I have a successful low risk Martingale which will never blow your account.I request anyone who has software knowledge to code this for me and everyone in this forum who is interested.
The EA is an MT4 scalping EA( MQL4) based on Martingale principles similar to some other EA .Only difference is in SL,TP and hedge distance .ie 10 pip TP,16 pip SL &6 pip hedge distance ie every 6 pip movement in the opposite direction opens PO .
Starts with an initial trade in any direction say long and opens new orders(hedge) every 6 pip movement in the opposite direction(using pending order ) .The TP and SL are 10 pip and 16 pip respectively. There is no trade setup required as it is a scalping strategy and can be traded on any candle, any time(however EUR/USD with a low spread(.5-1 pip) broker ideal)
Suppose I started trading EUR/USD long at 1.2150 (.01 lot).My TP is 10 pips ie 1.2160(modifiable).immediately EA should put a pending order stop(sell stop) at 1.2144(.02lots)(since the gap is only 6 pip after the initial long trade pending order short should be immediately opened and with opening of every PO the next hedge PO should be instantly opened)If my tp is not triggered and market moved in the opposite direction, my sell stop will be triggered at 1.2144 with 10 pip tp and 16 pip sl. Now I have a
long eur/usd 1.2150 and tp 1.2160 sl 1.2134 (.01 lot)
short eur/usd 1.2144 and tp 1.2134 sl 1.2160 (.02 lot)
If my short doesnt trigger TP again repeat the first step long 1.2150,this time .03 lots(by putting pending order immediately once short is triggered. The cycle is repeated until my TP is triggered on one side of either long or short, along with SL closing of all opposite positions simultaneously)
The progression of lots would be the sum of last 2 positions ie
.01,.02,.03,.05,.08,.13,.21,.34,. 55or .1,.2,.3,.5,.8,1.3,2.1,3.4,5.5 lots.
Provision for slippage control (allowable upto 4 pips) should be there for the opening trade while dealing with Fixed non ecn broker
Maximum step is 9 positions then EA stop putting PO allowing to close on either side.That wont wipe out your whole account but will result in a drawdown of 50% on your monthly prrofits.But since the TP is a small 10 pip,the trade will close before 3rd or 4th position.
Since the trade positions remain in a hedged position I can open trades with a low margin.
I need to test this on a demo first(manually done successfully for a month) and then go live.
The advantages of this system are low TP of 10 pips and Martingale is not double like conventional Martingale and is only added lot size of the last 2 positions.
The profit varies in each position from 3 pips to 8 pips.(If you are able to close the trade in the first position 5 to 10 pips.2nd position 4 pips .3rd position 8 pips and so on)
Since it is a scalping strategy ,you can have 4 0r 5 successful trades easily in a day and agressively you can get 10-15 trades in a day bagging an average 1000 pips in a month which doubles your capital monthly.
you can start with.01 lot with a starting capital of 120$, .1 lots if you have 1200$ capital and 1 lot if you have 10K capital (1:500 leverage)
The advantages of this system are low TP and adding Martingale and disadvantage is short distance of 6 pip to hedge. But the average TP trigger happens at the 3rd or 4th position.
Request anyone to develop an MQL4 EA which runs on MT4.Your feedback positive or negative is appreciated.Thank you.
Avoid low volume periods and highly volatile times like news releases on EUR,GBP&USD.The wide spread will take you out.
Yesterday on EUR one big candle of 15 mnts moved 125 pips.These are the ideal times suited for this strategy.Also look for a trend .wait for 2 to 3 candles in the same trend.I can bet this is a sure shot strategy.
During my trial,Out of the 300 trades on demo 93 trades were closed in the first level(.1 lots)115 in the second level(.2 lots) and 52 in the third(.3) and 40 in the fourth (.5)level .No trade has gone beyond the 4th level and you need only 220$ margin to trade up to .5 on 1:500 leverage.
I believe low profit and low Martingale are the keys to success in a typical Martingale environment.Guys it's just a matter of 10 pips TP on any side.
Surprisingly no programmers or traders have responded anything so far.or do you think its not even worth discussing.
I urge scalpers to try it out on an ECN demo with low spreads or MM fixed spreads.Please avoid brokers who charge commission coz this wont be a successful strategy on ECN spreads +commission.
Do you have the code for the aforementioned similar EA? If so, it may be substantially easier from the development POV (assuming the code isn't horrendous). Post it and I'll take a look. If it's easy, I'll just do the change for you. If it would require a substantial amount of refactoring (or a complete rewrite of code), I'll let you know that I wouldn't be interested in doing it for free. Maybe someone else would pick it up at that point.
It is similar to black bird EA but i couldn't find the MQL4 here only the EX4 is available.The only difference with is the spread (the distance between the hedge ) and progression of lots in each level..If i get blackbird i can change the settings and use it.
I will try to make your ideas. But I still need cleared again...
Initial trade : buy/sell
spread : 6 (distance between the hedge)
close profit or TP :
Max orders :9
trade progression :.1,.2,.3,.5,.8,1.3,,2.1,3.4,5.5 (sum of last two.Max 5.5 ie 9 trades)
Eg: Eur/usd start buy.1at 1.2600 tp 1.2610 sl 1.2584
1.2594 sell .2 tp 1.2584 sl 1.2610, again at 1.2600 buy .3,1.2594 sell .5.repeat until you reach either tp or you can code like close profit with 2 $ 3$ etc closing all positions.
I will try to make your ideas. But I still need cleared again
Hi.What is the status?Are you on to it?Is there any chance..
Roney, I received your PM, but your inbox is full so it won't let me reply.
Sorry.I was unaware.I just cleared the inbox and made some space.Now you can pm mrebersv....
Sorry I'm new member so my posted is delay.Maybe in weekend I try to make it.I have EA like your idea but I must make it some change so same with your idea.
sorry I can't reply your PM because my posting still under 3. if you really want talk to me add my YM : ampunfx or fb : http://www.facebook.com/ampunfx