I'm a newbie trader and a good programmer. I've been trading for about 6 months. Ive blown two small live accounts while manually trading so have been on demo for a while. Anyways so i started an EA and indicator project on demo while manually trading my second account and it was promising but as soon as i blew out my live account i was angry and quitted. After a 2 month hiatus i'm not as angry anymore so i'm done quitting.
I dug out my code again. I'd like people to test it on demo so id see the results. I just want to know if it can make a profitable trade.
Like i said before, there's nothing fancy in the code as i tried to keep it simple after so many complex ones didn't work for me.
You would need the indicator and the EA. The EA takes pivot, and resistances values from the indicator.
UNDER THE HOOD.
The logic is that price sorta hovers around the pivot and then at a point would start moving towards one direction, either R1 or S1. So you set the channel (by default 150 NB: 5 digit broker) and once price leaves the channel it opens a trade in the direction.The 150 channel is 150 above pivot and 150 below the pivot. So thats a 300 pip wide channel.
The EA would set your take profit to R1 or S1 depending on the type of trade. And you can make that R2 or S2 by changing the "target" setting to 2.
This EA was alot better when i cared about it and it had a few cool stuff but i cant find that version.
Anyways enough with the story, here's a quick summary of the options.
LOT - Your lot size
SL - Number of pips below the pivot you want your stoploss to be (for buy trade) or number of pips above pivot that you want your stoploss to be (for sell trade)
TrailingStop - Your trailing stop value (the EA closes half the trade at the trailing stop value)
FallbackTakeProfit - Minimum pips for your take profit. Useful because sometimes R1 would be too close to the open price to allow the EA open a trade.
Target - Set to 1 to set takeprofit at R1/S1 or 2 to set takeprofit at R2/s2
Pivchannel - How many pips should your channel be on each side. (150 would mean 150 above and 150 below pivot)
MaxtradesByEA - The maximum number of trades that can be open by this EA ( if you have it on multiple currencies and this value is set to one it would just make one trade at a time) JUST LEAVE IT AT ONE
MaxtotalTrades - Maximum number of trades allowed on account ( if you have more than this number of open trades the EA would not open another)
brokerdigit - PLEASE IGNORE (used to make the EA work with 4 digit brokers but isnt working in this version)
closeTradeWhenSlow - PLEASE IGNORE ( used to make the EA close all trades at the London close but its not working in this version)
slPoint - Maximum stoploss value. If the EA attempts to put a stop loss for you thats larger than this value, this value would be used instead.
NOTE - The EA closes half the trade at your trailing stop value.
PROBLEM - The Indicator doesn't automatically redraw the pivot lines daily but the EA uses the correct values. This was fixed before and i say again, i cant find that version. Please just manage it.
Please test it, show me results and motivate me. If it's worth it i'd fix the issues. Thanks
My twitter - @tobyitguy
Added my trade explorer.
I dug out my code again. I'd like people to test it on demo so id see the results. I just want to know if it can make a profitable trade.
Like i said before, there's nothing fancy in the code as i tried to keep it simple after so many complex ones didn't work for me.
You would need the indicator and the EA. The EA takes pivot, and resistances values from the indicator.
UNDER THE HOOD.
The logic is that price sorta hovers around the pivot and then at a point would start moving towards one direction, either R1 or S1. So you set the channel (by default 150 NB: 5 digit broker) and once price leaves the channel it opens a trade in the direction.The 150 channel is 150 above pivot and 150 below the pivot. So thats a 300 pip wide channel.
The EA would set your take profit to R1 or S1 depending on the type of trade. And you can make that R2 or S2 by changing the "target" setting to 2.
This EA was alot better when i cared about it and it had a few cool stuff but i cant find that version.
Anyways enough with the story, here's a quick summary of the options.
LOT - Your lot size
SL - Number of pips below the pivot you want your stoploss to be (for buy trade) or number of pips above pivot that you want your stoploss to be (for sell trade)
TrailingStop - Your trailing stop value (the EA closes half the trade at the trailing stop value)
FallbackTakeProfit - Minimum pips for your take profit. Useful because sometimes R1 would be too close to the open price to allow the EA open a trade.
Target - Set to 1 to set takeprofit at R1/S1 or 2 to set takeprofit at R2/s2
Pivchannel - How many pips should your channel be on each side. (150 would mean 150 above and 150 below pivot)
MaxtradesByEA - The maximum number of trades that can be open by this EA ( if you have it on multiple currencies and this value is set to one it would just make one trade at a time) JUST LEAVE IT AT ONE
MaxtotalTrades - Maximum number of trades allowed on account ( if you have more than this number of open trades the EA would not open another)
brokerdigit - PLEASE IGNORE (used to make the EA work with 4 digit brokers but isnt working in this version)
closeTradeWhenSlow - PLEASE IGNORE ( used to make the EA close all trades at the London close but its not working in this version)
slPoint - Maximum stoploss value. If the EA attempts to put a stop loss for you thats larger than this value, this value would be used instead.
NOTE - The EA closes half the trade at your trailing stop value.
PROBLEM - The Indicator doesn't automatically redraw the pivot lines daily but the EA uses the correct values. This was fixed before and i say again, i cant find that version. Please just manage it.
Please test it, show me results and motivate me. If it's worth it i'd fix the issues. Thanks
My twitter - @tobyitguy
Added my trade explorer.
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