Zigzag_Pointer_alert EA for GBPUSD M15 with M5 and H1 confirmation - request
Hi everyone. Sorry if I posted on the wrong thread. I can't find a direct thread for my request.
To anyone out there who is good with mt4 coding. Could you please write an EA using this strategy. I can't prove that it's profitable but I have been analyzing the GBPUSD M5, M15, and H1 charts and the indicators seem logical for all three timeframes.
Here we go.
- ExtDepth = 15
- ExtDeviation = 2
- ExtBackstep = 15
The Zigzag_Pointer_alert indicator repaints. It gives a blue arrow to indicate a possible buy signal and a red arrow for a possible sell signal.
M15 - main signal
M5 and H1 - confirmation signals
Buy when M5, M15, and H1 all have blue arrows.
Sell when M5, M15, and H1 all have red arrows.
Close positions when opposite signal is confirmed (when M5, M15, and H1 is confirmed to give an opposite direction).
I have selected GBPUSD M15 because of the volatility but I believe this strategy could work with other pairs as well.
As of this writing, I am testing this strategy on IBFX demo. Opened a buy position today (01/21; 3:02am GMT). So far, it's averaging 15 pips. I intend to close the position once I get a confirmed sell signal from M5, M15, and H1.
I have attached the ZigZag_Pointer_alert.mq4. I believe this strategy has some potential. Thanks a lot and more pips to you.
Just wondering what sort of success you are achieving with this setup. High % of wins? What is the average win in pips, and the average loss in pips?
Many thanks for sharing!
Change of strategy
I think it is better to use this strategy as a scalper for 10 or 20 pips per trade. The fact that the arrow repaints even with confirmation from other time frames does not guarantee a reasonable amount of profit upon exit (close on opposite signal). The previous trade that I had went up to 36 pips high only to find out that upon exit (close on opposite signal) that I only got 8 pips. Perhaps testing it with a secondary non-repainting indicator such as "silvertrend_signal" would help.
Any of you guys have a similar or even better idea?
Does an zigzag indi with no repainting exist? If yes, where can I find?
I am 100% sure that it does not exist.
Well, there is the zig zag pointer which shows arrows when it gives signal, and it does not repaint them, they just stay there, and show how awful the indicator would be if you use it stand alone for entry and exit. I do not of what help a non-repainting zig zag would be for you.
try this one ZigZag_Pointer_alert_only at turning points
I am still testing this indicator with others.
since this indicator alert only at turning point maybe not reprint!
I also need the same indicator, but with alert in case pip value (extern variable) is exceeded.
Anybody can help ?
it repaints as well
This one repaints as well. The only Zig Zag that doesn't repaint is the one that accurately predicts the future - might be a long time looking for that one