Simple range bar ea request

I was wondering if any of the programmers thought that this idea may be worth exploring.

The idea is very simple. The range bars in the examples are 15 pip range bars. Buys and sells are simply generated when for example an up bar close is breached by the next bar ie price closes higher than the high of the last bar and then price retreats to the open of the breach. It is at this point that the ea will go long.

I have enclosed examples from 1999 and 2010 to show the consistency of the method.

Visual testing looks good. Take profit variable, with hard stop of range bar size + 3 pips.

Orders are only valid for the next 3 bars, if not executed they should be removed.

That's all there is to it. All help appreciated.

Thanks J

How do you determine which bar is your first bar?

Hi,

just look for either two up bars or two down bars, then look for retrace to the open price of the breakout of the first bar.

It is interesting seeing which patterns repeat the most, and if they can be profitable or not. I am not sure on this one, maybe tp has to be double sl


Thanks J

What's the Take Profit?

Merry Xmas Smilee

TP ideally set at the range bar size which in this case is 15 pips including spread, but if an ea was created it may be better to have tp as double the bar size, backtesting the ea would show the way.

humm I what if you have more than 2 bars up and it keeps going up?

Hi Jason,

Did you get anywhere looking for range bar EA's? I am looking for something similar to trade 25 pip range bars.

Regards

Ian

Hi Ian,

There was no interest in this idea unfortunately, and manually backtesting it would just take too long to see if it works long term, so I never persued the idea further.

thanks Jay