AmazingFiboEA: Automated After News Trading Expert Advisor

AmazingFiboEA is a sister EA to the infamous AmazingEA: Automated Straddle Trading Expert Advisor (see https://www.forexfactory.com/showthread.php?t=597450).

This EA uses similar technology as AmazingEA such as the ability to download the calendar from Forex Factory and set parameters from a CSV file (spreadsheet) but is very different in execution.


It even managed to sell here ! This trade hit TP. See https://www.forexfactory.com/alan111s#acct.14-tab.list-ticket.44252787

First of all, it doesn't place any orders at all until at least 5 minutes after a news event.
Secondly, it doesn't use Stop Orders only Limit Orders, so it is not affected by Slippage or excessive Spread or any other Broker tricks.
Thirdly, Stop Losses are not moved and there is no concept of Break Even or Trailing Stops. Take Profit is set and adjusted using a Fibonacci algorithm.
Lastly, it may not trade at all unless there is a reasonable reaction to the News or whether the Trades are set to AllowBuys or AllowSells in the CSV. Only a very few News events are configured to False right now.

I believe that this EA will be Unique in the EA market. There are 'News EAs' and there are 'Fibonacci EAs' but I don't know of any that combine both to make trading decisions.

Try it on Demo. As it is not affected by Slippage or Broker tricks, it is likely to give true indication of profitability on a Demo account. Send me a message if you are interested in purchasing.

Very interesting i'll keep an eye on it

Hi Alan,

Congratulations for releasing much awaited AmazingFibiEA.
I was lucky enough as a first AmazingFibiEA down-loader.

Regards,

RajendraG

OK, I've adjusted the "AmazingFiboEA-Settings.csv" so that Yen pairs must move 40 pips before a trade is taken. The other pairs are set to 30 pips. Also, some trades have been disabled such as USD Crude Oil Inventories as this hardly moves the market anyway.

There is a risk with USD trades (especially at the moment) as the USD news comes out during periods of high volatility and the EA could trade because there is a news event and a large movement, thinking it's a reaction to the News.

So please pick up the updated AmazingFiboEA-Settings.zip.

Alan

Unfortunately, the first live trade wasn't activated. You can see from the green arrows how close it got to going long GBP after Manuf PMI wasn't as bad as all that !



The EA would have taken profit at 200% 1.25893. (That target was later hit)

So did you try AmazingFiboEA on this NFP ?

I did, and the trade on USDJPY lost, due to a 75 pip move up followed by a reversal but the EA behaved as expected. Obviously, it's trying to detect big moves and trade the continuation. Nothing can be done to deal with such a reversal (except maybe I should have a Maximum limit on the move as well as a Minimum Limit - now there's a possible idea.)

Funnily enough I normally stay up and watch NFP but it happens at half past midnight my time and I had to collect somebody from the airport at 4:30am so I slept through it. One of the reasons I created this EA is because I wanted an EA that could trade US news without intervention.

So the plan is to let it trade the rest of December without any changes to settings etc. and see how it goes.

P.S. Interestingly, if I'd have set it to trade GBPUSD, that trade would have worked - oh well.

The strategy worked fine today on USDCAD news, it bounced at the 38.2 level right after the 5min candle of news time

Yes, when it works I know exactly where to place my TP The Fibo Extension algorithm I have built in to the EA works great. See Below.



Entry at Retrace 38.2%, Take Profit at 200%

Another success with ECB Press Conference and Unemployment Claims !!

I did it manually

Hey, stop stealing my idea! Very good my friend - I'm only joking. Rather than make this into 'Magic' (Smoke and Mirrors) I'm quite happy for confirmation from others.

By the way, I decided not to enable the trade on my platform for a couple of reasons.

Firstly, there was not enough time (only 45 minutes) between the IR announcement and the Press conference. The EA waits for STWAN which is set to 5400 seconds by default (90 minutes) So the second trade would not have triggered anyway. (I may add an override to the Spreadsheet settings)

Secondly, due to the massive spike up the EA would not have taken the trade anyway as price never retraced to 38.2 level. It may have traded if I had disabled the Rate announcement and enabled the Press Conference. However, I don't believe that is a good idea. In the past, the ECB Press conference has been a whipsaw festival as traders initially go one way and then reverse.

In this case, however, the trade would have worked off the 5 minute candle as there was a 50% retracement and TP would have been 161.8%.

So I have made some changes to the EA to correct some issues. I will release V1.1 after a bit of testing.

These are the changes

1) Stop extending Fibos after Trade activated - I noticed that once a trade was actually open as BUY or SELL, the EA would continue to adjust the Fibo, sometimes making it larger which then extends the TP and changes the SL. I believe that once the trade is opened, Price had retraced enough to trigger the trade so we should not extend the Fib any more.
2) Set TP_Percent Level defaults to 200 not 0 - I had a trade close out prematurely for this reason. I've decided it's better to set TP far and adjust back.
3) Set actual TP to only ever reduce never increase. - See above comment.
4) Remove too many 'Modifying Orders' message in Logs. - The EA was filling up the Logfiles with repeated 'Modifying Orders' messages. Was fine on Amazing EA but not on this one.
5) Changing AllowBuys/AllowSells to False while Pending Order open didn't delete the Pending Order. - In case you change the AllowBuys/Sells in the CSV filefrom TRUE to FALSE, you would want the EA to delete the Pending Order.

Is anybody trying V1.0 out on a Demo account?

Some more changes for V1.1

1) Stop extending Fibos after Retrace > 38.2. This has now changed again. If a move retraces by 38.2%, the EA stops expanding the Fib Levels. Even if it hasn't exceeded the Min Size requirement. This may make some trades look like they should have opened but didn't.
2)-5) As above.
6) Auto Screenshot on Limit Order opened and also when TP adjusted
The EA saves screenshots into MQL/Files when a New Limit Order is opened or deleted or the TP is adjusted.
7) Auto Function won't pickup new trades until existing ones are closed, so it can monitor for replacements
8) Include Spread in TP calculation. The TP setting wasn't taking into account the spread. AmazingEA doesn't either but this EA needs to.

Version 2.00 Released

17 January 2017
Version 2.00 Modified by Alan Prothero

The major change in this release was I finally fixed this issue:-

Stop extending Fibos after Retrace > 38.2. This has now changed again. If a move retraces by 38.2%, the EA stops expanding the Fib Levels. Even if it hasn't exceeded the Min Size requirement. This may make some trades look like they should have opened but didn't.

The fix above will prevent about 50% of the stopped out trades that were happening before.

Other Changes since V1.1
Changed some filenames in Experts-Files
Changed Magic Number Generation to be less random - now uses Newstime like old AmazingEA
Display many more items like SL, TP, Size Values
Fixed Bug due to MT4 Build 1031 not allowing to convert String to Boolean
Prevented EA from opening multiple trades per news event (CheckOrdersCondition now scans history too)
Fixed an issue checking Account Names with spaces

Thanks, once the EA is available i will buy it so i hope it will be profitable ! Just keep testing and improving it

Thanks radking, that's good to know

Version 2.01 Released

31 January 2017
Version 2.01 Modified by Alan Prothero
Remove SL_Adjust Parameter and Code
Set SL to SL % + Fib_Adjust %
Changed some filenames in Experts-Files
Changed Magic Number Generation to be less random - now uses Newstime like old AmazingEA
-this is so that if you restart the EA it will continue to manage existing trades.
More fixes to Stop extending Fibos after Retrace > 38.2

A couple of USDJPY trades got stopped out by less than 1 or 2 pips so I decided to increase the SL Percent from 78.6% by 5% to 83.6%.

I finally also managed to fix the issue where it was actually quite difficult to detect if price retraces more than 38.2%.
I consider that to be the main retrace for the move. Now if that happens before the trade has grown to minimum size, then the EA will ignore that trade and not open any orders at all. If it does open orders, the EA won't extend the Fibo any more. Any further move will be into Extension e.g 138%.

Finally, there was also a bug where if you stopped and started the EA, a second Limit order might be placed, so I changed the way the EA calculates Magic Numbers. It also checks Trade History to ensure that new trades are not taken when an existing one hit TP or SL.

Version 2.02 Released

14 February 2017
Version 2.02 Modified by Alan Prothero
FF Calendar now re-downloaded after every News Event to pickup changes/updates
Fixed 5004 Errors when using multiple charts and Saving Calendar
Fixed some rare Divide by Zero errors

Settings Change

After reviewing some past trades, I've decided to make the following changes to my Settings:-

PointsGap used to be 20, now set to 0 ;
Fib_Adj_Percent used to be 5.0, now set to 10.0;

The overall effect of these changes are:-
1) Trades will only ever activate at 38.2% Retracement - this is good as Trades that don't retrace at least 38.2% often fail to Extend and would be Stopped Out anyway.
2) SL is increased from 83.6% to 88.6% by way of the extra 5% in the Fib_Adj_Percent but minus the PointsGap which is no longer used.
3) Far more likely that Trades will continue to further extensions for increased Risk Reward.

In summary, I want trades to have a little more 'wiggle' room so some that were only just Stopped Out by a few pips would be OK now. These changes will also have a dramatic effect on the Profit Ratio of the Trades that do work. However, more patience will be required, as some of the trades will take longer to hit TP. I advise everyone to let their trades run and don't interfere, except if you want to close something before major event risk like NFP or FOMC which would have been a good idea for the GBP Services PMI I had open this month.

I will also do a post on amazingea.wordpress.com explaining how I have setup my system using 7 different charts.

I suggest everybody upgrades to the latest version 2.02, but remember to change PointsGap and Fib_Adj_Percent.

GBP Trade

The same day I made some settings changes (AmazingFiboEA 2.02: Settings Change), a trade executed that illustrated the changes perfectly.



The GBP sold off after some poor Average Earnings Data. What was interesting about this trade was that although the retrace was > 38.2% it didn't quite hit 50%. Now I've set Fib_Adj_Percent to 10%, this allows a bit of overshoot on Retraces and Stops (by upto 10%). PointsGap has been reduced to 0 as this used to just give Pips away and was quite bad for Risk:Reward. I'm estimating that many 1.3 to 1.5 times RR trades will now come out over 2 times RR.

The TP was set perfectly as the low was only 2 pips below TP !!!! This trade was risking 18 pips but made 49.
I will incorporate these changes in the next release, but for the time being I would ask that you set these values manually.