Hi Lo Break EA

I am starting this thread because Macedonia requested an EA in another thread and this wasn't quite in line with the original thread.
http://www.forexfactory.com/showthre...98#post6742498
Also as the thread starter I will be able to add to this first post as necessary.

The basic idea of the EA is that it will enter a long trade when price breaks the high of the previous candle and a short trade when price breaks the low of the previous candle.
SL will be set at the low/high of the previous candle. When a new candle opens it will move the SL to the new low/high

I have only recently started to learn how to code and so my efforts can be a bit clumsy.
If anybody wants to try it, give it a good trial on a demo before even thinking of using it on a live account.
I hope that as many people as possible will trial it and report back with any issues. I'm not really concerned about whether it makes profit or not, just that it works as it should. If it does happen to make profit, than that will be great (but then you can really thank Macedonia as he instigated this)
My intention is to learn more about coding and improve by making new developments.
I can see that there are limitless possibilities as price above or below a certain MA could be used as a filter.
I look forward to people who try out this EA and giving feedback making suggestions. Of course some suggestions may be well beyond my capabilities, but then if you don't raise the bar a bit you'll never advance.

This is currently the latest version which is quite a bit different from the original posted in the other thread.

EDIT 16th July 2013 - new version uploaded in post #11.
http://www.forexfactory.com/showthre...62#post6822262

EDIT 24th July 2013 - new version uploaded in post #22
http://www.forexfactory.com/showthre...60#post6842260

EDIT 6th August 2013 - Macedonia's Daily Master and lower tf hedge version uploaded in post #28

Inputs are a lot different to the original.

MagicNumber - it can be any number, but it should be different for every chart that it is attached to, This allows the EA to recognise the trades that it has put on and it will ignore others. Eg, you can attach the EA to a EURJPY M5 chart and then open another EURJPY chart and have it at H1. As long as they have different Magic Numbers, They will not try to amend each others trades.
TakeProfit - this is the number in pips that you are happy to accept
ExceedBy - This is the amount in pips that price must break above or below the previous bar.
MaxSpread - if spread, in pips is larger than this, the EA will do nothing. It will not enter new trades or modify open trades.
DecimalPip - This is different to the original. This is the amount of decimal places after the decimal pointy that denotes 1 pip.
Ie Your broker's price for EURUSD may be 1.31945. There are 5 decimal places after the decimalpoint, but we know that there are only 4 places for 1 pip. So you would leave it at the default 4. Japanese pairs, there are only 2 decimal places after the decimal point, so this must be set to 2.(I thought that doing it this way would be easier, but I think that I am making a hash of it )
MinBarPips - This is the minimum size bar in pips that will be taken into account. If this is too small there may be multiple trades taken and closed when price breaks above and below it many times. I intend to make adjustments to the EA so that if the previous bar is too small, it will look back further for a range.
MaxGapPips - This is the amount in pips that you will allow price to jump above or below the entry level and still enter the trade, We get these gaps at news times,
MaxSlippage - Obviously the maximum amount of slippage in pips that you will allow when prices are moving quickly.
RiskPerTrade - is the percentage of the current equity of your account that you are willing to risk per trade.
Start1
End1
Start2
End2 - These give you the option to trade 1 or 2 sessions per day. If you just want to trade 1 session, just use start1 and End1, leave the other 2 at zero. If you want to trade 24 hours, leave them all at zero.
Input times as a decimal
Ie
2AM will be 2.00
2:30 AM will be 2.30
9:15 PM will be 21.15
Times are your Broker's time, not your local time.
CloseTrades can be true or false. If you set this at true and use the session option, it will close all trades that have been opened by the EA when the session ends.
If it is set to false, no new trades will be opened outside of session times, but current trades will still have their Stop Loss modified at the close of qualifying bars.

Please try it out on demo and if you find any settings that seem to work well for a particular pair and timeframe, please report back.

First of all, thank you to Gumrai for his knowledge and generosity in creating this EA

Good move to start a new thread mate. Lets hope it kicks off for I feel this system has potential.

Benefits:
No indicators needed to complicate things.

For many that cant bare not having a trade on, with this you are always in it with minimum risk potential high reward. It eliminates chasing markets (usually late due to itchy fingers) and getting in at poor entries with no plan of exit.

Initial stop loss is close and usually at break even or close to it by the next candle. After that, chances are you are in profit territory. Well that's the idea of it.

Its a great scalping breakout system where you get closer than any other system i have come across at selling tops or buying bottoms which also means you get nearly maximum TP.

Beware its only experimental stage. This System would not suit all pairs. Certain pairs and time frames need to be experimented, this is where FF public come in and try it out on demo.

Well as I started to learn about coding less than 2 weeks ago, I am hoping that at least a few will test it out on demo and report back any glitches.
I am also hoping that in the future that people who contribute will make suggestions and I will then try to make different versions.
Maybe someone will say that they have noticed that using a stochastic or whatever as a filter may improve the results. If and when I have the time I will endeavour to code a version using this. To me, it will be a challenge and hopefully help to improve my knowledge of coding.
So eventually, there may well be versions that use indicators

You started coding two weeks ago?
man you are so advanced for only two weeks of envolvement. You will become a master at this I have no doubt.

Gumrai.....here is a challenge for you.
i found a filter which needs implementing. I don't know if its possible.

We need the daily candle to play part as a trend which would give us the direction. What part doses it play?
well if the daily candle breaks the previous daily High/Low, that is our main trend and remains the main trend till the opposit is broken (similar concept to the ea) Now what should happen in the lower time frames this EA is traded on is this.

When a trade is activated in the direction favourable of the trend Daily candle, a stop loss should not be activated and trade should be left running. What happens now is the reversal order set by the ea remains the same (if a candle breaks the high/low a trade gets filled with stop loss trailing the recent high/low......as normal) This reversal order acts as a hedge covering the removal of the stop loss on the trend trade.

there are other minor changes which would be easy to tinkle with the curent settings, but I will bring it up later on so I don't confuse. Lets get over this big hurdle first.

Now how does this running trade following the daily candle trend get closed automatically? As soon as the price breaks the previous day high or low which would be a new trend. By this stage, the hedge trade should be active and minimal damage is done to the profit of your previous trend following trade which now this hedge trade (which broke the high/low of previous day) becomes the trend trade and stop loss removed. So everything now becomes the opposite.

yes it might be tricky to create, but I think you might just be able to pull it off.
If any further explanation is needed please ask.

Here is an idea on how to create this system if it helps.

currently according to your instructions, you can not have the same EA on the same pair on diferent time frames. If you can create another ea similar to the current one the only difference is where if there is a current trade active, it can not enter a trade in the direction the active trade, to avoid a multiple trade. So this new EA should only work in a direction where there is no trade active.

what we have now is two EA's attached to two diferent charts.

The original EA (which we will leave unchanged) is the master trade that can be applied to the daily chart. This would act as the trend trade. Which would also sought out the trend trade closing automatically once the price breaks the daily High/Low

The secondary EA (new ea) which would have minor changes to the original EA would be applied to the smaller time frame.
What the minor changes are, a code where it identifies a current active trade (buy or sell) and remains dormant until the opertunity arises to the direction where there isn't a trade active. This would sort out the hedging trade.

I hope it makes sense.

Hi Macedonia, I'm trying to make the EA less clunky and easier to modify. I think that I get the idea of what you want and will give it some thought. Do you want it to work off the Day high/Low of your broker or of the previous 24 hours?

If you are using version 3.7 you can put the EA in different TF for the same pair.

It's off the broker.

i haven't tried version 3.7 yet, but its good to know you can use it on a different TF for the same pair. So that's the major part sorted. Now all we need is to be coded somehow where trades don't double up going same direction since you are using different TF example if you have a short trade on via the daily EA, the EA on the 15 min or 30 min or Hourly depending which you opt to use.......dosent put you on a short trade when a signal is given. But takes the long trade at every signal since no long trade is active.

Gumrai

I find the trailing stop and pending order to be not enough space when having them follow the previous candle. It would be great if you can change it to two previous candles.

also, do you think you can add a off/on switch to the bye and sell in settings?
what I mean is if I elect the EA to only bye I can turn off the sell in the settings which only the break above of the second most recent candle is active and visa versa if I only want to sell or still have both direction bye/sell if both are set to on.

Cheers.

Hi Macedonia,
Everything takes time
I've met some frustrations with sorting out the daily candle thing and when the frustration gets too much I will concentrate on something else and then come back to it later with renewed enthusiasm.
Re Buy or Sell, the common tab of the inputs window allows you to select only Buy or Only Sell or Buy & Sell.

not a problem mate you have been generous enough and its much aprieciated.

regarding the daily thing......problem solved if the bye or sell can be turned of.
this is how it works.

open two charts, one daily and one 15 minute chart (as a example)
Apply ea on both.
On daily leave the settings as is (bye and sell)
On 15 minute you disable the direction the daily is favourable. So it only goes contra to the daily hence you have this hedge when needed as per the plans.

so don't stress to much about the daily thing.

all the best mate

Had to iron out a few wrinkles before adding this new version for testing.
Now you have the option to trade fixed lots or % of equity per trade.
It will not take more than 1 trade in each direction during a single candle. This is to prevent taking multiple losses when price is bouncing, breaking the high and low of the previous candle many times during 1 candle.
SL will not be modified if price is too close to the SL level but the EA will close the trade when the SL level is hit. This almost eliminates Order Modify errors.
Added Daily candle trend (DCT) option. This will only take trades in the direction of the DCT. DCT direction is set when price breaks the high or low of the previous day and will remain so until there is a new break
Ie. if price on Tuesday breaks Monday's high, DCT will be set to Up. If price reverses and breaks Monday's low before Tuesday's Midnight candle DCT will be set to Down.
Then if price ranges on Wednesday and does not break Tuesday's high or low, DCT will remain set to Down.
If price on Thursday breaks Wednesday's high, DCT will be reset to UP.
Hope that makes sense

As always, test thoroughly on Demo before trying it on a live account and please please give feedback, especially if the EA does something Unexpected.

Inputs


MagicNumber - it can be any number, but it should be different for every chart that it is attached to, This allows the EA to recognise the trades that it has put on and it will ignore others. Eg, you can attach the EA to a EURJPY M5 chart and then open another EURJPY chart and have it at H1. As long as they have different Magic Numbers, They will not try to amend each others trades.
UseDCT – if this is set at true, trades will only be taken in the direction of the Daily Candle Trend. The trend is decided by when the price last broke the previous day’s high or low. If the broker has a Sunday candle, the Friday and Sunday candles are combined for the purpose of the calculation.
If set at false, the EA will trade in both directions
TwoBarStop – if this is set to true, trailing stop will be the high or low of the previous 2 candles. The range of the 2 candles will have to be larger than MinBarPips . Note that if a trade is opened by the EA in the opposite direction, the trade will be closed even if above/below the stop. This will probably only be useful when market is relatively slow.
TakeProfit - this is the number in pips that you are happy to accept
ExceedBy - This is the amount in pips that price must break above or below the previous bar.
MaxSpread - if spread, in pips is larger than this, the EA will do nothing. It will not enter new trades or modify open trades.
DecimalPip - This is different to the original. This is the amount of decimal places after the decimal point that denotes 1 pip.Ie Your broker's price for EURUSD may be 1.31945. There are 5 decimal places after the decimalpoint, but we know that there are only 4 places for 1 pip. So you would leave it at the default 4. Japanese pairs, there are only 2 decimal places after the decimal point, so this must be set to 2. The EA now displays the current spread, so if it tells you that the spread is something silly, then you may have entered the wrong DecimalPip
MinBarPips - This is the minimum size bar in pips that will be taken into account. If this is too small there may be multiple trades taken and closed when price breaks above and below it many times. I intend to make adjustments to the EA so that if the previous bar is too small, it will look back further for a range.
MaxGapPips - This is the amount in pips that you will allow price to jump above or below the entry level and still enter the trade, We get these gaps at news times,
MaxSlippage - Obviously the maximum amount of slippage in pips that you will allow when prices are moving quickly.
LotSize – This is for if you want to simply trade a standard lot size for every trade
RiskPerTrade – if this is more than zero, then the lot size will be calculated based on stop loss and percentage to risk per trade. If you want to risk 1% per trade, then simply enter 1, if half%, 0.5. Note: if this is set at more than zero, it will over-rule the Lotsize in the previous parameter.
Colour – colour of the text to be displayed, obviously set at a colour that stands out from the chart background colour.
Start1
End1
Start2
End2
- These give you the option to trade 1 or 2 sessions per day. If you just want to trade 1 session, just use start1 and End1, leave the other 2 at zero. If you want to trade 24 hours, leave them all at zero.
Input times as a decimal
Ie
2AM will be 2.00
2:30 AM will be 2.30
9:15 PM will be 21.15
Times are your Broker's time, not your local time.
CloseTrades can be true or false. If you set this at true and use the session option, it will close all trades that have been opened by the EA when the session ends.
If it is set to false, no new trades will be opened outside of session times, but current trades will still have their Stop Loss modified at the close of qualifying bars.

thanks gurami
my brocker fxdd
experts tab says ununit reason 5
v 3.7 is working
could you fix v 4.0?

Mr Gumrai, May I suggest something. could u please put an additional option in the ea to select x number of previous bars rather than just last one. Also 2 ma filters with entry on closed bar on-off option. This will help in trading a breakout on news events and also when asia session ends.. I have been looking for such an ea for long time. Cheers!

Hi Daegaa,
Do you mean that it is failing to initialise? so that the EA is not working?
If so, Can you please attach a screenshot of your input parameters so that I can see what is happening.
Uninit reason 5 happens when you change the parameters and is not a problem, but if it fails to initialise afterwards, then there is something wrong.

Being able to select the amount of bars could be a good idea and so I will work on that option next.
Re the MAs, you have to be precise about what you want.
I don't know if you mean
Price crosses above 2 MAs
Price closes above 2 MAs
One Ma crosses the other

Ideally for long trades bar should be above a certain MA or say 2 MAs. U may also add an option (true/false) that trade wont execute unless the bar has closed even though it meets both number of bars and above MA condition.


Also, The trailing stop should be (for example in case of long trades) the low of past x number of bars minus x pips. (ex: If lowest value of EURUSD past 5 bar was 1.3000 then trailing stop will adjust to 1.2995). I.e similar to exceed function for entry..

Further, I am not sure if ur EA will close out an open trade if the direction changes and an opposite side position is opened. basically , Exit on trend change function. Keep up the good work ...Cheers!

Hows going Gumrai with the coding?? Cheers

Nearly ready with the next update that uses the range of the last "n" candles and after that will look to incorporating MAs
I have 4 projects on the go at the moment and so it is slow progress.
As I said before, when I hit a problem that I cannot seem to resolve, I move on to a different project and then come back later with fresh eyes and then I can see what I have done wrong.

Daegaa, I responded to your post in post#14
If there is a problem, I need your feedback, I cannot resolve it otherwise.

Hi Gumrai

I attached this ea ,4H,D1 charts. it doesnt open any position
so, I attached this Ea 1H chart,it was working

weird thing was 5 pairs attached this ea,only one pair(au) working.
could you check it out?

sorry my poor english!!!!