MT4 EA trades on open and close of a candlestick | Forex Factory

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MT4 EA trades on open and close of a candlestick

  • #1
  • First Post: Jun 29, 2014 2:05pm Jun 29, 2014 2:05pm
Hello

I have no understanding of programing, sorry I apologize if this should be known information,

Lets jump right in.

EA basis's trades on the open of a candle, and then closes the trade on the close of the same candle,

The idea is to determine only the win/lose ratio, based on the open and close of a candle or said differently a close from the previous candle to the close of the current candle or the opening of the previous candle to the opening of the current candle ?

I trade binary options and the idea is to find a code that is able to give signals as well as optimize other coding to fit the right parameters for trading binary options in 30 minute time frames. In my example above this would be for trading 30 minute candles.

Also have the ability to determine the amount of consecutive losing trades in a row as well as determining the amount of consecutive winning trades in a row. I dont care about PIPS, its all about the win/lose ratio with the closing of candlesticks
Learn, a forex trader must, unlearn and relearn he will.
  • #2
  • Oct 16, 2014 3:25pm Oct 16, 2014 3:25pm
bump
Learn, a forex trader must, unlearn and relearn he will.
  • #3
  • Oct 16, 2014 4:41pm Oct 16, 2014 4:41pm
1. You can know the beginning of a bar by its time or bar count.
You do not know when it closes except that a new bar starts.
And in a slow market the open of the next bar might not happen for seconds.
The new bar might not open at the close of the previous bar.

2. You can not get in at the exact second that a bar opens.
Sometimes it takes 10-20 seconds to get a fill.
Therefore, the expiration will be 10-20 seconds into the next bar.
This means that what you want to do is not really useful, maybe in a theoretical view for research.
  • #4
  • Oct 16, 2014 5:45pm Oct 16, 2014 5:45pm
Quoting Kenz987
1. You can know the beginning of a bar by its time or bar count. You do not know when it closes except that a new bar starts. And in a slow market the open of the next bar might not happen for seconds. The new bar might not open at the close of the previous bar. 2. You can not get in at the exact second that a bar opens. Sometimes it takes 10-20 seconds to get a fill. Therefore, the expiration will be 10-20 seconds into the next bar. This means that what you want to do is not really useful, maybe in a theoretical view for research....

Thats exactly what Im lookin at doing, Im tryin to take a strategy, develope it into an EA and operate exactly like that so Im able to optimize it. I dont want to trade it live,

All I want to know is when the SIGNAL comes in what the candle will close at, in comparison to the OPEN. If that means ABOVE, BELOW or at the same level as the open. Then the idea is to determine how many candles in a row will occur, before the next signal occurs and reversal happens. All it needs to do is operate with the CLOSING PRICE.

In the example below on the 30 min chart, the most candles in a row is 3, that means on the 4th candle it goes along with the signal. The idea is to filter and optimize both the OB/OS levels as well as the INPUT parameter for the indicator, with a possible filter which would be added later on. This is done to determine the total amount of candles that come in a row before the signals works.

side note: this is for binary options

In the below example signal comes at the closing, when in OB/OS area and a reversal candle is formed.
Attached Image (click to enlarge)
Click to Enlarge Name: eurusdvzoexample.png Size: 219 KB
Learn, a forex trader must, unlearn and relearn he will.
  • #5
  • Oct 17, 2014 11:38am Oct 17, 2014 11:38am
Quoting COGSx86
{quote} Thats exactly what Im lookin at doing, Im tryin to take a strategy, develope it into an EA and operate exactly like that so Im able to optimize it. I dont want to trade it live, All I want to know is when the SIGNAL comes in what the candle will close at, in comparison to the OPEN.

An EA that only provides a signal, is an indicator...not an EA.

If you are trading on the M30 timeframe, the difference from the close of the previous candle to open of the current, is not worth mentioning...fractional at best even on the M1s.

IF Close[1]>Open[1], as far as your platform is concerned, will be the same as if Close[0]>Open[0], where the value in the [] is equal to 1 Candle ago on Close vs the candle that just closed.

From here, you just have to qualify the information.

If Close[2]<EMA[2]&&Close[1]>EMA[1], return ->buy signal

The issue with using Close[0] as applied to many indicators is that indicators typically correct on a fractional level, meaning that you will see signals before bars close and signals that may reverse in a tight frame.

FWIW...
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #6
  • Oct 17, 2014 4:28pm Oct 17, 2014 4:28pm
Quoting Magix
{quote} An EA that only provides a signal, is an indicator...not an EA. If you are trading on the M30 timeframe, the difference from the close of the previous candle to open of the current, is not worth mentioning...fractional at best even on the M1s. IF Close[1]>Open[1], as far as your platform is concerned, will be the same as if Close[0]>Open[0], where the value in the [] is equal to 1 Candle ago on Close vs the candle that just closed. From here, you just have to qualify the information. If Close[2]<EMA[2]&&Close[1]>EMA[1], return ->buy signal...
What I'm trying to do is get an indicator, turned into a EA so I can back test and optimize it. The idea is for the EA to have expires, or said differently used to close on the candles close/open. This is for research purposes, and I'm trying to understand if this can to be done, when it comes to the close of the position, at the end of each candle and then taking a new position at the beginning of the next candle. To find the win/lose ratio and the consecutive wins/lose in a row before the next signal.

as said before this is for binary options, which requires the price to only be one point difference(not pips) from the open, in comparison to puts or calls.

The idea is to establish a martingale system with risky tolerance, with a win/lose ratio for binary options
Learn, a forex trader must, unlearn and relearn he will.
  • #7
  • Oct 17, 2014 4:48pm Oct 17, 2014 4:48pm
Quoting COGSx86
{quote} What I'm trying to do is get an indicator, turned into a EA so I can back test and optimize it. The idea is for the EA to have expires, or said differently used to close on the candles close/open. This is for research purposes, and I'm trying to understand if this can to be done, when it comes to the close of the position, at the end of each candle and then taking a new position at the beginning of the next candle. To find the win/lose ratio and the consecutive wins/lose in a row before the next signal. as said before this is for binary...
So, instead of saying Open[1] or Close[1], why not work with High[0] and Low[0].

This way if the candle high or low at the current hits your target, you will be effectively testing your strategy?

Even with an EA, you would still require the input data for target prices to run backtests...you would have to see the history to see the future to see the history.

In all honesty, I think you are heading down a very complex road for a very simple strategy. For anybody to effectively be able to work with you, try to think in terms of if and then...

Go to as best as you can for what you would consider Code Speak.

IF (OBV>OB&&Close[1]<Open[1]&&......&&.....&&.....)

You have to define these as parameters...right up to what your words would be for "Reversal Candle"...otherwise, you will end up with something that doesn't stand a chance at playing by your rules, but would be more specific to the interpretation of the individual who would be trying to work with you.

Plus, or you to be able to back test with an EA based on any criteria, you still have to dictate to the EA when a position would be opened and when it should be closed.
Money Can't Buy Happiness. Poverty Can't Buy SHIT! You Choose!
  • #8
  • Last Post: Oct 18, 2014 4:54pm Oct 18, 2014 4:54pm
Quoting Magix
{quote} So, instead of saying Open[1] or Close[1], why not work with High[0] and Low[0]. This way if the candle high or low at the current hits your target, you will be effectively testing your strategy? Even with an EA, you would still require the input data for target prices to run backtests...you would have to see the history to see the future to see the history. In all honesty, I think you are heading down a very complex road for a very simple strategy. For anybody to effectively be able to work with you, try to think in terms of if and then......

I dont think you understand what im asking for. High+Low is not what im lookin at. This is for BINARY OPTIONS, do you know what BINARY OPTIONS are ?
Learn, a forex trader must, unlearn and relearn he will.
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