A new expert I created

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Hi Everyone,

I found the following system very interesting:

http://www.forexfactory.com/showthread.php?t=11937

so after quite a bit of work coding it I came up with the expert I've attached and decided to share it with you guys.

It seems profitable in GBP/USD daily timeframe but I think it needs a few bugs looking at as am not sure its following the logic 100%

Anyway I've attached the file...

Files:
wealthbuilder.mq4  5 kb
 

If anyone could check the logic and make sure it meets the rules of:

http://www.forexfactory.com/showthread.php?t=11937

that'd be great - thanks guys, hope you find the expert interesting

 
leeb:
If anyone could check the logic and make sure it meets the rules of:

http://www.forexfactory.com/showthread.php?t=11937

that'd be great - thanks guys, hope you find the expert interesting

Hi leeb. I appreciate you bringing this to our attention. Your code seems to follow the rules but there is a slight error with the 'Orderselect' function - used '0' instead of 'cnt'. Also, as there is no checks for orders opened by others EAs or for the magic numbers of any trades, so this should only be used in isolation.

 

Hey Omlette - thanks for the input, I think if the bugs were cleaned up this could have potential

 

Nice job leeb..Thank you for sharing your hard work. Although I see there's a trailing stop in the EA. I know the creators first post says trailing stop but it was later changed to a 30 pip fixed stop.

 

Leeb,

i tried the EA in strategy tester but i dont get any trade...

Perhaps i have to change a parameter?

thanks,

Daniel

 

Hey Leeb,

I would like to point you to this thread as well....

http://www.forexfactory.com/showthread.php?t=13507

Same guy, same basic strategy, but on a daily timeframe. I would think at this point it would be easy to plug this one in. And just a thought, as i have been manually exploring this system. The possibility of a trailing buy/sell stop to go with the trailing stop. So if your stopped out, your right back in the other way. I know this or the trail isnt with the system, but looks like it might work a little better, but thats just a visual backtest.

Also, EA wont open any trades for me either. Looks like you have it coded for the weekly TF maybe? Maybe for it to work with both systems you could put an int for lookback and we could run on the daily for weekly, and hourly for daily. The weekly could go on the daily with a lookback of 5, and daily on hourly for 24 or daily for 1. Matter of fact you could run any # of bars on any timeframe - Duhh me.

 

Leeb nice first attempt

I made a few changes so it backtests like grabbing the weekly close

and "len" needed to be * point to make sense

it now back tests

in the logic im not sure what you meant by

if(Close[0]>long) // no such thing as Close[0] as o is latest baras 0 is the CURRENT bar it has no close so I changed it to

bar1

if(Close[1]>long) // no such thing as Close[0] as o is latest bar

just to see what it would do

it backtests and makes a profit lol

Files:
wealthbuilderv1.mq4  6 kb
 

correction it needs 50,000$ in backtest as the stoploss is 999

now that i can see the backtest I think the tailing stop is a bit spastic

 

Stop should be 30. Tried that and it doesnt stop, just margin on one trade. Heres the rules...

Create a weekly chart. Place trades 50 PIPS above or below the close for the previous week. Use 30 PIP trailing stopsThis was changed in a later post, should just be SL. No profit targets. Let the trade run for the entire week and close during the final 30 minutes of the market for the week. The great feature of this system is that more often than not the weekly trend will establish itself and stay in tact from the Monday or Tuesday of the trading session for that week.

GBP/USD Example:

Previous weekly close: 1.9597

Buy: 1.9647

Sell: 1.9547

The following rule is a bit different than most trading systems of this style:

If the "Buy" is executed, move the sell up to the previous weeks close (1.9597 in this case)

If the "Sell" is executed, move the buy down to the previous weeks close (in this case likewise 1.9597)

These two rules permit a more robust and agressive entry after losing trades.

Recommend volatile markets (USD/CHF, GPB/USD, etc.)

Here is the current trade that I am in using the GPB/USD:

Short 1.9597 after a 30 PIP loss on the "Buy" trade.

Use 30 PIP stops.

 

zo... what you mean is????

GBP/USD Example:

Previous weekly close: 1.9597

Buy: 1.9647

Sell: 1.9547

place a buy order at 1.9647 with stop 30 no target

AND

a sell order as 1.9547 with stop 30 no target

C.E.O.:
Stop should be 30. Tried that and it doesnt stop, just margin on one trade. Heres the rules...

Create a weekly chart. Place trades 50 PIPS above or below the close for the previous week. Use 30 PIP trailing stopsThis was changed in a later post, should just be SL. No profit targets. Let the trade run for the entire week and close during the final 30 minutes of the market for the week. The great feature of this system is that more often than not the weekly trend will establish itself and stay in tact from the Monday or Tuesday of the trading session for that week.

GBP/USD Example:

Previous weekly close: 1.9597

Buy: 1.9647

Sell: 1.9547

The following rule is a bit different than most trading systems of this style:

If the "Buy" is executed, move the sell up to the previous weeks close (1.9597 in this case)

If the "Sell" is executed, move the buy down to the previous weeks close (in this case likewise 1.9597)

These two rules permit a more robust and agressive entry after losing trades.

Recommend volatile markets (USD/CHF, GPB/USD, etc.)

Here is the current trade that I am in using the GPB/USD:

Short 1.9597 after a 30 PIP loss on the "Buy" trade.

Use 30 PIP stops.
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