jor1234's PwR always-in auto trader by Steve Hopwood

SERIOUS WARNING

 

1. Most Forex traders lose all their money.
2. Using the robot posted here in trading Forex does not guarantee success.
3. Trading these robots could lead to serious financial loss.
4. Trading these robots without understanding its underlying trading strategies guarantees traders will lose their money.
5. These is not a set-and-forget ea's; there is no such thing and anyone who tries to claim there is, is either stupid or lying. This ea requires frequent manual intervention.
6. At best, a trading robot is only 90% as good as the manual strategy it trades. At best. At worst, it can be much less effective. If the strategy is rubbish, so is the robot.
7. To trade this robot, you have to understand:
   1. How to use EA's.

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22nd October 2011. This EA appears to be a failure and I no longer have any interest in it. Continue at your own risk. This is not a reflection on the trading strategy. What follows is the original thread.

30th October 2011. BothEA's have been Hanovered; this may give them an extra lease of life.
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DO NOT USE THESE EA'S ON A LIVE ACCOUNT. THEY ARE EXPERIMENTAL.

There are two EA's available here; read on for details.

Earlier today, I received this pm from jor1234:
"Steve I first wanted to thank you for all your great contributions to FF and secondly I was wondering if I could have just a few minutes of your time to run an udea U have for an EA by you. I trade out of the 15 minute chart with moving average but the indicator I use is the PwR Indicator. When it turns green I go long and short when it goes red. The simplicity of the system is great and the results are even better, the thing is I cant stay away 24 hours a day and trade this all day long and this is where an EA based on that will be huge. I only trade 4 instruments, AUDUSD, EURUSD, USDCHF and Crude Oil. If you want me to I can easily send you a picture of the setup in the 15 minute chart, yesterday it caught the entire 700 pip up move and today is currently up over 300 ticks in Crude Oil. Once again I would love to work this out with you, I will greatly appreciatte it.
Thanks in advance and looking forward to your response"


We have been using PwR in this thread at http://www.forexfactory.com/showthread.php?t=312936. The scalper is gathering in the pips big-time.


This EA is purely PwR-generated. If the signal it generates is blue (up) it closes an existing sell and takes a buy. When that signal changes to red (down), the buy will close and a sell opened.


That is it. An always-in EA unless you shut it down. jor mentions a moving average but does not actually use it in his trading.


Like all custom indi's PwR works by sending calls to established indi's and manipulating/using the returned data in different ways.

PwR uses Bulls Power and Bears Power. BullsPower calculates an EMA of x periods of the High of each candle and subtracts this from the current High. If this calculation results in a positive number, then the market is rising above the ema. Bulls Power works in reverse on the Close of each candle.

PwR uses 144 as the period against the regular indi's 13. Then it compares the value of Bulls with that of Bears and comes up with a trading direction based on this comparison.



You need the attached PwR indi in your indicator's folder. You do not need it on your chart unless you want visual confirmation that it is working correctly.


I have no idea whether this EA has a long-term future. I can say that it will eat few of your computer's resources if you put it on an EU chart; it is programmed to look for trade entry/exit at the start of each new candle only. The magic number allows you to run it on the same platform as your Aurora demo; the two ea's do not interfere with each other.


All we can do is try it and see.





Subsequent update
Frankly, I lose the will to live when I contemplate trying to explain all of this. To put it baldly (and this is the best you will get, so don't bother asking me further):

 

1. TradeEntryConfirmationCandles: looks back at this number of previous candles to confirm that the PwR has continued to rise (buy) or fall (sell) before allowing the trade.
2. PullBackCandles is the number of candles over which the PwR value has to move against the trade before it is closed.
3. I have added my usual trend-detection features. If enabled, your choice of trend-detection routine will allow trades only in the direction of the overall trend. If this is new to you:
   1. Rsi: if the D1 Rsi is > 55 the trend is up. If < 45 the trend is down. In between, the market is ranging.
   2. NB V10: go to the BigBob thread and read about this in the user guide.
   3. Slowkey comes from The Beast thread. There are two moving averages. If the fast ma is above the slow, the trend is up and vice versa.
   4. single moving average applies to the W1 trend. Read about it in the Trendy thread. It is fantastically powerful and fighting it is often fruitless.

4. I have added my standard mptm management features. Go to the mptm thread and read the user guide for details.

I think that jor is highly promising. Here is a link to the Myfxbook account: http://www.myfxbook.com/members/SteveHopwood/jor/167497

Basket trading
In early testing, we found that jor is very good at taking trades that build into a profitable position, then give it all back as the signal starts to change. The PullBackCandles stuff in the last section did little to help this.

Paul has provided code that will spot when a trade has just closed in profit; jor will send no further trades until CandlesWaitAfterTradeClosure candles have elapsed - defaults to 6, or 90 minutes on the M15 chart recommended for this EA.

This overcomes jor's tendency to pile straight back in with a fresh trade as soon as we close a profitable trade manually. He will still look for a new trade at the opening of the next candle, if the closed trade was a looser. This brings into play possibilities for experimenting with stop loss and take profit with individual trades, or trading the group of trades as a basket.

The easiest way to use jor as a basket trader is to set up MPTM as a basket manager, to close the basket at your chosen profit method of percentage of balance or cash gain. Those of you unfamiliar with MPTM, follow the link at the end of this post; there is a user guide that will fill in the details.

jor and the pal he met on his hols

jor met a fellow trader whilst on holiday; it turned out that this gentleman has a similar trading system, but using the attached CCI_T3_2.ex4 indicator. You need this in your Indicators folder. Watch the indi inputs, which must be:

 

1. CCI Period: 168
2. T3 Period: 34
3. b: 0.618

rbetancour has posted the attached version of the indi, which will have the correct defaults unless I have buggered them up.

In most other respects, jor and jor and the pal are the same bots; the only difference is the indicator used to trigger the trades, and some of the inputs are missing because they are not needed.

Trade exit:

 

1. Hits TP of 20 pips. There is no further trading until an opposite-direction signal appears.
2. On the appearance of an opposite-direction signal, an open trade will close and an opposite-direction trade will be opened. The stop loss input should only be set at a far-distant emergency backup.

Trade the M5 chart, EU and AU - the pairs traded by jor's pal. Jorge sees no reason why this should not work with other pairs as well, so experiment.

Hanover
The Hanover module allows us to trade in the direction indicated by hanover's Recent Strength indi. I consider this to be the most significant development in my time at FF. Details in the Hanover thread athttp://www.forexfactory.com/showthread.php?t=31970. Both the bots here have been Hanovered.



Matters of general interest



Read this post:
http://www.forexfactory.com/showthre...11#post4923611 Newbie traders, read this for inspiration and warning. Those of you who have suffered losses, read it for inspiration.

EA coding
I receive may requests to code EA's. Traders, if I code your EA for free, then I will share it here at FF. If you want me to code your EA without sharing, then my fee is $100 payable into my paypal account. I explain why at http://www.forexfactory.com/showthre...94#post4431794, at the bottom of the post.

Useful utilities/EA's/scripts

 

1. MaryJane has posted a fabulous utility to allow us to resize EA input windows: http://www.forexfactory.com/showthread.php?t=299017
2. Multi purpose trade manager: http://www.forexfactory.com/showthread.php?t=89371
3. Account equity analyser: http://www.forexfactory.com/showthre...16#post4693716 Also at http://www.forexfactory.com/showthre...98#post4709098, which includes a template for both USD and the Euro.
4. Past-trades display indi by squalou; shows a graphical display of the success/failure of trades in your History tab. Breathtaking piece of work. http://www.forexfactory.com/showthre...10#post3830610
5. My shell EA – the code I use to produce EA's so quickly. http://www.forexfactory.com/showthre...94#post4431794

Most promising trading EA's

 

1. BigBob: an implementation of Nanningbob V10. http://www.forexfactory.com/showthread.php?t=309980. The strategy is fantastic and I am having a ball trading it manually. The EA is the most promising I have coded so far.
2. Aurora, a PwR-based EU scalper at http://www.forexfactory.com/showthread.php?t=312936
3. Trendy: http://www.forexfactory.com/showthre...82#post4840182, but should be left behind by BigBob.
4. Reversi: http://www.forexfactory.com/showthread.php?t=294255 – I have traded this live.
5. Rip: http://www.forexfactory.com/showthre...98#post4777998
6. The Beast: http://www.forexfactory.com/showthread.php?p=4135863&posted=1#post413586

Thanks for putting this together so quicky Steve.

I have done a quick update in light of what others have been saying about the PwR calls from within the EA. It does not make a lot of difference, but every bit helps.

My pleasure.

Very nice idea, I will follow this one too.

Steve just quickly checking, i already set up the EA in all the charts I trade and it has already opened a position in every single one of them, all of them buys because the trend is up but keep in mind the up moves started a while back( in the crude oil case its being in buying mode since yesterday). So Im not taking into account this first set of taken trades. Is there a way you can set it up so it is the first bar that way if you set up the EA like I just did a few hours later it doesnt take that signal, but the following one, once the indicator turns in the other direction?!

Well, I'm playing with the other thread, guess I'll look at this one too.

Congrats Jor, and thanks for sharing your ideas.

I suppose your losses are made up when the indy reverses the other way and the opposite trade is opened?

One thing . . . . If you play most idies always IN with consolidaton and whips, it causes a sort of "death by a thousand tiny cuts" effect on an account balance, as the trades are constantly reversed with small losses.

The PWR doesn't seem to continually change signals a lot during whips or congestion. At least that's my observation.
I assume this keeps you from constantly having to change direction during consolidation?

Thanks again for sharing. It is generous people like you, 002, and steve (and many others) that makes FF work for us less unsophisticated types.

Shake

Here's a picture of what I meant in my previous post

By the way, is that the 100 or 200 MA in your pic? Is the cross, along with the PWR color change part of your system?

Shake

Hey Shake is my pleasure, this community has been great to me so I will do what I can to make it a bit better . And regarding changing direction, thats why I trade out of the 15 m chart personally, it doesnt change as much, and the winners far outweight the few losers you will get. In the picture I just posted there were 2 losers for 74 ticks, keep in mind this is Crude Oil. but previous order was good for over 500 ticks and the current one is up 480 ticks.

Few things piss a coder faster than having people say, in effect, "Oh sorry, but I forgot to mention this really important point."

Wait until your platform generates an appropriate signal then load the ea.

jajajaj true! yeah I was planning on doing that, pissing you off is the very last thing I want to do!

200 EMA

Just doing a visual backtest.. Its clear that when its got the trend its very good at picking that trend, however there seems to some in and out and reverse around the whipsaws.

We may need a filter of somesorts to help manage those. Or if its a ranging market a tight stop loss.

PS: YAY I can post in a Steve EA thread.. been reading them all, can only post in half of them

All you had to do was ask. You can post in all of them now.

I have updated jor with John's indi code from the Aurora thread - cuts the custom indi out of the picture altogether.

Post 1.

haha.. thanks steve

Cam

Hey Steve the EA doesnt seem to be taking all the reversals. A short shoul have been opened at the end of the marked bar but it wasnt. Attached is a picture. I manually took that short but the EA didnt.

Current EURUSD order open + 120 pips
Current Gold order open + 150
Current AUDUSD order open -11 pips

Hi Jor

Is this manual trading or with Steves EA? How long time have You been trading Your system?
Best wishes
Elovv