Need a simple trade managing EA based on candle "color" | Forex Factory

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Need a simple trade managing EA based on candle "color"

  • #1
  • First Post: Oct 6, 2014 10:56am Oct 6, 2014 10:56am
Hi to everyone!

I would appreciate a lot if some of you could link me or write a simple EA that does this:

1) If I'm buying the trade must close at the formation of the first bearish candle.
2) If I'm selling the trade must close at the formation of the first bullish candle.

I'm using a strategy for price scalping based on Median Renko that is giving me very nice results but requires my presence in front of the charts during all the time that trades are running (some times 5 minutes but some times hours).

This could be avoided with the help of a simple EA that closes the trade when a candle in the opposite direction of the trade is formed.

Since now i have always moved the SL at every positive step, but it's quite stressful and demands a lot of focus, I think that the ones of you who know Renko will quite understand what I'm doing.
I already tried with a lot of trailingstop EAs but candle color is the very key for this.

Hope someone could help!
Thanks for the attention anyways.

Lrt
"Every battle is won before it's fought."
  • #2
  • Oct 6, 2014 11:28am Oct 6, 2014 11:28am
A trailing stop set at the exact reversal value will do what you want.

Of course, only valid on renko style candles.
MT4/MT5 EAs/Indicators/Alerts coder
  • #3
  • Oct 6, 2014 11:47am Oct 6, 2014 11:47am
Quoting FerruFx
A trailing stop set at the exact reversal value will do what you want. Of course, only valid on renko style candles.
Thanks for the answer.
I am trying a lot of trailing stops for this purpouse but i didn't find one just working properly, probably i'm missing something in the setup..

Basically i'm using 5 pips candles, so every new candle opens with a +2.5 pip move..
The SL would be @ -8 pips (7,5 + spread) and the trailing step (i suppose) would be setted at 2.5.

The matter comes out by the fact that i didn't found an EA with
1) The possibility to set the trailing step at 2,5 (mostly accept only full size pips value)
2) The possibility to work also in loss zone, as in general TS is used to "save gains" instead to "reduce losses", and the feature "Profit Trailing" is only in a few of those wich doesn't satisfy the trailing step need.

Also, as i'm using a true ECN with very tight spreads, sometimes the order gets filled 1 pip under or above, and this can mess the things up a lot.

That's the reason why I think that the candle color solution would be the best for this strategy.

Lrt
"Every battle is won before it's fought."
  • #4
  • Oct 7, 2014 4:06am Oct 7, 2014 4:06am
Quoting FerruFx
A trailing stop set at the exact reversal value will do what you want. Of course, only valid on renko style candles.
The Good Samaritan !!!...
Master Your Setup, Master Your self. (NQoos)
  • #5
  • Oct 7, 2014 4:19am Oct 7, 2014 4:19am
Quoting bassramy
{quote} The Good Samaritan !!!...
LOL do I look that desperate to you?

I'm just asking for a simple EA, and I already explained why a trailstop doesn't do this work well for me..
For example, I'm using now the Swiss Army EA, but as many of others it doesn't have the "trail step" option.

Lrt
"Every battle is won before it's fought."
  • #6
  • Oct 7, 2014 4:19am Oct 7, 2014 4:19am
Quoting bassramy
{quote} The Good Samaritan !!!...
MT4/MT5 EAs/Indicators/Alerts coder
  • #7
  • Oct 7, 2014 6:09am Oct 7, 2014 6:09am
Quoting Lrt.Ita
{quote} LOL do I look that desperate to you? I'm just asking for a simple EA, and I already explained why a trailstop doesn't do this work well for me.. For example, I'm using now the Swiss Army EA, but as many of others it doesn't have the "trail step" option. Lrt
Shill out dude ?
This was not intended to you thus the respond to FF and not you.

B.R.
Master Your Setup, Master Your self. (NQoos)
  • #8
  • Oct 7, 2014 6:42am Oct 7, 2014 6:42am
Quoting bassramy
{quote} Shill out dude ? This was not intended to you thus the respond to FF and not you. B.R.
I am, really! Maybe I just expressed myself wrong.
PM for you .

Any suggestions about the EA?

Thanks,
Lrt
"Every battle is won before it's fought."
  • #9
  • Oct 31, 2014 7:37pm Oct 31, 2014 7:37pm
Quoting Lrt.Ita
{quote} I am, really! Maybe I just expressed myself wrong. PM for you . Any suggestions about the EA? Thanks, Lrt
Hi Lrt,
I' not sure if I understood what you need, but for trailing stop you can try this EA and it has many other options.
I use it a lot, it works very well, but I don't have a manual, try it first..............

I hope it'll help.
Ciao
Stefano
Attached File(s)
File Type: mq4 Multi purpose trade manager.mq4   113 KB | 950 downloads
Italian (but not only) support for Exness.
  • #10
  • Last Post: Nov 6, 2014 1:56am Nov 6, 2014 1:56am
Quoting stelore
{quote} Hi Lrt, I' not sure if I understood what you need, but for trailing stop you can try this EA and it has many other options. I use it a lot, it works very well, but I don't have a manual, try it first.............. I hope it'll help. Ciao Stefano {file}
Thanks a lot, I'll give it a try.

Lrt
"Every battle is won before it's fought."
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