Envelope 2.12 EA is based on 1 standard indicator on Metatrader: Envelopes. It was discussed and, if I remember, it was template posted for manual trading.
Other 2 EAs are MTF based EAs and were discussed on this thread: https://www.mql5.com/en/forum/178788
What is MTF Based? is that more or less reliable that the Simple Metatrader indicator? which one should be more reliable?
Any EA may be more or less reliable.
As to MTF so read this page https://www.mql5.com/en/forum/178788
MTF EA is EA working on seperal timeframes simultaniously (one tameframe is for trading and the other one is for confirmation; and so on).
Hi Newdigital. Is it possible to do the followings? Thanks
I just forward-tested the EA "Envelop V2.12" version on both Eurusd and Gbpusd, m15 time-frame.
I noticed the followings:
1. This EA did catch good trend, and for the last week, it often made around 89 pips profit per trade (totally, it placed 6 pending trades with 3 buy and 3 sell).
2. After the first trade made profit at 89, and exited the market, there are still 2 open trades with target at 144, and 233. I noticed that this EA has a trailing stop, but it does not have a "Breakeven" function.
So, when market reversed, the 2 open trades became losing trades (while at beginning, they were profitable trades), because of trailing stop instead of "breakeven" function which should be available for this EA.
3. So, is it possible for you to re-code this EA and add the function "breakeven" point in the Input (for how many pips that user will adjust according to his trading style). This function will at least make the open trades breakeven instead of becoming losing trades when they have gone to profitable at beginning.
So, with 3 active trades, at least, we can enjoy 1 profitable trade at 89, and let the 2 remaining trades run until the end of the trend / until reaching their profit target at 144, and 233. Even market trend suddenly reverses, the 2 remaining trades can become "breakeven" trades.
I hope you understand my ideas above, and hope you can help.
Thanks and regards,
Those 2 open profitable trades will not become lossing in most of cases as trailing stop/stop loss was coded as Envelopes indicator's stop loss. Envelopes lines will be moved and stop loss will be moved as well.
As to breakeven so it is good idea.
Because it is not a problem with this EA and with the settings. It is very volatile market condition.
Look at the trades closed in 2006:
An it is the trades in 2007:
So, as we see this EA is not trading often: there are many months without even single trade. This EA is having the settings to trade may be 1 or few times/trades in a month in usual market condition. Now EA is trading often because market is very volatile.
Of course I will change the settings of the EA if the market will be in the same condition for 1 or 2 months more. Because this EA should not trade often as it is breakout EA.
Envelope EA with BreakEven option.
I am using IBFX.
Hi Newdigital and Igorad. Thanks for all your help.
Hi Newdigital and Igorad,
Firstly, I would like to say many thanks to both of you for all your kind help.
Secondly, my thanks to Igorad for his prompt revision of "breakeven" function of this ea for eurusd, m15. How about for Gbpusd, m15?
I have one idea in mind as follows:
a. For breakout strategies, it is usually and very effective when used for those highly volatile pairs in forex such as: Gbpusd, Gbpjpy, Eurjpy, especially the pairs like Gbpjpy and Eurjpy often move in one direction crazily for at least 150 pips to 250 pips (during breakout time) before market can have a reversal. This is the characteristics of the pairs like Gbpjpy and Eurjpy.
b. So, if you don't mind, could you please kindly revise and create 2 more similar Envelop EAs which can be used to trade Gbpjpy and Eurjpy with the same functions (trailing stop, breakeven, etc), and same profit targets like 89 pips, 144 pips, and 233 pips?
c. The EAs can be used to trade both mini accounts and standard accounts as well. So, there should be a function to change from mini account to standard account in the input, and vice versa (for example: Mini account = True/false).
I believe that with the addition of 2 pairs like Gbpjpy and Eurjpy, this Envelop EA will be more profitable, as it has more chance to trade more.
Thanks for your kind help.
envelope 2.11 electric cowboy
downloaded envelope 2.11, will forward test on demo since back testing is
above my pay grade. thanks