Look great, we have on this indicator at minimun 4 phases :
UpTrend, DownTrend, Retrace and Choppy
Are we able to find other indicators to "confirm" ?
Another idea :
When we enter in a strong trend (up or down), is it posible to take position and more the trend is strong, more we open lots, step by step, following MM and equity. we will maintain this position until we detect a reversal, at this moment, we put all pips in pocket... ?
This indicator is using two other indicators:
They are here.
So this StepChoppyBars_v1.1 is as trading system: one StepMA_v7 indicator in color mode (main window) and two StepRSI_v5.2 indicators with different settings (fastStepRSI and SlowStepRSI).
It is possible to trade this system manually. It is good trading system. I may described the rules but it is not necessary because Igorad combined all 3 indicators in one StepChoppyBars_v1.1 just to color the bars and to backtest the system easily. So we may see everything in one indicator colors the bars.
Enter long on strong blue color (close or next bar). Short on strong red. And we may manage the orders to see where to exit.
tomstaufer posted some article about ranging market here.
A really interesting ebook.
I not a MQL developer, but in my first "life", before Trading :-), one of my job was to design softwares...
Here's my plan for this "EA SWITCHER", by components.
As component, i means "Library" or "EA".
Please do not forget, i'm not native language.
The only role is to analyse, 24H/24H, the market.
When we call it, we only pass to it the PAIR (EUR/USD, GBP/USD...) and the Phase (Intraday, Weekly,..) it must return
2 things : The OrderType (BUY/SELL) and a RiskFactor.
This component is designate to analyse the market in 4 phases :
Phase 1 : ShortTermAnalyser (mid/intraday,intraday)
This sub component sould analyse and define the actual trend (M5/M15/M30)
Phase 2 : MediumTermAnalyser (Weekly)
This sub-component analyse and define the weekly trend, should be linked to an external file to "define" the actual trend.
Phase 3 : LongTermAnalyser (Monthly)
This sub-component analyse and define the monthly trend, should be linked to an external file to "define" the actual trend.
Phase 4 : NewsAnalyser (for News, linked to ShortTermAnalyser)
This sub-component is linked to an external file who contain DateTime for the news, type of the news and a riskfactor
This component will choose the appropriate EA (no limitation), following the result of the component MarketAnalyser
This component should only monitor risk, profits and losses from EAs and decide if we call again MarketAnalyser component to continue or not trading with the same strategy.
I know it's a little high view, but i think with this approach we could modulate better and have a strong base for a Killer Application.
Critics welcome, Sharing welcome. Building Wanted :-)
It is good to have library files like that to have options as "true" and "false" in Portfolio Manager.
And portfolio manager may have the some function to select trading system for manual trading as well. To get alarm as trading sygnals.
I collected all the information (ebooks etc) about Ichimoku and digital filters trying to be ready. So we may start in the near future.
Just looked at SimpleDailyRangeBreakExpert_v1.21 EA and TradersPowerExpert_v1.2 EA. I am testing those EAs in separated copy of Metatrader.
The results were the following (forward testing):
EURUSD: pips this week -62; pips in total 272.
GBPUSD: pips this week -318; pips in total 522.
USDJPY: pips this week -137; pips in total -340.
USDCHF: pips this week -23; pips in total 232.
+686 pips in total since May 2006. This EA is usng daily breakout strategy and not trading often. Not risky EA.
EURUSD: pips this week -21; pips in total -73.
GBPUSD: pips this week 19; pips in total 1032.
USDJPY: pips this week -159; pips in total -8.
USDCHF: pips this week -103; pips in total 245.
Those EAs are tested since since May 2006.
And I have the other idea about our EA SWITCHER.
Those EAs (SBS EA and TPE EA) are placing stop orders on breakout.
So we may add to our future EA SWITCHER the options to generate the trading signals on breakout.
For example, SBS EA place the following pending order in midnight:
EURUSD: buy stop at 1.3343; sell stop at 1.3057;
GBPUSD: buy stop at 1.9685; sell stop at 1.9338;
USDJPY: buy stop at 117.38; sell stop at 114.42;
USDCHF: buy stop at 1.2223; sell stop at 1.1930.
So it may be the trading signals like this: buy from ...; sell from. It may be every day.
More risky trading signals are from TPE EA:
EURUSD: buy stop at 1.3256; sell stop at 1.3071;
GBPUSD: buy stop at 1.9582; sell stop at 1.9297;
USDJPY: buy stop at 116.97; sell stop at 115.06 (buy order was open with +6 pips now);
USDCHF: buy stop at 1.2145; sell stop at 1.1978.
I think we may include some options in our EA SWITCHER to generate the trading signals. Just to enter the market. Without exit.
Heavily agree, as well for the "Manual Trading" capacity option.