Would a script be the best option? | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

what would be the best option strategy for trend following? 0 replies

Pending order script needed with time-out option 3 replies

Basic Alt Key/Entry Script - Simplest Script Ever 1 reply

Help me! I would like to use this option in the EA! 0 replies

i like to add an indicator script into my own script. what would be the best idea? 3 replies

Would a script be the best option?

  • #1
  • First Post: May 14, 2010 7:12am May 14, 2010 7:12am
I have a trading plan that I wish to semi-automate on MT4 and am pretty sure that writing a script would be the best way to go, though having only just started to learn MQL4, I am not 100% sure whether this would be the best solution.

The basics of the plan is to open an immediate order as soon as the current bar closes above/below a certain price (inputted by the user), and this price is determined once a certain three bar pattern has been established. Therefore I figured that as soon as this pattern has completed on the chart (any pair, any TF) I could just drag the script onto the chart, input the price, and it would sit there waiting for the time when the latest bar closed above/below the designated price, and then it would spring into action.

TP and SL are also determined by this three bar pattern but they be worked out by having user inputs for the top and bottom of the three bar pattern.

I originally thought about trying to write an EA for this, though then realised that I would have to program how to recognise the pattern in the first place, and so although I can't sit in front of the screen all day to trade this manually, I am able to check the charts every few hours (it will mainly be traded with H1 and above) and so I would just drag the script across to the chart when necessary.

Please forgive my inexperience on this matter, though I am presuming in all of this that the following is programmable:

 

  1. Once the script has been dragged onto the chart, it will monitor the close of every bar until the price has been breached, at which point, it will open an immediate order at the current price.
  2. The script can be cancelled at any time.

If I am wrong in my assumption that a script would do the job then please feel to let me know and I will try and find another way!

  • #2
  • May 14, 2010 8:56am May 14, 2010 8:56am
Imo, it's best done using EA. EA will take action for every tick, while Script will only take action once you load it. Although you can utilize while() loop, it will consume your cpu processing time.

You can use global variable as a flag to tell EA to stop monitoring for a new trade once a trade has been open.

PHP Code
extern int Dir = 0; //0 = BUY, 1 =SELL
extern double TriggerPrice = 1.2345;
extern double SL...
extern double TP...

bool StopMonitor = False;
datetime NewTime = 0;

int init()
{
  NewTime = Time[0];
}

int start()
{
  if(StopMonitor) return;
  if(NewTime!=Time[0]) //check breaching only at the new bar
  {
    NewTime = Time[0];
    if(Dir==0 && Close[1]>TriggerPrice)
    {
      OrderSend(OP_BUY,.....);
      StopMonitor = True;
    }
    else if(Dir==1 && Close[1]<TriggerPrice)
    {
      OrderSend(OP_SELL.....);
      StopMonitor = True;
    }
  }
}
To reuse EA for the next trade, you can:
1. Remove and re-attach it
2. Reset by switch timeframe

Hope this help
  • #3
  • May 14, 2010 9:38am May 14, 2010 9:38am
Hi Sangmane

Thanks ever so much for your reply, what you said makes perfect sense about making it an EA instead of a script. Also, just realised that I don't need to keep dragging it on and off but just change the buy/sell and entry price inputs.

Thanks also for writing the code. Because I have only just started with MQL4 I only have a rough idea of exactly what each line means and what it does, but I am looking forward to sitting down and learning more, and so thank you again for putting me on the correct path.

I plan on forward testing my strategy on demo for a few months, and if you are interested, I will willingly share with you if results are good.

Hope you have a good weekend and thanks again!
  • #4
  • May 14, 2010 9:52am May 14, 2010 9:52am
Hi there,

Whats the problem with trying to identify the 3 bar pattern in an EA?
  • #5
  • Edited 10:15am May 14, 2010 10:14am | Edited 10:15am
Quoting whiteash
Hi Sangmane

Thanks ever so much for your reply, what you said makes perfect sense about making it an EA instead of a script. Also, just realised that I don't need to keep dragging it on and off but just change the buy/sell and entry price inputs.

Thanks also for writing the code. Because I have only just started with MQL4 I only have a rough idea of exactly what each line means and what it does, but I am looking forward to sitting down and learning more, and so thank you again for putting me on the correct path.

I plan on forward testing my strategy...
Whiteash, seeing that your strategy triggered after candle close and uses H1 or higher TF, you can backtest it by using trading simulator (or a simple blank EA) to simulate price movement at any TF and any pair you want.

Regarding forward testing, as long as your strategy is mechanical, forward testing for a few months, imo, is a wasting of time.
  • #6
  • May 14, 2010 12:30pm May 14, 2010 12:30pm
Quoting kennyhubbard
Hi there,

Whats the problem with trying to identify the 3 bar pattern in an EA?
To be honest, there's no problem, it's just that I'm not a skilled enough programmer to be able to do it as there are countless number of different combinations possible which would qualify as the pattern required to look for the entry price.

That's not to say, however, that it couldn't be programmed as I'm pretty sure that it could, it's just that I'd rather spend my time testing it out at the moment, and then when I am satisfied that the strategy is sound, I will either look to code the full EA myself, or (the more likely option) ask very nicely for help!
  • #7
  • Last Post: May 14, 2010 12:41pm May 14, 2010 12:41pm
Quoting sangmane
Whiteash, seeing that your strategy triggered after candle close and uses H1 or higher TF, you can backtest it by using trading simulator (or a simple blank EA) to simulate price movement at any TF and any pair you want.

Regarding forward testing, as long as your strategy is mechanical, forward testing for a few months, imo, is a wasting of time.
That sounds interesting, have seen other members on here refer to a trading simulator though never used one and so will have a look into it.

I guess the real reason why I was looking to forward test is in order to test my own abilities at spotting the three bar pattern in real time, as what one person views as a qualifying pattern, another may not, and although I have done some manual back-testing, it is far easier to accept or dismiss a pattern when you can see where the price went after the pattern formed.

Therefore, I will definitely investigate using a trading simulator as like you say, it will cut out the need to do any forward testing.

Thanks again for your help and advice sangmane, I will keep this thread updated with my progress.
0 traders viewing now