I have been working on a filter most of last week and have come up with a non-indicator filter using the existing idea of the open price pivot.
The filter is the weekly open price to filter out some of the choppy days. We won't filter out all the choppy days, but a majority of choppy days will be filtered out with this additional weekly open price filter. At the same time we will also filter out some good trades if we were only using the daily open price pivot without the weekly open price pivot filter.
The weekly filter doesn't come into play until Tuesday since the weekly and the daily open price is the same on Mondays, therefore we have no filters on Mondays. We only utilize the weekly filter ("W1F") on Tuesday - Friday. Here are some examples on how the W1F will work:
On Tuesday we have a Daily Open Price of 208.27 and the Weekly Open Price
of 209.13. We would only take trades if SMMA closes below the Daily Open Price of 208.27, Sell, or above Weekly Open Price
of 209.13, Buy.
Enclosed you will find a chart with the daily and weekly open price levels. I have also enclosed the indicators OnlyPivot_Level_WF1, which plots the daily and weekly open price levels and the OnlyPivot_Signal_WF1 for the signals. You will also find the _OnlyPivot_W1F_01 template.
PS: I am open for new ideas and constructive criticism. Let me have it. David can you code the W1F into your EA? I would like to run some backtests to optimize SL and TP? The gold horizontal line is the weekly open price and the teal is the daily open price.
Edit: I updated the OnlyPivot_Signal_W1F to point to OnlyPivot_Level_W1F the way it should.
Edit# 2: Updated the template to point to the correct indicators. Sorry, too many filters to keep track.
Edit# 3: Made a small adjustment in the code to OnlyPivot_Signal_W1F. Please download new version in the archive file.
Hi Mr TF...could you please attach david's ea which you are using now...I couldn't remember where to find it...coz this thread so big now...thanks for ur help sir...
David's EA v1.2
David's EA v1.2 is here.
Note: Same exact EA I am using. If you notice on my charts I changed the EA name to my liking.
Hi thanks for your help...i really appreciate it.
The market trend is quite OK, ( not the system ) all traders will make money, right ?
I promised not to post charts with the Buffer Filter ("BF"), but I am making an exception to point out how well BF filters ranging market conditions. We have a buy signal on the original OnlyPivot setup, but no signals with BF, because the market is ranging.
Don't understand your comment or question?
Enclosed you will find the indicators and template for the Buffer Filter OnlyPivot version.
Edit: I apologize for all the corrections. Here is the corrected indicators and template.
I don't get Buffer Filter (2 SMMA Envelope, w/0.05 deviation),
Please post this indicator.
I apologize for all the corrections. You will find updated indicators, OnlyPivot_Level_BF and OnlyPivot_Signal_BF, and the template here.
my david ea v1.2 just open buy position at 212.50..GJ pair..let see if it gonna hit the TP...
Please enable the necessary setting in your browser, otherwise you will not be able to log in.