MagicRSI - page 8
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Bad day for this baby
Today is bad day for this EA. Got 3 open trades since last night. first one got sl -77 pips, second trades win 10 pips and last trades still floating -30 pips. Looks like it cannot handel trending market.
Today is bad day for this EA. Got 3 open trades since last night. first one got sl -77 pips, second trades win 10 pips and last trades still floating -30 pips. Looks like it cannot handel trending market.
it' s a counter trend
Just a few observations.
I running v3 on a FXDD demo H4 chart on EU and UJ. Last night both pairs started strong trends. EU trending up opened a sell and UJ trending down opened a buy. Both trends continued and both orders took full s/l loses. At end of the trend, EU had 2 sell wins on last bar before retrace. UJ had 5 buy wins on last bar before retrace. It would be nice to adjust code to avoid the loss during trends, but I'm not sure it would be an advantage to avoid all transactions during trends.
The Money Management (MM) routine, if used, will increase lot size, even faster, as AccountEquity increases, or some prefer to use AccountFreeMargin. To compensate, I'm now using a simple formula to calculate Profit value.
For EU it is: Profit=Lots*200
For UJ it is: Profit=Lots*20
The 200 for EU and 20 for UJ was established with Opimization testing. It might not be the best way to compensate, but so far it seems to be working.
In v3 & v5, order close routine in the EA is based on order profit. When using MM and as equity increases, Lot size increases and value per pip also increases. This will proportionally decrease the pip range separation from order entry to order close. Eventually, pip range will be low, such as only 1 pip separation. The beauty of this is that by maintaining constant profit closures, wins become easier because number of pips required to win is reduced as account equity increases. Also, if you tried to set a low TakeProfit (under the spead) via the OrderEntry routine, most likely would generate an order entry error. By using the order closing routine in the EA, it's like manually closing an order and low pip range profits can be had. The down side with reduced pips to close order is that potential maximum profit per order will be reduced.
Wackena
whera are you, spider????
Possible solution to magicrsi
hello,
im fairly new here and ive been trying out different trading systems, and im still studying how to code mq4. anyways I think magicrsi has great potential exept it loses alot of money during trending markets. I think i have a solution.
instead of opening a buy or sell position when RSI reaches the 90 or 10 level the program should open sell stop or buy stop, so if the market continues its trend the pending orders will just be left behind and we would have been able to stay neutral. but if it goes our way the pending orders would be hit and a greater possiblity for TP. we lose if it hits the order than reverses again, but the good thing with this aprouch is that we could employ tighter SL and a higher probility for TP!
we can even take this further by opening both buy stop and sell stop when market reaches critical RSI levels so when the market continues its trend we could make money or when it reverses we can still make money...
I would have written this myself but I still lack proficency of the MQL4 language...
anyways nice to be here in the forum, keep up the great work guys!
best regards and a firm handshake,
Mikhail
Started a Demo test of MagicRSI on 2006.11.26 on 4 pairs gbpusd, eurusd, usdchf, usdjpy.
$3,000 Deposit
D1 chart.
Profit - $1,319.01
Float - $ -703.11 (3 open orders)
MD - 0.12%
Wins 4 - Loses 0
The usdcad entry in the attached report is by mistake. I was trying to test a comment line on another EA, and it placed an order that I didn't expect. I canceled the order immediately for a $ -4.41 loss.
Wackena
MagicRSI v5 took some hits this AM as Dollar took another dive. Attached is gbpusd chart that shows that this EA has trouble recognizing strong trends and can repeatedly place wrong direction orders.
Wackena
So what happened to this EA. It looks like it has great potential. So does it work long term or not?