Tired of worrying about your EA when you go to bed?
Tired of whipsaws killing your EA?
Tired of Trends killing your EA?
Do you want a stable EA?
You have come to the right place. Introducing OneDailyTrade EA.
Inspired by an idea I had one day when I was looking at a Daily Chart. I notice on the EURUSD that almost every day if you follow the previous day's trend, you could make 15 pips (as the high/low for the next day is at least 15 pips or more than the previous day).
Say the EURUSD closed Higher than the previous day (bullish bar). Then, there is an 80% chance that you can make at least 15 pips on the next day (Tuesday through Friday). Go to a daily chart and look at it. You will see what I mean.
However, the idea evolved to something a little more. What if, instead of placing a trade at the beginning of the next day 00:00 GMT, you place the trade a little earlier like at 17:00 GMT or 20:00 GMT? Or what if instead of going back 24 hours (previous day) you went back 16 hours?
Welcome to OneDailyTrade EA. This opens up a whole new world of possibilites. The EA is stable because the most you can lose in one day is your stoploss. Thus, it limit's your risk. It will not open up more than one trade a day per currency pair.
News does not appear to effect this EA because it only goes with the trend for the day and typically opens up an order usually after the news has all calmed down.
Whipsaws can hurt this EA some so I would not suggest currency pairs that don't "trend" very well (for example GBPCHF, EURGBP or EURCHF).
I have done successful backtesting and forward testing on this EA. My reason for posting is in hopes that others can forward test different settings and share results with the group.
Give a big Thanks to FireDave for programming this EA for us.
Variables on this EA
StopLoss- How many pips do you want to risk per trade.
TakeProfit- How many pips do you want to try for each day.
TSActivation- How many pips profit do you want to start a TrailingStop.
TrailPips- Works like TrailingStop and in conjuction with TSActivation. If TSActivation is set to 0, works as TrailingStop.
BrokerMinTrailPips- Closest you can set SL to current market price.
bCloseOnlyOppositeOrders- If set to true, it will close previous day's order only if the current order is going in the opposite direction on the currency pair.
ZeroGMT- What hour you want the EA to open a trade for the day.
MinuteLimit- How many minutes after the ZeroGMT hour do you want the EA to open a trade for the day.
HourRange- How many hours back do you want the EA to determine the "days" trend and place an order buy or sell.
StartDay- What day of the week do you want the EA to start placing trades. 1-5.
EndDay- What day of the week do you want the EA to stop placing new trades.
ReverseEntry- Set to 1 and it goes against the trend. Set to 0 to go with the Trend. (0 would be the recommented setting).
Lots- How many lots are you willing to risk trading.
MM- If set to true, you would be using Money Management
AccountIsMicro- Set to true if using a Micro-Account.
Risk- What percent of equity to risk per trade (if using MM only)
If you have any ideas to improve the EA, let's hear them. I have a few but would love to see what we all come up with. As you can see by my statement, this EA profited over 400 pips last week. Let's improve the EA and make it even better. Please set the currency pairs to the H1 chart please.
Thanks again for your support.
Can you have the EA dynamically adjust its SL as prices move in our direction of the trade to lock in profits? If it moves 50 PIPs, adjust the SL to say +25 PIPs or if move 25 PIPs adjust the SL to B/E, or do some percentage.
Do you have any preferred settings for the majors?
That's what the trailing stop does ET. Just set it to 25.
All the settings are in the presets folder which is in the zip file. Drop them all into Experts - Presets and then in the expert settings box just load the set for the corresponding currency pair.
Thanks for this Holyguy. After all the work on ProfitGen you deserve a winner :-)
I will forward test too with different trailing stops.
Thanks Mike4x...... If my Target Profit is 75, my Trailing Stop is 25, my Stop Loss is 20, and my entry point was 40, how does it work? Does the TS always remain 25 PIPs away from the price?
Please I tried placing the folder into the expert folder. However cannot see the presets under expert. Please can you try explaining how to get the presets to work again. Thanks
It must into ../Metrader 4/expert folder, the first expert folder you see. Then you must restart Metatrader....
Thank you. I have the mq4 file up and running. I cannot get the presets for each currency pair to work.
What do you mean? You can set the value to anything you want (see start of post for parm description)...
To get presets to work, you need to put those in the following folder:
C:/Program Files/Metatrader 4/Experts/presets
Thanks. Those are just what I am using. I would like everyone to try different settings and find ones that work for each currency pair.
I would like to have a variable added:
TrailingStopActivation and TrailingPips- That way, the Trailing stop gets activated at a certain pips profit.
The way this EA is designed, if you diversify with a number of different currency pairs and slightly different settings, you can make money every week.
Results for the past week per currency pair:
AUDUSD -40 pips
CHFJPY -11 pips
EURJPY +102 pips
EURUSD +53 pips
GBPJPY +10 pips
GBPUSD +160 pips
NZDUSD +126 pips
USDCAD +71 pips
USDCHF -210 pips (Please change this from ReverseEntry 1 to ReverseEntry 0. Basically, it was trading in reverse.)
USDJPY +141 pips
I am forward testing same settings this week and will go live the following week if settings are still successful.
By the way, I did all optimizations and presets to FXDD server (+3 from GMT).
2 cents worth
I will look into the ea later - but I must say, one of the first rules of forex is tp must be greater then or equal to sl. So if you are saying tp or 15pips with sl of 90pips - looks scary to me.
Oops - I see the default tp = 40pips and sl = 20 pips - so may not be to bad. - I take back my 2 cents.
With this EA, forget the defaults, they mean nothing. Every pair must be customized to it's own TP and SL. That is why I posted the EA so that everyone here could help find stable settings customized for each currency pair.