The markets are simply nuts these days. I saw some wild movements and you experienced what I experienced. When a pair trends wildly and doesn't retrace, Piplite will not take a profit. Pipmaker would have crashed your accounts. Piplite protected whatever you set in your accounts. 50% loss is a 50% loss however.
I worked most of the day on Piplite with regard to issues of slippage, stoploss, broker decimal and other areas. The slippage and stoploss have been fixed to work with both 4 and 5 decimal brokers correctly. This logic simply was not in existance if you were using Piplite on a 5 decimal broker which is why, during potential reqoutes, trades didn't close. The menu has been changed to reflect, well, a menu that has descriptions. Money Management is changed to add a maximum lot value based on a 16 open trade potential.
Additionally, the set files have been changed to reflect these changes. The trade logic remains unchanged and I'm looking at the previous RSI suggestion with regard to trending. It looks simple enough but after the last 2 days of trading, I hope this potential addition will make Piplite a more stable trader. More to follow. Get the new versions and set files here.
Another possible protection
Would it be possible to also add in TimeGrid so that there is a "delay" between orders in fast moving markets? This feature is also in Blessing and it helped that EA when the EUR went nuts this week.
By the way, I was trading Piplite and Blessing 2 on the EURGBP this week. Piplite crashed because it went short and since Blessing 2 was only trading "with" the trend on the big run up, it made money because it only went LONG. Not sure if it means anything, but it sure helped in this case. The MA indicator with Blessing EA seemed to have saved the day.
I stripped down this EA and incorporated some of my own ideas. It took me forever because I'm teaching myself programming as I go. I back tested it from 10/1/08 until today. It performed beautifully. Tested on GBP/USD 1 hour. Max DD 11.75% (This is on aggressive setting). I just need to get rid of the "flat" spots in the equity curve. I need a good trending or ranging indicator.
I'm not sure where to begin so I'll start with the changes. I've encorporated an RSI trigger into the decision matrix to trade or not to trade if the RSI goes above/below a window of trading. The is a potential method of protection from super trending markets. The new Piplite is here. It can be turned on or off and the window can be sized. The default window is 40 making the high RSI 70 and the low 30. This feature worked on the EURCHF. It reduced the drawdown but also reduced the profit. BUT, it also made it through Nov 15, 2008.
As for the most recent market activity, this feature wasn't needed but optimization was. The GBPUSD set and the EURGBP set required a few small changes in the settings in order to make it through last week. The GBPUSD reduced the ProftiSkew to 3.5, down from 5. The EURGBP required more corrections in the aRSI and the StdDev sections but each of these changes allowed each pair to trade safely through last week. All backtests are added for your review. The set files are attached here in the first post.
For everyone trying to tweak Piplite or Pipmaker for that matter, it's not about how aggressive you can get the settings; it's about how safe you can tweak the settings to be safe. I believe backtests for at least the beginning of the year through today to be the best. I can take Piplite right now and run it for 4 months on very aggressive settings and make a mint! I've done it in backtests several times. I've run it in demos and made a mint but each and every time, Pipmaker crashed my accounts down to zero. That is one reason I changed Pipmaker into Piplite. This "already stripped down" version encorporated one thing as paramount: Account Protection.
Everyone going largely or aggressive need to be aware. A profit target of 50 dollars is beyond aggressive. This is the bare minimum: $2500 standard account, .01 lots max, $250 micro, .01 lots max. Finally, I made these changes in the hopes folks will take the EA and run optimizations on many pairs and share their successful tests with us. I've seen it in the Pipmaker forum and now here but everyone seems to be looking for the one thing: to make money. I know I am! I do know it requires work and understanding and I hope everyone who uses Piplite can take these set files an make money. I also hope that every contribution improves the possibilities that we all may benefit by shared ideas, shared testing, shared changes, shared set files and more than anything, shared successes. Go out now and make money...
I have a request that could help add safety to the EA
The following extern I got from Blessing 2 which has this feature:
extern string TimeGridSet = "Default grid set time in seconds";
extern int TimeGrid = 2400; // Time Grid in seconds , to avoid opening of lots of levels in fast market
Could you please add in this feature as I believe it would only help.
The results are looking good so far. Many thanks to Iron for the ea and his set files.
I've seen alot of changes in pipmaker adding bunch of indicators. I guess this might be be the answer with RSI. But I was wondering if there is a possibilities with heiken ashi smoothed? This ea is very risky but I'm willing to take the risk after several forward testing. We just have to find the strong trend after all.
To me the best perfomance was the pipmaker v9-1 with heiken ashi smoothed indicator
I made a bunch of modifications to the Piplite EA. The first thing I did was take out the fisher indicator. I then added a RSI filter to stop trading at oversold and overbought levels (70/30). I'll try the heiken ashi smoothed indicator too. Like i previously stated, i'm learning programming as I go. I'll keep everyone updated on my results.
The only problem for the pipmaker is floating losses. Letting your losses run and keeping the profit tight. This is the reason why pipmaker failes lol. Logically it would be safe adding one indicator which finds the strong trend (ma's rsi, heiken ashi, supertrend) and confirming with indicator which finds the top and bottoms. Confirming each other before placing trades would be safer. Any one tried one of these? combining oscillator and momentum indicators.
It's great to see someone else working on making this thing "click" I had removed Fisher at one point but aRSI as the only entry wouldn't trade the GBPUSD at all at any level with the current markets.
The decision to add the RSI for 70/30 (adjustable) brought a decision matrix to the trade logic that assited but I only backtested the EURCHF to see the results. It kept the DD lower...but also the profits.
Piplite makes money best by trading against the trend and closes on reversal for a profit. That's what makes this thing profitable and...dangerous. Who can truly predict that a reversal will occur? Finding a trend is one thing. Closing for profits is another.
I look forward to seeing workable and backtestable versions without the assistance of enterance indicictors. Blessing 2 uses but one simple indicator...go give it a look.
The simplier, the better...KISS always!