CABLE Doji Straddle - page 2
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Good work
Very simple method, but I'm sure it still needs more improvement before create an EA. Pj.
It surely does need some finesse in its methodology, which is why I started this thread.
Thanks very much for the EA. Works a treat!
I made this indi yesterday just before you posted your EA. It's blatently obvious that I can't program to save some pips! I tried to put the PlaySound ("alert.wav") line in, but I think it could be caught in an infinite loop because my cpu suddenly jumps to 100%. Perhaps you would be so kind as to look at it? I have commented out the offending item.
I have attached the screenshot of the indi I made. Let me know if any of you improve it or make any good additions.
Seems to have some false signals...
Hey PJ,
Just tried your EA on a 1m chart and it had quite a few false signals. Any way to make the open and close more accurate rather than using iClose and iOpen? Do they do rounding in their processes or something? How about outputting their values to another integer, (1 and 2) and then executing an if statement (if 1 == 2), or is that just the same as iClose and iOpen?
Very simple method, but I'm sure it still needs more improvement before create an EA.
Try this simple alert.
it will alert continously when previous bar was Doji, until you stop them manually.
Just put it in your MT4 experts folder and activate!
Pj.Hi, Thank you, can you please convert this expert to indicator with only one alert in the end of the Doji bar?
Thanks,
-m-
It surely does need some finesse in its methodology, which is why I started this thread.
Thanks very much for the EA. Works a treat!
I made this indi yesterday just before you posted your EA. It's blatently obvious that I can't program to save some pips! I tried to put the PlaySound ("alert.wav") line in, but I think it could be caught in an infinite loop because my cpu suddenly jumps to 100%. Perhaps you would be so kind as to look at it? I have commented out the offending item.
I have attached the screenshot of the indi I made. Let me know if any of you improve it or make any good additions.Hi, thank you,
for some reason my posts are coming late, i mean i posted my post this morning and only now i see it posted, with late of 2 posts
ND, any idea why??
Anyhow, Yes I have some improvements to make
, i will not use the EA that going to be made here, i just want the indicator to my manual trading system, BUT, my ideas for sure can help this project.
As for Filter, we simply need to filter Dojis using RANGE FILTER!, and i mean: go to the TF that this method is working on, find the AV pips range for the Dojis on that TF and filter the small Dojis
For ex: if the AV range for dojis in 5 min chart is about 10-15 pips, so we tell the indicator to filter the Dojis that are smaller then 10 pips, simple right?
there will be less signals, but batter ones for sure and according to what i understand from this method you guys need to open 2 pending orders every doji, right? and on smaller TF's there will be many false alerts, so to filter the small Dojis is essential to this method\EA to even work.
Also, MTF version would be more then great!
what you guys think??
I dont think you're quite there...
Hi Mano,
Thanks for your contribution. I would be interested to see your results as through my own backtesting, the shorter doji's appear to have more profit potential, than those with taller bodies.
Do you have a particular range filter in mind? Bear in mind that this method is a breakout method (as with all staddle strategies) and the objective is to 'breakout' of either side... easier and more profitable with smaller timeframes, IMO. I would normally tell people the opposite, that its better to trade on longer TF's, but not using this method.
You are right about the multi timeframes. I have been using this as scalp on M1-5, and day trading on the M15-H4. It's not worth applying this method past H4 as there are far too few signals and you make the same amount of pips within a shorter time on lower TF's. Also, the longer the TF, the more drawdown to expect.
Anyway, if you care to post your filter, I will definately check your take on this and get back to you.
An example of shorter Doji body...
Do you really want to filter this?
Do you really want to filter this?
Hi, actually yes, i would filter the 2nd doji, the first one is ok regarding range size, but the 2nd one seems to be to small and if you'll check your charts more into history you'll see how many trades you would have loss with those small dojis, you could also won some but for the long run you'll see what i mean, you need to find the AV range for the dojis in the TF you work and filter the smaller ones.
Lets say the AV range for doji in eurusd 1m chart is about 3 pips, so every doji that is less then 3 pips should be filtered out, and again, you'll get less signal but you'll get batter ones, if this is going to be made into ea you must have this filter.
Agree that the smaller TF's are more profitable for this method, and thats why you need to filter some signals, sometimes less is more , check it on your charts, actually try to filter the the dojis that are less then 2 pips and let me know what you think, also, if this is going to be coded into ea you should think of adding a TIME FILTER.
if you trade it manually then you can filter it with your eyes, but if this method is going to be codded into EA you must think of filters, and those are the best filters you'll find for price action, RANGE & TIME FILTERS.
can you please share your mtf indi?
Thanks,
-m-
Errrr...
I dont trade EURO, possibly why we don't share the same opinion on filtering method. I have only been trading this with cable and guppy on MTF. Typically trade others on a whim and only with M15 - H4, not the lower TF's.
There is no need for a filter on lower TF with Cable (at least not at the moment). Trading demo and manual backtest for a while with it and very few false signals. Majority perform reversal as is their nature.
If you are filtering with range filters, then what are they? WOODIES or some such?
Hey PJ, Just tried your EA on a 1m chart and it had quite a few false signals. Any way to make the open and close more accurate rather than using iClose and iOpen? Do they do rounding in their processes or something? How about outputting their values to another integer, (1 and 2) and then executing an if statement (if 1 == 2), or is that just the same as iClose and iOpen?
from your statement on page 1
A Doji is defined as a candle where the open and close price is the same
So I think there is no problem about that..
Oh... I have edit your indicator please take a look at..
Hi, Thank you, can you please convert this expert to indicator with only one alert in the end of the Doji bar?
Thanks,
-m-Take a look at this indicator
Pj...
I dont trade EURO, possibly why we don't share the same opinion on filtering method. I have only been trading this with cable and guppy on MTF. Typically trade others on a whim and only with M15 - H4, not the lower TF's.
There is no need for a filter on lower TF with Cable (at least not at the moment). Trading demo and manual backtest for a while with it and very few false signals. Majority perform reversal as is their nature.
If you are filtering with range filters, then what are they? WOODIES or some such?Hi, OK, i didn't read your rules very closely, but i see your point, i was looking at the 1-5 min charts and diff pairs, there for there was many false alerts, i was thinking to filter them out them using range since on lower tf's (like 1-5min) there are many false alerts, also in sleepy market there are many false dojis, statistically, this range method is a method I trade other candles pattern's like: Hummer's, Eng and Morning\Evening Stars.
Anyhow, your method looks good with TP of 20 pips, but with 15 pips TP we could minimize the losses by at least 20%.
As for the EA, according to what i see,
-open 2 pending orders as soon a doji have been formed, one at the low of the doji and one at the high of the doji
-stop will be the inverse of the pending orders, which means if a long trade was started the stop will be in the low of the doji, the inverse for short trade.
-one more option to add to minimize losses is to move stop to BE after X pips in profit, 6-8 pips seems to be a right, i think it will minimize the losses by 10%, but ofcourse we need to test it more into history.
one of the problems i see regarding dojis, is the data your broker gives you, every broker have diff quotes, diff closings and diff openings, so what you see in your platform could be wrong data, just one more thing to consider...
i think if we want to avoid those data problems we need filter,
-if the open\close ratio for identification dojis is > then 1 pips(or any other ratio), Doji alert will popup, if not it will be filter out.
those are just ideas to help you optimize the method for autotrade, and needed to be test more into history.
@primajaya, thank you.
Can you please add:
-Show_Signal: TRUE/FALSE (will turn off/on the doji signal from the chart)
-MTF_TF: 1m, 5m, 15m and so on....(will let us monitor the tf we want to trade the dojis)
Also, if you can add the filters (range size filter,time filter and open\close ratio filter) it would be good, maybe we could find a good settings to make this method to work batter.
Hope it helps.
-m-