In 2014, one EA based on Keltner Channel became somewhat famous for its crazy gains (reaching over 2000% in some months).
I participated in the vendors forum for a while and created my version of the EA. Since then a few traders have asked me for this ripped version, which Im not giving away. However, Im giving away an indicator version only... which is far from a final EA in any sense ofc or any commercial indicator and its simply a rip off some existing code found around the net and put together for this use.
This indicator simply plot the Keltner Channel for you and print on the Chart when the price has reached a certain level above/bellow the channel (See attached screenshot which shows an example of the use of the indicator with a narrow channel just to illustrate how it prints the levels being reached). It also generates an email alert when a specific level is reached.
As you might know the actual EA opens his trades at open of a new candle after the Trigger is reached, and for most pairs it runs on a 5min TF while for EU it runs on the 15min TF. This indicator however, will send you an email as soon as the trigger is found. So, this could give you quite a few minutes heads-up before the actual EA makes his trades.
How to use it:
Apply it on the 5min chart of any pair, including the EU.
You can also choose the hours of the day it will work - mostly I avoid the Asia session, as they tend to trigger quite a few fakeouts.
Adjust the levels parameters for the pair you are using. Each pair has its ideal level to trigger the alert. The code Im giving out, comes with an okaish level for the pair EURUSD as of last year. It may not work for all pairs , so you have to adjust the level accordingly
Im not giving the levels away for all pairs, so play around
The email alert is being sent on level 3 being reached. *To properly generate the email you must configure MT4 for that, search FF for details
Note, there are times where a breakout of level 3 will be reached multiple times and it could trigger quite a few emails. To minimize this somehow I added a check to only send a new email if levels drop back to level 1 and move to reach again a level 3.
*In my EA, I actually control it a bit more efficiently and send only 1 email per candle - if there's interest I can make this chg to the indicator too.
level 2 and level 4 are not used in this indicator, you can use it for your own needs
Once you have those setup, and a level 3 is reached you will receive an email. Once you get the email - which btw, will happen 95% of the time around and event news (just follow the Calendar on FF and compare to the vendors EA, you will see what I mean) you should check your charts.
From here on, its on you to properly judge the power of the breakout, ie , whats the volume being traded, whats the size of the channel (ie ATR), is the price really going my way, or bouncing back and forth, etc. After it got triggered, did it revert X number of pips, etc.
Knowing the above will make the difference between most of the losing and winning trades this EA makes.
I recommend to not make a sell/buy before at least 2-3 candles (10-15min after the trigger) that confirm the breakout in a solid way. And avoid period of low liquidity (Dez-Jan ) and avoid non-news related breakout - those are mostly fakeouts.
So, when you do decide to open a trade, only enter 1/3 of your expected position, add 2 more trades (1/3 + 1/3) if the price really confirms that is strongly going your way. Suggest you to go back in the charts for the vendors EA trades and see the diff between winning and losing trades so you understand what I mean.
Anyway, thats just the tip of the iceberg, but might help one or another trader out there.
If you have questions or suggestions, I may reply them here, when I get time.
Cheers,
Vlad
ps: if you dont like it, dont use it dont waste time b... about it.
I participated in the vendors forum for a while and created my version of the EA. Since then a few traders have asked me for this ripped version, which Im not giving away. However, Im giving away an indicator version only... which is far from a final EA in any sense ofc or any commercial indicator and its simply a rip off some existing code found around the net and put together for this use.
This indicator simply plot the Keltner Channel for you and print on the Chart when the price has reached a certain level above/bellow the channel (See attached screenshot which shows an example of the use of the indicator with a narrow channel just to illustrate how it prints the levels being reached). It also generates an email alert when a specific level is reached.
As you might know the actual EA opens his trades at open of a new candle after the Trigger is reached, and for most pairs it runs on a 5min TF while for EU it runs on the 15min TF. This indicator however, will send you an email as soon as the trigger is found. So, this could give you quite a few minutes heads-up before the actual EA makes his trades.
How to use it:
Apply it on the 5min chart of any pair, including the EU.
You can also choose the hours of the day it will work - mostly I avoid the Asia session, as they tend to trigger quite a few fakeouts.
Adjust the levels parameters for the pair you are using. Each pair has its ideal level to trigger the alert. The code Im giving out, comes with an okaish level for the pair EURUSD as of last year. It may not work for all pairs , so you have to adjust the level accordingly
Im not giving the levels away for all pairs, so play aroundThe email alert is being sent on level 3 being reached. *To properly generate the email you must configure MT4 for that, search FF for details
Note, there are times where a breakout of level 3 will be reached multiple times and it could trigger quite a few emails. To minimize this somehow I added a check to only send a new email if levels drop back to level 1 and move to reach again a level 3.
*In my EA, I actually control it a bit more efficiently and send only 1 email per candle - if there's interest I can make this chg to the indicator too.
level 2 and level 4 are not used in this indicator, you can use it for your own needs
Once you have those setup, and a level 3 is reached you will receive an email. Once you get the email - which btw, will happen 95% of the time around and event news (just follow the Calendar on FF and compare to the vendors EA, you will see what I mean) you should check your charts.
From here on, its on you to properly judge the power of the breakout, ie , whats the volume being traded, whats the size of the channel (ie ATR), is the price really going my way, or bouncing back and forth, etc. After it got triggered, did it revert X number of pips, etc.
Knowing the above will make the difference between most of the losing and winning trades this EA makes.
I recommend to not make a sell/buy before at least 2-3 candles (10-15min after the trigger) that confirm the breakout in a solid way. And avoid period of low liquidity (Dez-Jan
) and avoid non-news related breakout - those are mostly fakeouts.So, when you do decide to open a trade, only enter 1/3 of your expected position, add 2 more trades (1/3 + 1/3) if the price really confirms that is strongly going your way. Suggest you to go back in the charts for the vendors EA trades and see the diff between winning and losing trades
so you understand what I mean.Anyway, thats just the tip of the iceberg, but might help one or another trader out there.
If you have questions or suggestions, I may reply them here, when I get time.
Cheers,
Vlad
ps: if you dont like it, dont use it
dont waste time b... about it.
