I would just like to thank you for this EA and all the time and effort you put into a profitable EA that is free for all to use. I have been using the previous version on demo in forward and have backtested and found it to be very profitable.
I have now gone live and making money.
I've been busy developing other EAs but I haven't forgotten Piplite. In fact, Piplite is one of my 3 EAs on my live account that just sits there and continues to make money.
I have made several modifications to ensure Piplite continues to trade across multiple broker platforms. I have removed the set file from the first post and encorporated the information into this new version of Piplite v3.0. You can find the new version here.
I decided to go with a jump from v2.1 to v3.0 due to all the changes implimented. You will find a list of the complete changes on the first post. I have attached here three backtests for reference to show that Piplite trades on 4 decimal, 5 decimal and micro (penny a pip) platforms and accounts.
To answer some questions, Piplite has a time filter on it to trade 12 hours starting at 21 GMT and ending at 9 GMT. This time frame has helped Piplite to stop huge trend movements and proves to be the best overall. Just set the new GMT Offset for your broker and you're set. Piplite will continue to monitor all open trades all the time to ensure that you can close your "basket" of outstanding trades in profit. The time throttle is there mostly to stop too many trades from being opened.
Piplite will set the right aRSI time indicator period during it's calculation but you must place it on the right timeframe! Piplite is now only recommended to trade the GBPUSD on the 30 minute chart as all other pairs have proven unsatisfactory during this current market condition.
Piplite plays well with other EAs as generates a magic number based on the pair you are trading. Piplite will also autodetect your broker decimal (4 or 5). You will need a broker that trades down to the micro lot (.01) as any other lot size higher will kill your account! Penny a pip account types will need to set the new IBFX micro value to true.
Remember, there is no set file now. Piplite is good to go, right out of the box for GBPUSD on a 30 minute chart. You just need to set your specific account details and your risk tolerance parameters. Piplite is an equity trader so no TP is sent to the broker and if you have POSL turned off, no SL is sent to the broker either making Piplite inherently stealthy. If you experience spotty internet connections, I recommend turning POSL on to have a stop loss based on the Equity Protection Percentage to the broker. As always, have fun! I've made some good money with Piplite with the settings that are in it right now! Enjoy!
Hi lron ,
Thank you for your EA.
EA not working
I dont know what is happening but the Latest Piplite v3.1 is not working or maybe I am not doing what I am suppose to do. I only loaded the Piplite v3.1 in the experts folder on my platform. How do I load the remaining files? Please can somebody out there help......
How do I load these files?
signal bars v71.ex4
Load the adaptive rsi.mq4 and signal bars v71.exe into the program files>ibfx>experts>indicators folder. I had the same problem because had renamed adaptive rsi to something else and the ea did not recognize it. Look in the journal and experts of metratrader. It will also give you an insight to the problem as well. Journal and experts is located next to the trade, account history, news, alerts etc on metatrader. Hope this helps
Forget piplite gbpusd.tpl into the template folder. Program files>ibfx>template
I have been using Piplite very successfully on GBPUSD 5min chart. Have changed the Profit Skew to 7 and the Rsi period to 5. I have noticed that it can sometimes take hours before opening a trade and in that time i am sure it could have had a profitable trade. Is there any way of making the EA open a trade immediately after it is loaded? Would appreciate any help with this
Thanks Iron for making this EA available..Wish you everything of the best.
First to answer the question about Piplite being a hedging trader. It is not a hedging trader. Sometimes, and on rare occasion, during the start of it's trading basket, it has a hard time determining the correct direction.
This happens when Piplite has a .01 buy/sell lot out there and the direction suddenly reverses so it puts an opposite buy/sell. Well, if your broker did not allow hedging, your broker would close out both trades. It will probably be at a small loss but Piplite will have the correct direction now.
Piplite does not put a trade out there the second it is placed on a chart. Changing the parameters to get it to place trades is asking for trouble. Let Piplite do it's thing. The parameters for success are built right into Piplite v3.1 on the GBPUSD m30. If you change any of these things, you do so at your own risk and probably bad trades.
Piplite will not be modified for the "hedging" issue. In fact, this issue will ensure Piplite trades successfully in the correct direction!
Many thanks for your answers. Much appreciated. Will follow your advice.
Another question - if my computer were to turn off during trading and there were 3 orders open (0.01, 0.02 and 0.03), then when i reload metatrader, would piplite remember that it had opened 3 orders, and manage them appropriately? would it realise that the next order to open should be the 4th lot size (i.e. 0.04) ?