Profit Generator EA - page 7
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I think I am going crazy, but thought why not carry out the customization further. Nich, please look over it and correct my deficiencies.
What this EA does is it looks back to the user defined minutes to look back. Thus, why not trade a 3 hour bar, instead of 1 or 4 hour, that used MT defaults. Just play with it... but remember, more customization means more degrees of freedom and more chances of the results being curve fit. I am just taking this as an opportunity to learn MQ4.
Maji
Holyguy,
Please see Nich's modification to my EA. It is much more sophisticated and more user friendly in terms of usage. I am trying to make sure that one can attach the indicator to a 1 minute chart, but use it for the open/high/close values of a higher time frame chart. That way, the testing and the use will be more accurate, in my opinion.
As for trading in shorter time frames and for pullback trades, it is best to trade using just stops and profit targets. Trailing stops will typically degrade the results. If you are looking at days and weeks, then trailing stops will work better. This is my explanation why... if we are using trailing stops in the order of 10 to 50 pips, it is within the range of the lower time frame (like 4 hour) bars. Thus, the market movement will take out your trailing stop and degrade the performance as you are not giving the trade enough space to breathe.
As for using trying to scalp, why help making your broker rich? Go for bigger but modest targets with reasonable stops, and I think you will do good. I like the 4 hour and 24 hour periods, but then forward testing is the only way to figure out what will work.
Thanks again to you guys for this lively discussion.
MajiI agree. I think trailing stops will work best in this EA on the Weekly (or pehaps Monthly) timeframes if you want to trade more long term. As you can see on my weekly timeframe post found HERE
You are right. That is why I like 40 pips or higher gains and why I have chosen the currency pairs I have. I don't like to risk money for small gains and large potential losses. It is not worth it.
That is why I like the 30 pip Stoploss because I have found by testing multiple EAs that it is a good buffer zone. Normally when I raise the stoploss, I just loss more money but if I lower it, it gives very little buffer for the price to start going my way. Seems to be a good middle ground.
Nich, I have one more request if you don't mind. Many might want to trade manually with this system. Any chance you can add in alerts so that someone could have multiple pairs open at once and manually trade them as they see fit with an alert.
Thanks and this is looking at becoming one of the greatest EAs ever.
More customization can also lead to more dead ends and pulling your hair out =P Here is the final version that I am putting together this weekend. The EA operates on TF as in charts. To code a solution to make custom TF would be a tremendous task (as far as my knowledge goes). It would be possible to take the high and low from, say 240 periods back. Then get the open from 240 back. The problem is that it doesn’t lock down the period, it creates a floating channel. I coded it and tested it, but it did not perform and goes against the general principles of this EA; the things that make it appear successful. Check out the SuperClose function. This gives you several more options.
SuperClose()
Scalp mode-To Take profit less than Broker will allow, Set the TSactivation to the pip value you want to TP and set TrailingPIPs to 0.
Traditional Trailing mode- Set the TSactivation to 0, and set TrailingPIPs to the distance that you want to trail.
Hybrid mode- Set TSactivation to the normal TP level then set Trailingpips to the number of pips that you want to trail from that point.
Trailing prices are tracked by its corresponding ticket numberin an array named tsPrice[]. The function closes orders when the position moves negatively through the stop price. Whenever the function modifies the tsPrice[] with a distance of more than 8 pips between the current price and the new Stop level, it also modifies the order for safety. Theoretically, you should be able to trail as close as you want. All of this is possible while tracking multiple Trailing Stops on Multiple open orders from ONE EA on one chart.
Note: This is new, and I haven’t had the opportunity to test it on a live feed, so any feedback is appreciated!
HolyGuy, The alerts are ready to go as well. You can set it to alert only mode with alerts on- to see alerts, but not place trades.Thanks Nich, you have done a lot of work on this EA and we all appreciate it. Your work will not go unrewarded. I am currently setting up the computers with a number of different senarios. It was much easier with the first version because it was so basic, but now, I don't know what to try out???
I am starting over with all fresh 10K demo accounts.
1. I am going to do the same as last time with the current version that Nich created except timefilter on the EURUSD and USDCHF.
2. Same as above but I am going to add in ALL currency pairs (19) that interbank fx allows. I have changed the TP and SL on some of the ones that don't fluxuate as much but I will see how it goes. I basically want to see which currency pairs work on this EA and which will not work. So far, most have worked which is amazing.
3. Same as 2 except Weekly chart.
4. Same as 2 except Monthly chart.
5. Same as 2 except H1 chart.
Thanks for the alerts. Always nice to get alerts for those leary of autotrade systems. I can't think of much more we can do with this EA as it it is very simple yet powerful. Let's all try to test the latest version to see what kind of results we can get.
One more thing that I was wondering would be a possibility. Is there a way to get the EA to auto-close a trade at a certain time. I was wondering if the EA could automatically close all trades at 21:00 GMT on Friday so that no trades stay open over the weekend. I was just wondering if it was a possiblity of not. If not, not a big deal.
Thanks again for all the help. Let's all work together to see if we can make some profit together. We are going up against the banking institutions so we need every edge we can get.
What we need to add now is the ability to enable and disable days that have news so the program will not trade during that time. An option where you specify the date and time, and when that time comes, the EA disables itself automatically.
Can that be done? So far good work guys, this seems a potential EA hopefully it can actually make Real money.
What is the problem with trading during news? It is just another event that a forex trader is supposed to live with. Just let the system trade and do its job. Trading involves losses and wins. All we want are our total of the wins to be greater than losses. Trying to avoid losses and stop trading unless there is not market action is detrimental to system performance.
Just my $0.02.
Maji
What is the problem with trading during news? It is just another event that a forex trader is supposed to live with. Just let the system trade and do its job. Trading involves losses and wins. All we want are our total of the wins to be greater than losses. Trying to avoid losses and stop trading unless there is not market action is detrimental to system performance.
Just my $0.02.
MajiYes, I have consider the "news" aspect of trading but this EA runs best on higher timeframes (that I have observed) so what it does is go for the pips of the day. If it does not make it, then it stops out.
If you are concerned about "news" then try the EA on the weekly timeframe as it is more trend trading. I have just setup the weekly charts already with 200 pips TP and a 30 pip Trailing Stop. If news does not go my way, the trailing stop will kick in and I will take the profit wherever it may be.
The great thing I like about this EA is that you can use it an number of different ways to get results.
1. Conservative (Weekly timeframe)- Trend trading
2. Moderate (Daily timeframe)- going for a moderate pip gains.
3. Aggressive (H1 or below timeframe)- Scalping system with 15-25 pips TP
It is up to you how you want to trade. I prefer the higher timeframes as they are safer and appear to be very profitable. My weekly timeframe EA last week would have made me over $1500 on one contract on the NZDJPY with a risk of only losing 40 pips (stoploss). Sure, it only made 3 trades for the 3 days I was testing but I was up up over $2000 with no losses. Unfortunately, I had to manually close both winning trades because there was not a trailing stop option on the EA (there is now thanks to Nich).
That is what drew me to this "toy" EA is that I saw it had potential and showed with forward testing that it can make money with the proper settings.
Remember, we are going up against banks and financial institutions that have WAY more $$$ then we do. 80% of the forex volume is institutional buying and not individual traders like you or I. That is why we need a leg up and why an EA is perfect to make profit and hopefully earn a living trading rather than working a job and slaving away for someone else.
Hey guys,
Sorry if I made it sound like as if we need to avoid losses at all cost. What I meant was, if we can better improve this EA in any shape or form, it will only benefit us even further since we have already made modifications to its already potential profit making ability.
Later!
Anyone has an EA that is already generating real cash? I would like to get a hand on at least one. Thanx!
Anyone has an EA that is already generating real cash? I would like to get a hand on at least one. Thanx!
Well, this EA if I would have linked it to my live account would have generated over $5,000 on a $10,000 account or a $5,000 mini account. In a nutshell, I could have double my money in just three days if I would have linked it to my live account but I am testing to make sure it was not a fluke week.
See the results of forward testing this EA on the D1 chart with 12 currency pairs. The end result for the week is found HERE.
After studying the trades I believe that those results could have been improved if I would have had the following three currency pairs with the timefilter on on the H1 chart instead:
EURUSD (TP: 25; SL: 25)
GBPUSD (TP: 30; SL: 30)
USDCHF (TP: 30; SL: 30)
There is no such thing as the "holy grail" of trading but the goal is to get as close as possible. This EA is the closest thing I have found to getting good consistent results (so far) but further testing is needed before trying on a live account.
Well, this EA if I would have linked it to my live account would have generated over $5,000 on a $10,000 account or a $5,000 mini account. In a nutshell, I could have double my money in just three days if I would have linked it to my live account but I am testing to make sure it was not a fluke week.
See the results of forward testing this EA on the D1 chart with 12 currency pairs. The end result for the week is found HERE.
After studying the trades I believe that those results could have been improved if I would have had the following three currency pairs with the timefilter on on the H1 chart instead:
EURUSD (TP: 25; SL: 25)
GBPUSD (TP: 30; SL: 30)
USDCHF (TP: 30; SL: 30)
There is no such thing as the "holy grail" of trading but the goal is to get as close as possible. This EA is the closest thing I have found to getting good consistent results (so far) but further testing is needed before trying on a live account.May you clarify which version of EA are you using? And as I understand you correctly you are thinking to use H1 timeframe instead of D1. Right?
Is this preset for D1?
If this EA works well on D1 timeframe so it is really great.