25 percent of the initial 1 lot trade if ClosefromInitialLotSize is set to true.

The third target is 100 pips and close another 20 percent. The fourth target is 200 pips and close...
Optojay, illustration by example might work best to clear up all of the confusion surrounding your EA that I see on this thread. Would you kindly take us through your example in post #2 step-by-step, showing us where S/L gets set with each partial close, using the following hypothetical scenario?

Hypothetical scenario: Buy 1.00 lots of EUR/USD at price = 1.38000. The price moves straight up in your favor to 1.42000 or beyond.

Please show it to us in a format like this:

1. Buy 1.00 lots EUR/USD at price = 1.38000. S/L = 1.37000. T/P = 1.42000.

2. Price hits 1.38200. 0.25 lots closed at 1.38200. S/L moved to 1.3870 (Or 1.3770? Or 1.38500? Or 1.37500? Move_SL_1 = -500 confuses the heck out of me! ).

. . . and so on through to the conclusion of the trade at price >= 1.42000.

Thanks!
  • #163
  • Feb 25, 2010 9:33pm Feb 25, 2010 9:33pm
Quoting zealvix
Hi, I looked through the above file you prepared for dennis ,the 4 digit one at least, and I can't find what contribute to his requirement of "resetting" stop loss at 12 pips from the current price. Isnt it the MOVE_SL that contributes to it?

And here are some questions of my own,
1. What does a negative number in MOVE_SL 1/2/3 means for a "buy" order and a "sell" order?

2. Can trailing stops work properly with partial close (With/without move_sl) ? Or one must be disabled for the other to work

Thanks
I think I understand this now.

What Move_SL_1 = 0 does after the trade has moved 12 pips in my favor (PipsTarget_1 = 120 for 5-decimal broker) is move S/L from its original position of 24 pips (StopLoss = 240 for 5-decimal broker) away from the original entry price to zero pips away from the original entry price. Zero pips away from the original entry price is now 12 pips away from the current price. I am now guaranteed at worst a break even trade. If the price continues to go in my favor for 12 more pips, I end up with a 12-pip profit for the first half-lot and a 24-pip profit for the second half-lot. This is exactly what I want the EA to do.

In other words, Move_SL_1 / 2 / 3 / 4 are price points relative to the original entry price of the trade.

Am I correct, optojay?

As for the question of whether the trailing stop settings work in concert with the partial close settings, I'm not sure. My intuition tells me that trailing stop and partial closes are mutually exclusive with this EA, but I will defer to optojay to clarify this point.

Thanks!
  • #164
  • Feb 26, 2010 8:31am Feb 26, 2010 8:31am
Sorry Guys..for interrupted ur discussion But i have face problem when i put the mt4 file to my mt4 chart but it didnt appear. am i missing any setting?
  • #165
  • Feb 26, 2010 9:44am Feb 26, 2010 9:44am
Sorry Guys again ...My Problem Solved..anyway Thanks for the EA
  • #166
  • Feb 26, 2010 12:27pm Feb 26, 2010 12:27pm
Glad we could help!
  • #167
  • Feb 26, 2010 3:29pm Feb 26, 2010 3:29pm
Excuse me I am a newbie but when I click on the mql4 file button I get an attachment php that I cannot open. Help please
  • #168
  • Feb 26, 2010 8:44pm Feb 26, 2010 8:44pm
Don't try to open anything just drag the ea onto the chart and it should open itself. The mt4 platform will do the opening of the mql4 file.

When you copy the ea into the experts folder be sure that you have closed your platform. If you have not then close it and reopen. Then you can load the chart with the ea by dragging.

I am guessing at what your problem is, so excuse if I am to wordy.
  • #169
  • Feb 27, 2010 5:16pm Feb 27, 2010 5:16pm
Optojay,

Does Opto123 work with ECN brokers? With ECN brokers, you (or your EA) cannot place stop loss and/or take profit points on a market order at the time the order is placed. Instead, you have to first place the order, then modify it to add stop loss and/or take profit.

In other words, it's a 2-step process with ECN brokers. Does your EA have the intelligence built in to know if it is dealing with an ECN broker?

I am evaluating a couple of ECN brokers right now, so I need to know.

Thanks.
  • #170
  • Feb 28, 2010 4:12pm Feb 28, 2010 4:12pm
Yes, the EA is intelligent enough!

Simply set "ECNBroker" to True in the EA and it should place the orders properly.



Quoting DennisL
Optojay,

Does Opto123 work with ECN brokers? With ECN brokers, you (or your EA) cannot place stop loss and/or take profit points on a market order at the time the order is placed. Instead, you have to first place the order, then modify it to add stop loss and/or take profit.

In other words, it's a 2-step process with ECN brokers. Does your EA have the intelligence built in to know if it is dealing with an ECN broker?

I am evaluating a couple of ECN brokers right now, so I need to know.

Thanks.
  • #171
  • Feb 28, 2010 8:14pm Feb 28, 2010 8:14pm
Quoting DennisL
I think I understand this now.

What Move_SL_1 = 0 does after the trade has moved 12 pips in my favor (PipsTarget_1 = 120 for 5-decimal broker) is move S/L from its original position of 24 pips (StopLoss = 240 for 5-decimal broker) away from the original entry price to zero pips away from the original entry price. Zero pips away from the original entry price is now 12 pips away from the current price. I am now guaranteed at worst a break even trade. If the price continues to...
Optojay, see post #163. Do I understand this correctly?
  • #172
  • Edited 9:08pm Feb 28, 2010 8:46pm | Edited 9:08pm
Optojay,

The broker I am demoing with has GMT offset zero. On Fridays, they shut trading down at 21:00 GMT (1:00 PM Pacific, 4:00 PM Eastern here in the U.S.). Trading resumes on Sundays at 23:00 GMT (3:00 PM Pacific, 6:00 Eastern in the U.S.). One daily candle closes and another one opens at 00:00 GMT (4:00 PM Pacific, 7:00 Eastern).

Trading with your EA on daily charts as you suggest, what is your recommendation regarding having the EA turned on or off Fridays, Sunday, Mondays, and major U.S. holidays? What about trades that are opened on Thursday, but have not yet hit S/L or T/P by the end of trading on Friday? Leave them open through the weekend, or close them out at the end of trading on Friday, whether the trades are in profit or loss?

And turning it back on Sundays -- should I turn it back on at 23:00 GMT or wait until 00:00 GMT? I think I should wait until 00:00 because the Sunday "daily" candle represents only one hour.

Thanks.
  • #173
  • Mar 1, 2010 12:13am Mar 1, 2010 12:13am
Quoting DennisL
Optojay, see post #163. Do I understand this correctly?

Yes, you got it right! You have to think of everything relative to the original entry.

As for the trailing stop, I think it works together with moving stops - but probably best to use one or the other to make things less confusing. Since the trailing stop is updated every pip, it will override the moving stop settings rendering them essentially useless (if you activate both functions). I recommend choosing one or the other, not both.
  • #174
  • Mar 1, 2010 12:20am Mar 1, 2010 12:20am
Quoting stargaz901
Excuse me I am a newbie but when I click on the mql4 file button I get an attachment php that I cannot open. Help please
There's a bug when many/some files are downloaded from forexfactory, or, you're using the Chrome browser (which causes the error for me) ... regardless, your file is downloaded, except it's not been named properly because the filename did not get passed along. You need to rename the attachment.php file to the name of the file that you actually downloaded, and then move it to the appropriate MT4 directory.
  • #175
  • Mar 2, 2010 5:07pm Mar 2, 2010 5:07pm
Quoting stargaz901
Excuse me I am a newbie but when I click on the mql4 file button I get an attachment php that I cannot open. Help please

Thank you for the help
  • #176
  • Mar 3, 2010 5:55pm Mar 3, 2010 5:55pm
Okay, I have done a backtest of the Opto123 EA (the EA that is in the first post of this thread) using the "Strategy Tester" in the FXDD platform. I did not use the "opto123.zip" file because I couldn't get it to work. From what I understand, the zip file is the settings file that Optojay is using. Whatever the case, I only backtested with the opto123 EA and nothing else.

I did not change the settings in the EA whatsover. GBP/USD was the currency I tested. I backtested over a one year period of time - from March 1st 2009 thru March 1st 2010. The time frame I used was the Daily time frame. As I mentioned above, I backtested using the FXDD platform (demo account). Here are my results:


GBP/USD - Daily chart time frame

119 Total Trades = 119 wins & 0 loss.
Winning percentage = 100%
Average profit of each trade = $54.33
Net Profit = $6465.00


I want to point out I know very little about EA's. And I know very little about all the various ways to use the "Strategy Tester" (the Strategy Tester, of course, is built into the Metatrader platform to backtest a EA -- I assume). I do not quite understand exactly what the "Optimzation" in the Strategy Tester is meant for or exactly how to use it. Therefore, I did not use it.

My big question in regards to my backtesting is... ARE MY RESULTS REAL??? I completely understand demo trading will not give the exact results as "real" trading, but ... 119 WINS and ZERO LOSSES OVER A ONE YEAR TIME PERIOD!?? Is there any truth that my backtest results show I have a good chance of being really successful with this EA, if I use it in real trading the same as I did with my backtest trading? OR, is the "Strategy Tester" completely unreliable and cannot be trusted whatsoever?

I would appreciate any and all comments about my results and the use of the Strategy Tester ... and whether it indicates whether this EA will be successful.
"Trading is a mental sport." - Ziad Masri
  • #177
  • Mar 3, 2010 7:08pm Mar 3, 2010 7:08pm
Quoting Quickdraw
Okay, I have done a backtest of the Opto123 EA (the EA that is in the first post of this thread) using the "Strategy Tester" in the FXDD platform. I did not use the "opto123.zip" file because I couldn't get it to work. From what I understand, the zip file is the settings file that Optojay is using. Whatever the case, I only backtested with the opto123 EA and nothing else.

I did not change the settings in the EA whatsover. GBP/USD was the currency I tested. I backtested over a one year period of time - from March 1st 2009 thru March 1st 2010....
I'm willing to bet your results are not real, as in they "cant" be real. Regardless I decided to test the exact same time period using the method you described on my IBFX account using the MTF backtester.

102 Total Trades
37 Short (78% Won)
65 Long (80% Won)
Average 80% Winning trades.. yet somehow my account LOST money.

Ehh, just goes to show that you can have a system with 80% winning trades and still loose money. Now if we can get out of the loosers faster and stay in the winners longer....
  • #178
  • Mar 4, 2010 5:47am Mar 4, 2010 5:47am
Quoting Quickdraw
Okay, I have done a backtest of the Opto123 EA (the EA that is in the first post of this thread) using the "Strategy Tester" in the FXDD platform. I did not use the "opto123.zip" file because I couldn't get it to work. From what I understand, the zip file is the settings file that Optojay is using. Whatever the case, I only backtested with the opto123 EA and nothing else.

Ok, I repeated this test on FXDD. Feb 28 09 - Feb 29 10, daily time frame, 10k account trading 1 full lot. 0 mismatched chart errors. The EA opened 88 trades, 2 were full 100 pip $1000 losses, the avg profit was only $28.76, for a $472.40 gain, 1.24 profit factor.

The 2 losses occured on 11/23/09 @02:45, and 8/3/09 @09:05.

As with any EA, if you get a questionable result, retest. If you hope to run it live, test on many time periods, and look for problems. If you can find problems in the backtest they will almost assuredly show up in forward testing.

This EA is interesting to watch trade, but these parameters risk too much for the size of the average gain. The first partial close and move_SL_1 at 10 pips tends to lock in a lot of small profits, which arent strong enough to counter the effects of a few large losses.
  • #179
  • Mar 10, 2010 12:46am Mar 10, 2010 12:46am
Opto Hello
I really like this expert advisor!
I need Your help please.
Can You write me pls exactly the default set for 5 decimals broker.
All trades thats open the ea closed in minus i dont know so much,
but i will very happy if You post all settings step by step.
I will appreciate it!
Pip Buffer must to be 2 or 20(for 5 decimals)
As i saw it will be very profitable EA, only need optimization.
Thank You for the big job, i was thinking maybe to buy GBPBOT, but after this forum here everything changed my mind.
Thank You
vinnieforex
  • #180
  • Edited 5:42am Mar 10, 2010 4:53am | Edited 5:42am
test
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