Profit Generator EA - page 6

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thanks HG, yeah quite the difference!

 

Thanks for sharing the EA. Does anyone care to explain the strategy itself. This will help more in tuning it. I feel confused just running an EA without knowing how it works.

Thanks,

 

Hi!

I can't understand why you put this line:

if ( MathMod(Minute(),Period()) >= 0.5*Period()) return(0);

Why do u want to limit action time to the first half of the bar in timeframes <=60 minutes??

So beautiful EA! Why make complex when u can make so simple.

This week I will also make forward test on a daily basis.

 

this profit Generator has potential but wouldnt it be better if someone get their hands on another EA from this site www.profit-fx.com and incorporate their secret with this one - combine it together and to give one SUPER EA!

 

Thank you for your explaination.

Maji:
I am taking this opportunity to try to explain the functioning of this EA the way I understand it. Please feel free to correct my interpretation. Also, I am attaching an EA that was modified from Nich's EA. I will discuss my modifications later.

System Description:

If the Today's Range (till now) is greater than 10 pips, and today's open is less than Today's Midprice (average of high and low) and if the ask is lower than today's open, then buy. Stop is 30 pips, Target is 40 pips.

If the Today's Range (till now) is greater than 10 pips, and today's open is higher than Today's Midprice (average of high and low) and if the bid is higher than today's open, then buy. Stop is 30 pips, Target is 40 pips.

Is this one sell?

The above trades are subject to the condition that the number of concurrent trades are less than MaxTrades, which in this case is 1. Thus, you can have only one trade at a given time.

That is it!! In a nutshell without the other filters, bells and whistles.

Salient Features:

Let us just consider the daily bar and long trades for ease of discussion. At any given point in the day, if the conditions are met then the buy is initiated. Now suppose the stop loss is hit, the buy condition is still valid. Another buy is initiated and if the market is still falling, and the ask is still lower than the buy, the trade is initiated and possibly the stop is again taken out. This will go on for a while, but remember, as we are using a sliding scale of highs and lows, when the low gets below a certain number, the open will be higher than the average of the high and low and then the sell conditions will be activated.

Nuances:

The system can trade multiple times, and it should by design, when a bar is being formed. It will check the logic every time a new bid/ask is generated or on every tick. Now here is the problem with backtesting using Metatrader. It is interpolating to create those tick charts and hence it is not accurate. The entry prices may or may not be true!

Discussion on the modified EA attached:

I hard coded the time frame of the Hi, Lo and Open to today's daily bar. Also, I removed the limitations on using 30 minute or higher time frame. As, the High, Low and the Open is being obtained from the daily chart, using 1 minute data maybe a better representative of what is happening. I think this way, because the number of ticks that have to be modelled using the 1 minute prices will be more accurate, or atleast I think so. Can someone who has a long history of 1 minute data run this EA on that, maybe for EURUSD, and post the results?

I hope this discussion will help clear up my understanding of the system. Thanks to everyone who is participating and special thanks to holyguy and Nich for their generosity.

Maji
 

Trying to explain the EA

I am taking this opportunity to try to explain the functioning of this EA the way I understand it. Please feel free to correct my interpretation. Also, I am attaching an EA that was modified from Nich's EA. I will discuss my modifications later.

System Description:

If the Today's Range (till now) is greater than 10 pips, and today's open is less than Today's Midprice (average of high and low) and if the ask is lower than today's open, then buy. Stop is 30 pips, Target is 40 pips.

If the Today's Range (till now) is greater than 10 pips, and today's open is higher than Today's Midprice (average of high and low) and if the bid is higher than today's open, then sell. Stop is 30 pips, Target is 40 pips.

The above trades are subject to the condition that the number of concurrent trades are less than MaxTrades, which in this case is 1. Thus, you can have only one trade at a given time.

That is it!! In a nutshell without the other filters, bells and whistles.

Salient Features:

Let us just consider the daily bar and long trades for ease of discussion. At any given point in the day, if the conditions are met then the buy is initiated. Now suppose the stop loss is hit, the buy condition is still valid. Another buy is initiated and if the market is still falling, and the ask is still lower than the buy, the trade is initiated and possibly the stop is again taken out. This will go on for a while, but remember, as we are using a sliding scale of highs and lows, when the low gets below a certain number, the open will be higher than the average of the high and low and then the sell conditions will be activated.

Nuances:

The system can trade multiple times, and it should by design, when a bar is being formed. It will check the logic every time a new bid/ask is generated or on every tick. Now here is the problem with backtesting using Metatrader. It is interpolating to create those tick charts and hence it is not accurate. The entry prices may or may not be true!

Discussion on the modified EA attached:

I hard coded the time frame of the Hi, Lo and Open to today's daily bar. Also, I removed the limitations on using 30 minute or higher time frame. As, the High, Low and the Open is being obtained from the daily chart, using 1 minute data maybe a better representative of what is happening. I think this way, because the number of ticks that have to be modelled using the 1 minute prices will be more accurate, or atleast I think so. Can someone who has a long history of 1 minute data run this EA on that, maybe for EURUSD, and post the results?

I hope this discussion will help clear up my understanding of the system. Thanks to everyone who is participating and special thanks to holyguy and Nich for their generosity.

Maji

 
Maji:

Discussion on the modified EA attached:

I hard coded the time frame of the Hi, Lo and Open to today's daily bar. Also, I removed the limitations on using 30 minute or higher time frame. As, the High, Low and the Open is being obtained from the daily chart, using 1 minute data maybe a better representative of what is happening. I think this way, because the number of ticks that have to be modelled using the 1 minute prices will be more accurate, or atleast I think so. Can someone who has a long history of 1 minute data run this EA on that, maybe for EURUSD, and post the results?

I hope this discussion will help clear up my understanding of the system. Thanks to everyone who is participating and special thanks to holyguy and Nich for their generosity.

Maji

I am still a tad unclear of how you modified the EA. If I use the default settings will I get similar results as I have been forward testing this past week?

Thanks everyone for all the work. What I like about this EA is the potential of what you can do with it. That is what drew me to it in the first place. I believe with Nich and your modifications it now can possibly be used on M5 or M15 timeframes. However, testing needs to be done to see if it will work.

As I have stated in the past, the higher the timeframe the more accurate the successful trades will be (however it won't trade as much). So it depends on your level of risk.

On the Weekly timeframe, you can put on a trailing stop and have a trend trading system possibly going for 100-200 pips at a time as you can see from my example of the NZDJPY this past week.

If you wanted to go to the lower timeframe, it is possible to turn this EA into a scalping EA where it goes for 6-15 pips many times each day. This is a little more risky, of course.

My plan is to only test this EA on the Daily, Weekly and Monthly timeframes. If someone could volunteer to help test the lower timeframes (with the trailing stops) then that would be great. I plan on adding the timefilter on the EURUSD and USDCHF this week as it would have reduced down the loss of the EA last week.

 

What rules of opening of a position?

 
Alexey Baranov:
What rules of opening of a position?

Maji has a good explanation here https://www.mql5.com/en/forum/173795/page4

 

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.

Maji

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