Tools for forexhard's Stairstep Breakouts system

Hi all,

attached is the new version of the indicator;
it now draws "Fib levels" for up to 9 TP targets on each side of the CZ Breakout areas;

When a TP input is >=10, it is considered as FIXED PIPs, <10 is a factor of the size of the Breakout area (CZ box+bufferpips);
0 will not draw that TP level;

The first 5 TP default levels are standard fib extensions, as detailed by Mer earlier:

extern double TP1 = 1.000;
extern double TP2 = 1.618;
extern double TP3 = 2.618;
extern double TP4 = 4.236;
extern double TP5 = 6.854;

The other ones TP6 to TP9 are "spare" (0 so not drawn)

You can also change the color of the TP levels (TPLevelColor).
Set it to "None" to hide the Fib levels.

The Fib lines will be adjusted to the continuation lines every 10 bars;
This is a limitation of MT4 Fib objects, which draws the Fib levels with a length that is 10 times the duration between the start and end time parameters.
The Fib lines will therefore not necessarily end exactly when a new box forms, but possibly a few bars earlier.


I still have the Box count (and probably the total and avg pips) wrong, and i cannot figure out why...
There is something wrong with what "ObjectsTotal()" returns, and i cannot explain why, except an mt4 bug.
The "objects list" window does show all drawn objects, however ObjectsTotal() won't give the expected result.
Therefore the count loop misses a good round of the existing objects!
Any help from coders welcome!

Sq

KUGW!

Fantastic again sq; I have uploaded the latest to post 1.

Wow !! That is gorgeous. Thanks for your hard work.

T

Awesome SQ! Thank you !!!

Many thanks for sharing.

Looks great on 15 minute charts

Looking at the current GBPUSD chart - a short out of the CZ hit the first TP 3 times!

Hi Squalou,

As a new CZ is forming on EURUSD 15 minutes, the two sets of labels are printed very close to each other.

It would be great if the labels are left aligned.

Thanks again.

Works very well on the USDCAD 15m TF!

Not to be picky, but the five levels I mentioned before that I'm using are .618, 1.618, 2.618, 3.618, and 4.236. But you don't have to stick with those I mentioned above, that is the wonderful thing. Play around with the settings as each trader will have a different risk factor to work with. some may use .382 for a first target, some may use 1.000 or 1.618. Maybe sqaulou can add a feature where if you use the fixed pips option that it will automatically calculate the levels based on whether you use a fixed box size if if you use the ATR levels.

Just make sure to take some time and closely watch how the price reacts to various levels and you can see how strong fibs can be when using them as profit targets.

As far as I can tell, Squalo made it so you can input those numbers manually. You can set whatever levels you want, unless I'm misunderstanding the settings.

Demo trade:

1. Placed sellstop and buystop on both side on CZ.
2. Sell stop was triggered, attached awesome EA (modified to trigger only after open order found) with TP:SL of 35:70 (39 pips was the first labelled TP)
3. Close buystop manually (could have left it alone on second thoughts)
4. Price reversed, triggered awesome EA's buystop and went up higher to reach TP on reverse side (maximum martingale of x6) of maximum tp of 35

This shows that that Steve's awesome EA would work very well with CZs triggers from Squalou's indicator - great work guys!

Same, TP at 1.000 Fib for 39 pips.

Indicator doesn't seem to like NZDUSD M15 - it is nowhere in sight - closest drawing appears only from TF M30.

Galen, your last comment above shows that you misunderstand 2 key elements of my trading style.

First, I have said repeatedly that each pair needs to have it's own customized settings. There is not any setting that can be considered universal. You must be willing to put in the time to discover these sweet spots for yourself. And when you do, be sure to come back with at least some of your results. Maybe you can inspire some other guys to do the same with other pairs, and pretty soon we'll have a full catelog of the most likely settings for the top pairs.

Second, when you say that the indi only shows a result from "way back there", you are showing that you're not sure what the indi is searching for. And not knowing this very key element will keep you from finding those best settings from my last paragraph. So learn what the indi is searching for and what constitutes the best CZ's first, and then the rest of these problems will be much easier to solve.

Good luck!

FxH

Hi FxH,

Many thanks for sharing your system and experience with us - very grateful indeed!

Pardon my ignorance as I have not fully read and understood the system - I was "kicking the tires" of the brand new indicator

The current default setting seem to work very well for USDCAD M15 pair and not at all for NSDUSD M15 - as you said we will eventually need to have a lookup table to customize the settings for each pair.

As it is now, Squalou's evolving indicator and Steve's Awesome EA shows great promise in automating the system successfully.

Thanks again for generously sharing your system, experience and time with us.

I can understand ForexHard's position; All too often on these and other forums someone will post a solid working simple system and not even a day later other people are suggesting changes or adding new indictors to "filter" trades.

I "try" to avoid doing that myself, and usually my suggestions that I do make revolve around either A) removing useless indicators from the system that only serve to duplicate functions, or B) attempt to educate the originator of the system or other posters about how they are using an indicator in a ass backwards kind of way.. but I digress.

I am NOT what I would consider an amazing authority on FOREX, but I do alright, as such I find I best to ask a bunch of "stupid" questions to be absolutely certain I understand exactly whats going on with a system. The point I'm trying to make here is this: Dont be afraid to point out what appears to be flaws, errors, etc or ask questions. But also try not to be offended if someone comes off as a little hostile in their answers.

With all of that said, be sure you are using the latest update of the indicator, because I am NOT seeing the same thing you are on a NZDUSD M15 chart. This is default settings for the indicator listed on page one of this thread. I can clearly see 3 opportunities to have profited on buys and 1 sell over the last few trading days. :0

Hi Guys - an interesting thread and thanks FXH, squalou and SteveH for your sharing As our on-board Inmarsat system does not support live updating, I have time when at sea for research off line and I started yesterday with variable inputs like this........ others might find this idea helpful.....

€'s current chart.....BFN

On a public forum the only real way to have a long term readable discussion is to use the voucher system and/or buddy list so that complete nonsense is at least limited.

A secondary thread can then be opened for anyone without a voucher, who wants to post.

Steve Hopwood uses this approach and it certainly helps to keep focus.

Nice idea, do you also have an AIS transponder on board?

If so, let us have the vessel's name & we can track you real time at marinetraffic.com