Idea For Automation On Range Bar Charts Trading DAX

Hi

The following thread will be dedicated to the automation of the idea mentioned below.All inputs and opinions are welcomed but let's all please communicate in a civil way.

The system entry and exit criteria are as follows :

Entry Criteria For Longs

If a bar crosses from below the MA to above the MA ,
Then this bar should be considered as a Possible Signal Bar.

Next,

If the Possible Signal Bar closes and a new bar forms ,
Then the High of the previous bar ( now The Confirmed Signal Bar ) should be stored say as "x"

Next,

If price increases from "x" by 2 pips or more
Then a Buy Market Order should be executed. // This Buy will have no TP or SL for now

Only 1 long trade open at any time.

This order will stay open till the Entry Criteria For Short are met and the trading direction is reversed by closing the Buy and opening the Sell as per criteria below:


So,

Entry Criteria For Shorts

If a bar crosses from above the MA to below the MA ,
Then this bar should be considered as a Possible Signal Bar.

Next,

If the Possible Signal Bar closes and forms a new bar ,
Then the Low of the previous bar ( now The Confirmed Signal Bar ) should be stored say as "x"

Next,

If price decreases from "x" by 2 pips or more
Then a Sell Market Order should be executed. // This Sell will have no TP or SL for now

Only 1 short trade open at any time.

This order will stay open till the Entry Criteria For Longs are met and the trading direction is reversed.



Indictors as follows

For the range bars , I use RangeBarChart v1.03a (attached). This goes into File - open data folder - MQL4 - Indicators

The templates used are 1min Range Bar 40/50 Indices & 1m Offline Range bars 40 Indices (attached). These go into File - open data folder - MQL - templates

Start with a chart for GER30 (DAX) 1 min chart and use template 1min Range Bar 40/50 Indices.

Then open Offline chart (in FILE); It should be displayed as GER30 M40 (M50 should also be available for 5 pip bars); Apply template 1m Offline Range bars 40 Indices.

This should produce a chart same as below. (I use FXCM so there may be slight differences with other sources).







As a side note :

Here is a script that Stops the current order and Reverses it for easier manual trading and testing

This thread is now open

There has been some nice interest in it already and I will also update as I progress

Rooi
:nerd:

Congrats on new thread , good luck !
I think to forward test it on forex market , I'll be creating an explorer .

Thank you for sharing the idea!!

Hi

Thanks for the well wishes,should be able to benefit all traders here at FF if we can get a working version to produce something.

The R:R looks good and the DAX has some super nice moves

Yes , a Trade Explorer is always nice.

Will you be trading it manually or have you made a basic EA for the idea.

There is another trader who is already using this manually on and off with overall good results and he actually asked about the automation side about it as he says the market does change directions quickly.He uses it mostly after LO for lowest spreads etc. with some volatility but I'm sure he might pop in some time.

My knowledge about coding is limited and I have not taken time to try and put together an EA although the idea of it is simple I think.

I was thinking about using this EA as a starting point as the OP said :

" Feel free to share and/or modify this EA.
Note: I've coded it as simple, clean and clear as possible, so it can be the basis for more complex EA's. "

Found here : http://www.forexfactory.com/showthread.php?p=8221131


Or what do you think ?

Rooi

Example of it with split exit but 1 exit could work as well.(Just on Demo for now,splitting is such a habit that I did it without thinking on this one,sorry)

But this is the problem,while I was trading this I missed a nice opportunity for on my system I use everyday so it can be difficult with split focus but I might look at it again later.(so have to go)

Rooi





Here is the Spaced_Line indi and tpl as per screenshot

I'm gonna code an EA and share it here .everyone then could forward test it .

Thank you very much for effort,it will certainly help a lot

The code is very simple minimal inputs , entries and exits by rules , apply on (any) range bars chart.

!!! DEMO test it , i don't take responsibility for any loss.

!!! If applied to the chart at the bar that should be the entry it will enter the market on current price
No pending orders , all trades are triggered inside the ea.

v0.1 First version , with MM inputs.
Fixed lots or Risk% per trade (%risk_lots are calculated by the range bars used + 2 pips which is the maximal loss per trade)

Currently having issues backtesting this because of data. Feel free to test and suggest things to add

EDIT: Check minimum lot sizes on each instrument you try to test

Hi vhk.fxt

Thank you for the EA

Look forward to testing it today although with the referendum looming we might see some real choppyness but lets see.

Will keep updating here.

Again,thank you for your work

Rooi

Just to confirm,if we want it to trade fixed lots only then we set it up like this

Use fixed lots : true
Lot : 2.0
Risk : 0 // or do we leave it at 1 ?
Magic : 777

Rooi

Just to confirm again please

Does the Order Send or anything have preset slippage limits set or will it take the slippage set in the MT4 settings ?

Rooi

Hi

No trades with the EA unfortunate.Unless I am setting it up wrong

I see the EA works perfectly on EU in the Strategy Tester as per below






Yet when I placed it on the DAX range bar chart it doesn't seem to do anything as per below(The white line I plotted is after the market opened and I switched on the EA)



Like I said , I'm not an expert with the coding stuff,never mind offline charts which I understand even less but I came across this info earlier in the week when I was looking at making an EA work on offline charts and even in saying that I haven't looked too much but will continue to look or do you already know what might be the possible problem.
https://forum.mql4.com/64063
More importantly here I think
https://forum.mql4.com/62761#954637

Let me know what you think or how I might be able to help in this regard.

Rooi

And on the EU it does take trades on a demo account on a normal chart as per the Backtest


And runs fine on DAX Strategy Test Run

if fixed lots =true it will ignore Risk% ,if false it will ignore lot
magic is if you want the trades to be managed from another ea

For me it opens positions on range chart , have you alowed live trading and all that needed ?
Trying to find whats wrong , as soon as there is a fix i will inform

As i saw ger30 moves very fast it may be the refresh rate of the ea , still 10-20 pips spread :/

Hi

Thanks for posting

I'm sure it't something I am missing.

I have checked all you mentioned.

Just to confirm that the generating chart is the same as yours

Some more info about settings ,

Spreads on my side.Red bars are the highest spreads of bar.Green line is average

On the ger30 m40 offline chart (the one with range bars) left click , properties uncheck offline chart ?
found an error with price movement that prevents ea from reversing trades.

BOOOOM!!!!

We lift off

Cool,

Thank you very much for your effort!

Very choppy the last 1 hour on ger30