I have been testing this Elliot wave EA for the last 2 days. The results are good especially for the market conditions this past 48 hours.
I have asked the permission of the author to post it here, the original thread can be found here:
There has been some modifications of the original EA. I will be renaming the EAs with V1;V2;V3 (version1 version2 etc) denomination with the explantions of the changes that has been done.
There are few other changes that could be made to make this EA better and I would like to ask the help of the skill programmers here to impliment them if interested.
For people who are not subscribed to the strategybuilderfx forum, here is some main snippets of the author.
I have recently programmed an expert based on the elliot wave osscilator with juice. I will submit it, explain the strategy behind it, and hope that enough contributions from expert traders, and expert programmers can assist in fine tuning it.
The strategy is as follows:
1. Put up the 30 Minute EURUSD chart.
2. Insert Elliott Wave Oscillator.mq4. (it goes under .../experts/indicator).
3. Insert the Juice.mq4. (it goes under .../experts/indicators).
4 Insert the expert elliot EA V1.mq4. (it goes under .../experts).
5. For BUY: enter when the elliot wave value turns +ve from -ve with juice>0.0004. TP=100, SL=20, TS=20.
6. For SELL: enter when the elliot wave value turns -ve from +ve with juice>0.0004. TP=100, SL=20, TS=20.
Please note that the following Questions may help in tuning:
1. What is the optimum values for TP, SL, TS.
2. Should we wait for the price to rise or fall by a certain value after the signal has been given to confirm the trend.
3. Is the momentum oscillator better than Juice.
4. Is the expert entering at the optimum position.
5. CAN SOMEONE REVIEW HISTORY TO GIVE SOME FEEDBACK."
Attached bellow is the original EA "elliot_EA_v1.mq4", indicators and forward test results posted by the author. The forward test were conducted on H1 and M30 charts.
In the second post I will be making, I will include the other versions that were modified and my forward test on multiple pairs.
Elliot EA V2.mq4:
- external variable for Juice value setting added
- external variable for Magic number added
The default juice value is 0.0004 and this value is for the eur/usd. As some know, each pair has it's own optimum threshold juice value. Especially the JPYs pairs. With this modification , we have the possibilty to choose.
I am not sure if it was coded correctly, maybe someone could take a look at it?
Elliot EA V3.mq4:
- Lotlimit added
Here is the explanation of Pete7 that modified it:
"I have added a 'LotLimit' value to this EA. AymenSaket use it with 1000. It means that you should have 1000*lot_value in your account (10.000 for 1 lot). If you have $500 in your account, and want to trade with this ea with 0.1 lot the LotLimit should be 5000 or less (500:0.1=5000)."
I haven't tested either modified EA. I am waiting for further options to be added first before going ahead and dedicating mulitple platforms for forward test.
I have 2 suggestion to add to the EA:
1. Right now, I am testing the EA on H1 charts. The problem is sometimes the EA makes several trades on the same signal/candle (after a take profit or when a stop loss get hit). Is it possible to limit the EA to 1 trade per Signal/Candle? (or give the user the possibilty to choose a True or False option)
Please look at the attached picture (multiple trades.jpg) to get a better understanding of what I mean , there were several SELL Gbp/USD trades made at the 16:00 candle. All of them were winners except the last one. I understand that it can be profitable for the EA to do that but more often then not, there is a high probability that it will loose.
I am also attaching a comparaison statement report if the EA follows the 1 trade per signal per candle startegy.
1 trade per signal per candle= 218 pips profit
Multiple trade per signal per candle= 160 pips profit
2. The second suggestion: It would be nifty if the EA reverse the trade when the signal reverse. (the possibility to choose would be nice...for example, reverse signal= T or F)
On the second picture attached (reverse trade.jpg), eur/chf had a SELL signal at 2 AM. At 12:00 there was an opposite BUY signal but the trade didn't close and reverse itself.
Thank you in advance to whomever decides to help out.
Elliote wave occilator is just Bill williams AO. It is build very similar to MACD(5,34,5), Why not use it instead?
I can try to make soe mods but only when will find some free time because i have summer job right now.
This weekend I will try to find out what are the best Juice settings for each pair.
Thanks SADA for this. I hope we can get good results from this. There is a member who uses Elliot Wave to trade and is making a killing on the GBPUSD!!
CODERS where are you to help to mod this EA !!!!!!!!!!
Can you post the AO indicator please
Hi, I think AO indicator is the Accelerator Oscillator indicator which included in your standard metatrader platform.
Here's a color changing Elliott wave oscillator
Solar Wind Clean is similar and will get you in/out earlier it seems.
Hi, does Solar Wind Clean repaints?
That one just loads as AC. It must me different or Custom