Your comment please on MySetup

[[Deleted]]

Attached is an indicator I developed with the help of the many ideas on this site. It identifies decent buy and sell setups. They are shown by arrows and the comment line on the chart into which it is loaded. You should save the file into your /experts/indicators/ folder.

When I trade manually (EURUSD H1) with the signals it gives, I manage to make a profit most of the time.

I ignore signals that are against the 34 bar trend or are on the wrong side of the 34 bar 0.5% envelope.

However, I am unable to device an automated trading system that consistently wins with the signals generated by the indicator.

Would you please load the indicator onto your favourite chart and let me know what you think?

If you want to test an automated trading system with the indicator, you need the following lines in your code:

string IndiName = "MySetup";

if((iCustom(Symbol(),NULL,IndiName,2,2) != iCustom(Symbol(),NULL,IndiName,2,1){… this indicates a change of direction

if(iCustom(Symbol(),NULL,IndiName,2,1) == -1){… direction is down

if(iCustom(Symbol(),NULL,IndiName,2,1) == 1){… direction is up

I hope to hear from you.

[Brian Dee - Random Trader]

EC
I think we're all a bit wary when we cant see the source code....
You might get more response or a better indicator if you post the .mq4 file
-BB-

[[Deleted]]

BarrowBoy:

EC
I think we're all a bit wary when we cant see the source code....
You might get more response or a better indicator if you post the .mq4 file
-BB-

Here it is.

The question is not about the indicator but how to use it in an automated trading system.

Besides the trend test and envelope test mentioned above, I have used numerous settings of stop loss, take profit and trailing stops.

I programmed an EA with dynamic adjustment of these levels based on ATR. None have shown consistent profit.

Thank you for your interest. Helmut

[Brian Dee - Random Trader]

> The question is not about the indicator...
Well things sure start with that!

> When I trade manually (EURUSD H1) with the signals it gives, I manage to make a profit most of the time
Because you will be applying more factors than are in the indicator...

The indi uses a fairly lagging set of signals and will (on its own) only be successful on a strongly trending or big ranging market with lots of action
We haven't seen that since... Q3 2008
You mention ATR - well look at the D1 ATR (20) and D1 ATR (250) to see the reduction in turnover in Forex in that period (due to global trade levels falling)
Even previously strongly profitable ranging EA's stopped being nearly as productive in Q3 2009...

> adjustment of these levels based on ATR
A smart idea - when there is enough strength in the underlying market for enough follow through - there generally isnt at the moment

FWIW
-BB-

[[Deleted]]

I am new to this forum. Nice experience you have shared. Good work done. Keep it up.