Free EA - Final Levels

Please download and try this EA. It is based on an indicator that spots support and resistance levels based on the Zig Zag indicator.

The strategy was developed in another post but was eventually moved to the commercial section because the guy was asking for people to pay to get someone to code it. I've coded it and decided to give it away.

Levels goes in Indicator folder
ZigZag goes in Indicator folder
Final Levels goes in Experts folder

Seems to work ok on EURUSD and EURJPY

Taking BUY as an example:

1. The aim is to catch a trend buy using a large standard deviation and only trading when the standard deviation gets above a certain value. In the EA this is set by DeviationLevel
2. The EA then sets buy stops on newly formed blue dots IF the 5 SMA is above the 20 SMA
3. Buy stops are deleted if the standard deviation begins to decline
4. The idea is to stack these trades as the trend continues
5. EA can be set to trade between certain hours
6. Adjust the variable LookBack to set more pending orders based on pervious dots formed
7. Adjust Periods to the timeframe (in minutes) you wish to test/run on a chart. For example if you wish to quickly test 4H timeframe in the strategy tester set Periods to 240 (4H timeframe), and in the Strategy Tester set Period to M1 and model to Control Points This allows for much faster testing as the accuracy isn't so important with us having large stop loss and trailing stop values

Hi FX-Flux, just a quick thank you for your generosity. "MAY THE FOREX BE WITH YOU"

Let me know how it works/doesn't work for you. I will explain how it works shortly

Results from 2010-present for EURUSD

I would play around with the trade times for different pairs as my default settings are for GMT+2

...and EURJPY

where is missing indicator Zig Zag indicator ?

Is it possible to get the source code? I would like to see how it works.

Don't worry. I will explain soon.

Sorry i thought this was a standard indicator that came with MT4. I included it in the first post

Thanks FX-Flux!
Is timeframe 1min?

15 min. You can try out other timeframes as well. Just set the input periods to the timeframe in minutes. Eg 4h = 240 mins

The test graph looks good - can you explain the strategy ?

Thanks !

Please see updated post 1

Hi FX-Flux,

You are a genius coder. I am suggesting an idea based on my hands-on trading experience of a few years because your indicator /EA can also incorporate the idea without much re-coding. Please consider it for its simplicity.

I have been using a very similar indicator to trade , mostly when the trend is bearish, using Zlines. It has 100% win rate but I am using it as a discretionary trader relying upon my sense of history and prediction of direction. I am a 67 year old trade and want to trade in a simple way. I am only a seller and only have experience in using this indicator in all bearish situations . The prices plunge faster than the prices go up and so I only use this strategy. Zlines indicator
sometimes shows that past zline target is 20 days ahead but actually sometimes it has hit in 2 days. Normally I start looking for trading Zlines of the past 30 days ahead. You can use the indicator to print pending order, TP, SL based on the distance between existing price and the zline prices printed by the indicator. You may also Zlines as exhaustion or expansion points. A simple indicator can incorporate a simple trading system just by having a distance and pips printed between the spot price and the Zlines .

http://www.forexfactory.com/showthre...23#post8939123

If you can modify this indicator either as another indicator to link these historical zlines with some strategy of printing say 200 pips (input by user) above the approaching Zline , TP (100 pips) and SL (say 50 pips) inputs to be printed as pending orders.

Basically, Past Zlines should be treated as targets.

Or You can use this indicator as the model to execute all-purpose EA incorporating triggers generated by various strategies of open/close/high/low of certain time periods, support/ resistance, single MA distance, Bollinger Band/Keltner Band/Donchian Fibo/ Channels/Regression etc. It should be made as simple as possible.

Can you post a picture of how you use this indy in your strategy? I'm a little confused. Also, I'm not too sure what you mean by link historical lines?

Bascially, the Zlines indicator provides the past (historical) Zlines. I just take a view of probable direction, news event date which might help me in triggering the
direction and then I place TP and SL from about 200 points closer to the approaching targetted Zlines.

If you can modify the indicator or convert into an EA to get a confirmation by way of convergence then the targetted Zlines can be a probable event happening.

If the past Zline is showing 8 days, then you have to decide if it will take 8 days or 4 days or 2 days based on the volatility (ADR) of the pair and the news event's ability to hasten or delay the action. In this decision process, EA can't help.

The major advantage provided by Zline to me as a seller has been the strong probability of direction happening in case of a trending market. When market is trending
and the momentum is strong, the closest selling point in the bearish market is indicated by Zline closer to my view. I normally do position trading using D1 and H4 timeframes.

Same concept was used earlier by FF coder.

The coder gives more clarity to the method

He has coded an indicator showing high price low price touching the horizontal lines at least 3 times zero tolarance. He has shown the date and time in tool tip.

http://www.forexfactory.com/showthre...01#post6619301

http://www.forexfactory.com/showthre...tpost&t=423409