set user variable "Lot.Margin" to whatever margin is required to trade 1 lot on your account...
specifics regarding iwcr are available elsewhere on this site.
not backtested, presently forward testing...
place "icwr ea" in experts folder, and other two files in indicators folder.
1.31.6 1133 gmt: ea modifidied to execute orderclosing sequence properly.
I spent some time testing the ICWR algorithm manually, I don't think it is a profitable algorithm. Certinaly in some cases it works.
i agree with you.it does not not seem a good system.i don't know why.in the manual every thing is ok but in real trading ???????????
the manual's examples were from the great dollar bear market of '04... but four hour charts look good with indicator's, just curious to see how the ea would do on 5m.
Live trades with ICWR. review/suggest your views. TIA.
I read the book/manual and tried this indicator with some live trades. (Original ICWR version ).
My question to those who use/trade with this indicator.
If after entering a trade do you keep the stop at the same level till it hit by the stop level (hard stop of 50). Or get out at reversal signal.
I entered for long at USD/JPY 116.50 and got out at +46 when I got a reversal signal. But If I had stayed with the same level of stop loss I would be in trade still Now USD/JPY is above 118.00.
So it is better to get reversed or keep the stop at same level. I know the manual says we should not trail the stops. I reentered again at 117.25 and it reveresed and got out with 5 pips.
Anyone who use/trade this indicator? Can you explain what I am doing wrong or I am going by the rules.
Thanks in advance.
One way to approach this mentally and emotionally is to consider the alternative situation. What if the market kept moving opposite to the RSI implied trend, and your position didn't close out at the "reversal" position close condition? Your profit would have been lost, and the hard stop(loss) might possibly been triggered. The 5m time frame will have more "reversal" position closes than the 240m time frame, however, the hard stop(loss) is also larger on 240m than 5m.
On a different note, attached is a ICWR ea that does not use any of the ICWR indicators, the ea calculates and modifies the active wave fibo from within. Again, set the user variable "Lot.Margin" to the amount of margin required to trade 1 lot on the account the ea is attached to, eg, 1000 for standard accounts 100 (or 50) for mini accounts.
Is your data feed correct?
Because I donot see any 1.2875 reached or 1.2835 (your active wave).
My MT4 shows the high of 1.2872 and low of 1.2840.
Will this be a problem if anyone's data feed is wrong like this?
BTW, Thanks for your reply to my question.
There can be slight disparities in price between brokers, as the banks that give them quotes may have bid/ask quotes slightly higher or lower than other banks based on supply/demand, whether the brokers chart prices are "bid" based or bid/ask "average" based, and spread differences between brokers. Two or three pips is not a big deal in my opinion.
final bug fixes/fine tuning modifications...
to the self generating active wave "icwr" ea attached to this post.
When identifying and calculating the initial Active Wave, ( >=40pips for 5m, >=150pips for 240m ), there are sometimes a(some) lower or higher bar(s) immediately preceding the 1st fibo point. The attached ea attempts to fix this.
latest version attached
first tick of the new trading week,
appears to be functioning ok... latest version attached...