I mean a simple counter that changes positions when a currency price goes up
or down a certain number of pips (say 5). It would pull a trailing stop along
behind, when the currency goes below 5 pips it would change position and
follow that downtrend until the trend changes. It should catch the bigger
moves but possibly vulnerable to whip-sawing. Obviously I'm just trying to
have a simple strategy to collect pips with minimal drawdowns, not predict or
anticipate price moves.
I just opened my first demo account with MIG Bank yesterday, am using
dial-up (slow) and clueless about metatrader or how to code the above simple
function.
I don't know what grid trading is. All I'm talking about is a function that
changes a currency position (short or long) after the price has reversed
and reached a set trailing stop of say, 5 pips. The point is to ride not just a
trend, but the small fluctuations as well, up or down. A change of direction
by at least 5 pips triggers the EA to invest in the new direction. Of course
there will be draw downs, but the point is to have more wins.
Can you point me where I can learn how to use metatrader 4 and do my own
coding? Thanks.
Germeten, google the words codebase and metatrader. There are many things there.
To see inside an EA, Indicator or Script. Click the yellow diagonal box at the top of your screen. (You will be opening MetaEditor). Most things that you find you will be able to just change the numbers and not know anything about coding.
Click on the yellow, open folder at the top (the one with the arrow) and open the EA, indi or script. You can make changes and then click "compile".
Oh, after you download any of those, you have to close Metatrader platform and re-open it. Kind of like Windows has you reboot. Good luck.
Oh, so there's a better way to close out and invest in the opposite position
than a trailing stop?
Just wanted to add that many people want an indicator to know what the
trend is doing, to know when to enter a position, but the TF price counter
tells us what's happening NOW. If we could just be a cork on the water
responding to every up/down reversal, we could earn more pips. If you're
in an elevator, you know if you're going up or down by your perceived
increase or decrease in weight. It's not predictive, but accurate in the
present.
There's a lot more energy/money to be made in the short-term TF, than just
waiting for something to happen. Even whipsaws can be profitable, if they're
big enough.
Thank you for pointing me where to look, the world is opening up. Two more
questions:
1. Is there an indicator that follows how often the price counter changes
direction up or down on a currency pair in a given day, and can mere change
in price direction be used to trigger events in metatrader 4? I don't want to
set any particular price, just the directional change. I mean directional
changes that occur between opening and closing candles, as often as they
occur on the counter.
2. Is there a comprehensive dictionary/list of programming terms and what
they do, for metatrader 4? Thanks again.
