HedgeEA - page 37
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I think Tom Yoemans currency meter might be perfect for entering these trades. If you enter gbp/jpy & chf/jpy when gbp is weak, chf is strong, and JPY is strong, I think you will have a greater chance of incrteasing profits when they move. I still hope to find someone interested in making his excel spreadsheet into an indicator.
Mind sharing the excel spreedsheet? Thanks.
Indicator
Thanks Stevensign,
I appreciate you providing your indicator in the forum
I look forward to learning more about it tomorrow!
Happy New Year!!!!
Doug
PS. This stuff is addictive isn't it
They already have fractal indicators and EAs coded on MT4!! it just depends on how you use them.
Well I know that, but there are many many ways of using fractals. I've develop a way some years ago to use fractal interpolation to use on carrotes of perfurations looking for gold. With this we could avoid many chemichals analisys and even so detect spikes on gold [] . This was a big improvement for that methodology.
My main idea is to use the same method but for Extrapolation. I think it's possible, but never try that. At that time, it was very easy because all was fresh on my head, now I have to study again. No problem. I have this work published on my university, I have to dig it out...
Thanks Stevensign,
I appreciate you providing your indicator in the forum
I look forward to learning more about it tomorrow!
Happy New Year!!!!
Doug
PS. This stuff is addictive isn't ityeah.. super addictive.. I spent 16 hours a day on reading mql files and backtesting...
haha.
happy new year anyway.
Mind sharing the excel spreedsheet? Thanks.
http://idisk.mac.com/cjeliassen/Public/CurrencyMeter.xls
Here is a link to my public folder with the xls file. In order for this to work, you must have a MIG account on MT4 open and running. Also, you have to goto "Tools" > "Options" > "Server" and make the "Enable DDE server" is checked.
Then, open the spreadsheet and click "Update" when it asks, and it should start working. You will see the meter moving every now and then. If it doesn't move, you might not be connected, or it is the weekend and no trading is taking place.
This meter compares the USD, EUR, GBP, CHF, CAD, UD, and JPY againt each other. I have made some very good trades off this indicator alone (Demo). However, it is difficult because there is no history. Unless you watch it for some time, there is no way to know if the strength of a currency is moving up or down.
The nice thing about this indicator is that it gives you an idea of the reason a pair is moving. For example, if EUR.JPY is moving up, you have no idea if the Eur is strengthening, JPY is weakening, or maybe both are strengthening but the Eur is doing so more than the JPY. This indicator can tell you that relstionship. If we had an MT4 indicator that allowed us to see a history of this corelation, we would be better able to determine how to react.
What I am hoping is that for hedging, if we short CHF.JPY when CHF is weaker than JPY, and buy GBP.CHF when GBP is weaker than CHF, then when JPY weakens relative to CHF, and GBP strengthens relative to CHF, we capture some of that difference in profit.
Moving forward
Let's try to summarize our "wish list" for the next generation/version of the HedgeEA. I think all will agree that it is certainly successful as is, and can become more so. Below is a list of what I can determine to be the major suggestions for improvement, as indicated by Kokas and others:
1. Modify the autoration section to utilize Stevensign's suggestions.
2. MM - implement ratio in order to keep the hedge in balance wrt to margin requirments.
3. Possibly add code to allow the EA to utilyze SWAP to continually open small positions.
4. "Fix" BB in order to allow traders to utilize this function with different currency pairs.
5. Learn more about how to interpret the "net P/L" between the two pairs in order to improve success potential when new trades are opened. (i.e. do we open when correlation is high or near zero? How is correlation related to this net P/L?)
Please review and add your comments. I recall there were a few others, but I can't remember what they were. I've ranked in order of importance (the way I see it).
Just my 2 cents towards the goal of focussing the thread
Doug
http://idisk.mac.com/cjeliassen/Public/CurrencyMeter.xls
Here is a link to my public folder with the xls file. In order for this to work, you must have a MIG account on MT4 open and running. Also, you have to goto "Tools" > "Options" > "Server" and make the "Enable DDE server" is checked.
Then, open the spreadsheet and click "Update" when it asks, and it should start working. You will see the meter moving every now and then. If it doesn't move, you might not be connected, or it is the weekend and no trading is taking place.
This meter compares the USD, EUR, GBP, CHF, CAD, UD, and JPY againt each other. I have made some very good trades off this indicator alone (Demo). However, it is difficult because there is no history. Unless you watch it for some time, there is no way to know if the strength of a currency is moving up or down.
The nice thing about this indicator is that it gives you an idea of the reason a pair is moving. For example, if EUR.JPY is moving up, you have no idea if the Eur is strengthening, JPY is weakening, or maybe both are strengthening but the Eur is doing so more than the JPY. This indicator can tell you that relstionship. If we had an MT4 indicator that allowed us to see a history of this corelation, we would be better able to determine how to react.
What I am hoping is that for hedging, if we short CHF.JPY when CHF is weaker than JPY, and buy GBP.CHF when GBP is weaker than CHF, then when JPY weakens relative to CHF, and GBP strengthens relative to CHF, we capture some of that difference in profit.Thanks alot!!!!
I am looking at it.. have to wait for the market to open later.
How does the indicator work, is there any instructions on how to use it?
This indicator doesn't care what chart it's attached to. It pulls in data from currency pairs as needed, I mainly wrote it since you can't do this with the tester. It is a little skittish and you may need to open it up and refresh it to get it started because it's trying to look at "ibars" on each currency. It will compute profit based on the entry price and lots you enter. For a starter try entering 0 lots for EURUSD and USDJPY, 0.75 lots for GBPUSD, 1.2 Lots for USDCHF, and enter the current price for the GBPUSD and USDCHF. You will see history. You can also go back and do a "what if" by entering prices for the GBPUSD and USDCHF from any point in the past and you will see how it would have performed. Entering specific prices basically changes the zero line. You can look back and see the range, this can be used to help determine future entry points.
For best viewing for my example put it on the GBPCHF chart. You will see different opportunities for cash grabs depending on the time frame you put it on. Try looking at M15, H1, and D1, of course put a bollinger band on the GBPCHF.
It would be interesting to apply a grid strategy to this inidicator since it has a somewhat bounded range.
Next Version
Let's try to summarize our "wish list" for the next generation/version of the HedgeEA. I think all will agree that it is certainly successful as is, and can become more so. Below is a list of what I can determine to be the major suggestions for improvement, as indicated by Kokas and others:
1. Modify the autoration section to utilize Stevensign's suggestions.
2. MM - implement ratio in order to keep the hedge in balance wrt to margin requirments.
3. Possibly add code to allow the EA to utilyze SWAP to continually open small positions.
4. "Fix" BB in order to allow traders to utilize this function with different currency pairs.
5. Learn more about how to interpret the "net P/L" between the two pairs in order to improve success potential when new trades are opened. (i.e. do we open when correlation is high or near zero? How is correlation related to this net P/L?)
Please review and add your comments. I recall there were a few others, but I can't remember what they were. I've ranked in order of importance (the way I see it).
Just my 2 cents towards the goal of focussing the thread
DougThis is a good list, I'll add my comments. I'm willing to help update the code but don't know whom to contact.
1) Per my post in #342, improve entry points based on opposite bollinger band.
2) figure out how to use correlation, refer to post 343.
3) maybe entry should be based on a BB using low, not close
4) maybe take profit should be based on BB using high not close.
5) Try BB settings of 8,2 or 13,2. Different settings may be optimum for entry or exit points.
I've attached a simplified version of my indicator, you can drag and drop a BB or MA indicator on it just select "Previous Indicator's Data" under "Apply to:"
There are many indicators that show this strenght of currencies, and they are named appreciation indicators. I have some that I will post...