Double in a Day EA

I am very interested in the Double in a Day technique. I am starting this thread in order to create a completely free EA that will be available to everyone. if you are not familiar with this technique, you can find a lot of documentation on YouTube.
it is more of a money management technique that can be used in any system. Basically, you will enter the market N times as follows:
* Entry 1: you are risking R
* Entry 2: make sure entry1 and entry2 are at breakeven
* Entry 3: make sure entry1, entry2 and entry3 are at breakeven
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.
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*Entry N:
please note that you are only adding to a winning position, the overall position has one TP, and once entry1 is at BE your total exposure is $0 for the rest of the trade.

If you are interested, let s discuss how we should go about implementing this EA. We should write a flow chart or a pseudo-code at start.

i guess such technique requires a constant and pre-define win-ratio.
Otherwise, you can have consecutive loss

if you risk 1% you will gain 20%. So will you will need to loose 20 times and win once to breakeven.

Here is what I talked about. This is using RSI and envelope:
buy when:
* RSI>80
* price > upper

sell when:
*RSI<20
*price<lower

This strategy was tested on GBP with excellent results but you will have to find a broker with a very tight spread on GBPJPY; stop=5, R_multiple_TP=5

Here is another EA that can manage a trade based on this method. But you have to be familiar with its inputs:
if you choose to enter right away, the "EnterNow" variable should be set to true. Otherwise control it submitted to the variable "wait_4break". This a level that you are waiting for price to violate. If the latter is set to false as well. Then, we are waiting for the TDI cross. please experiment with different angles in degrees and download the "synergy_pro_TDI" indicator below.
Top, Top2, Top3: these are variable in pips. these are levels where you want to add to the position.
Coef1,2,3: these are multipliers for the first lot. if Coef1=2, then you take the first lot and multiply it by coef1 to get the secong lot.
WRB_avoid: only used if you decide to work with the TDI cross. This is a wide range bar that you do not want to place a trade if it was printed. Just set to 1000 if you decide not to use this feature.

if you have any successful strategy that can give us at least 50% win ratio with this method, I will be happy to code. can wait for your input

can you show us a backtest report?
i tried to backtest - result is not good.
thanks.

After experimenting with different money management techniques, I find that adding to winning positions is profitable. Entering at support/resistance will give us at least 50% win ratio. Could you private message me? I will be happy to share more. Thanks.

I was able to generate these result on Alpari. starting K was 10K. the 3% was calculated on the first trade and that is the same amount that was risked from 2008 to 2016.
Please keep in mind this is just a test which is very far from reality due to variable spreads, some broker will not let you use EA, others ban scalping....
Again, this is just to show that a good money management technique is a must and the EA mentioned here is not core of the subject.

hi, pinoismo
can you post your setting?
Thanks.

use the EA below on 5 min GBPJPY. with the following setting:

hi, mate
when i back test it,
it got a lot of ordersend error 138.
do you know why?
i am using your same setting.

share mql file

thank you advance

Hi

I tested it but it keeps getting stopped out - too many losses

When you play with the excel they provide on their site you can easy see how it will work.

You double the account when the price raises/falls in a special movement. You have to reach each point where they scale-in without hit the SL and you must be lucky to reach the target without a bigger retrace. If the price does you end up break even. If you take into account how often you get stopped out with loss it's an easy equation.

The trick is to find the SL with an high probability not getting hit during a special price move. This will be very specific for each pair and is still a statistical value from the past.

So my advice if you are interested in scaling in into winners is a different approach (it is of course not that juicy but will bring you more often profit instead only BE trades). Use a specific SL. Every time you trail that SL (better to use steps instead continious trailing) you use a given percentage of the virtual gain to open new positions, e.g. you trail 10 pips and 2 pip step with 1 Lot then you gain 2x1.0 when you sacrifice 20% of it for a new position you have then 8pips risk at start and you can open additional 0,05 Lot with that new SL (2.00 win for (2x1.00) and new risk 8X0.05 = -0.4 = 20% of the 2.0). If you add with every additional step you lock profit and give you a chance of a way higher profit than you would get with the original lotsize without having more risk than at the beginning (and that's the most important thing here)

i am also got a lot error 131,anybody konw why? waiting

Error 131 is INVALID_TRADE_VOLUME. Google will help in this cases very quickly.

​Guys, I see a lot of you are only concerned with the system I posted as an example to the DIAD strategy. If it was working on a live account, do you think I will still be working a day job. I will only share the mql file of the first EA because I lost all the others on computer crush.

thank's very much，i try to study the code

Pinoismo,

Your idea is good. I am a 67 and a discretionary scalping trader and have been using successfully Moving Average Deviation/retracements and bounce-backs.

What I like most is your focus on money management which will really increase your profits. Honestly, most of my profits have come from
money management of entries and managing adverse positions and overall drawdown.

I don't pyramid winning entries as I have fixed profit of 22 pips on GBPJPY and I look for 4-5 trades on a daily basis.

For money management for adverse positions, I rely on my estimate of medium-term direction. I do averaging positions to increase breakeven and so far I have not lost money.

I am a conservative trader, withdraw profits on a monthly basis and now my exising equity consists of ONLY PROFITS.

I only trade a volatile pair GBPJPY and willing to face up to 45% drawdown. 50% drawdown is my stop loss for all positions combined.

I am looking for ways to control drawdown by using EA or indicators based on my trading strategy.

I feel your EA can do the job and so I am sharing my manual trading method.

For trading decisions, I use a couple of indicators:

Currency Strength measured by MA distance or pips movement and trades are triggered by me when I feel the momentum of MA deviations will pick up.
I have yet to find an indicator which can help my entries by pinning down the timings of the MA deviation happening. So I use tick velocity meter for the time being until I find an indicator which can print on chart the time of the MA deviations so that I get ready to board the momentum train and make my pips in as less time as possible.

I understand how to use indicators and EAs, can define trading logic somewhat vaguely but hardly know anything about how to code.

However, I am well-versed in sourcing Google for information.

I have found a system which comes very very close to what I am doing as a discretionary trader. Fortunately I have found one just now which described up to a large extent what I am doing manually. You can get details of it from a MQL5 com forum post 673939

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Strength ( Single ) is a tool for manual trading. uses currencies crosses correlation to know the currency strength. It's a set of 44 MAs with different filters and modes for avoid false signals and control sensitivity
Strength its a mix between momentum and trend. Trend is given by MAs modes and momentum by crosses power.
Main role is filter signals of other indicators. It can be useful for trend begins confirmation.
1. Strength only can use forex symbols with full crosses ( AUD, CAD, CHF, EUR, GBP, JPY, NZD and USD )
2. Accounts with missing crosses will show unbalanced strength. It is still usable but you will not have perfect signals

Settings
1. Modes
You have 2 calculation modes:

 

1. Trend mode is MA directional approach. This mode give you a binary signals ( BUY and SELL )
2. Strength mode is a MA directional with a second MA as filter. This mode give you a third signal ( NEUTRAL ). Depending filter MA settings this neutral can works like early change or delayed change

2. Formulas
Formulas are modes for control sensitivity. You have 2 formulas per type.
Base uses base currency crosses ( 7 crosses ). This mode is faster because only get strength of lead group.
Base-Quote uses both currencies crosses ( 14 crosses ). This mode is slower because needs both groups of crosses go in opposite for give signals.
Every type have 2 formulas. Normal and Weighted. Every formula calculate every MA signal in different way. Normally Weighted is slower in reactions giving transitions smoother.
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If your EA can start with manual part, then I can test it. Please make two indicators one for trading and another for managing money. I can test both in real-time.

I want all real traders to make money by using this simple uncomplicated method. But if you don't have enough money raw material for trading you can't do it.
You need at least UD$5,000 to start with if you want to learn money management as well. If you want to trade GBPJPY and want very very reasonable spreads and low slippages look for big brokers ($minimum $10,000) like IB and try to trade currency futures only wherein interest costs are not involved.

FF is an amazing place and attracts all kinds of crowd: Real traders and wannabe traders, Benevolent traders and coders, wannabe jackpot seekers, professional coders who want to use FF as sample showroom, trainee coders, wannabe online entrepreneurs sourcing for free indicators to sell, people wanting to do social chit chat, etc. etc.

Hooked by the motivational marketing material (for which up to US$80,000 per campaign is paid) promoted by forex bucket shops and fx binary options fraudsters, everybody thinks by investing US$1000 or less they can become millionaires.

EA is some kind of a magic wand for guys lured by these marketing tactics. So you will find people seeking assurances, proofs, venting out anger and frustrations when EA demos don't perform as per their expectations.

Hardly anyone has patience even to wait for all testing to finish.

I am sharing the image of the kind of dashboard that may be useful.