Forum on trading, automated trading systems and testing trading strategies
How to Start with Metatrader 5
newdigital, 2013.09.20 08:21
How to run a paid indicator from the Market in your Strategy Tester
Rosh, 2014.03.20 12:09
Now you can test any indicator simplier - https://www.metatrader5.com/en/terminal/help/interface
newdigital, 2014.03.07 09:08
Who Can Trade a Scalping Strategy? (based on dailyfx article)
The term scalping elicits different preconceived connotations to
different traders. Despite what you may already think, scalping can be a
viable short term trading methodology for anyone. So today we will look
at what exactly is scalping, and who can be successful with a scalping
What is a Scalper?
So you’re interested in scalping? A Forex scalper is considered anyone
that takes one or more positions throughout a trading day. Normally
these positions are based around short term market fluctuations as price
gathers momentum during a particular trading session. Scalpers look to
enter the market, and preferably exit positions prior to the market
Normally scalpers employ technical trading strategies utilizing short
term support and resistance levels for entries. While normally
fundamentals don’t factor into a scalpers trading plan, it is important
to keep an eye on the economic calendar to see when news may increase
the market’s volatility.
High Frequency Trading
There is a strong misconception that all scalpers are high frequency
traders. So how many trades a day does it take to be considered a
scalper? Even though high frequency traders ARE scalpers, in order for
you to qualify as a scalper you only need to take 1 position a day! That
is one of the benefits of scalping. You can trade as much or as little
as you like within a giving trading period.
This also falls in line with one of the benefits of the Forex market.
Due to the 24Hr trading structure of Forex, you can scalp the market at
your convenience. Take advantage of the quiet Asia trading session, or
the volatile New York – London overlap. Trade as much or as little as
you like. As a scalper the choice is ultimately yours to make!
There are always risks associated with trading. Whether you are a short
term, long term, or any kind of trader in between any time you open a
position you should work on managing your risk. This is especially true
for scalpers. If the market moves against you suddenly due to news or
another factor, you need to have a plan of action for limiting your
There are other misconceptions that scalpers are very aggressive traders
prone to large losses. One way to help combat this is to make scalping a
mechanical process. This means that all of your decisions regarding
entries, exits, trade size, leverage and other factors should be written
down and finalized before approaching the charts. Most scalpers look to
risk 1% or even less of their account balance on any one position
Who can Scalp?
So this brings us to the final question. Who can be a scalper? The
answer is anyone with the dedication to develop a trading strategy and
the time to implement that strategy on any given trading day.
GoMarkets broker, initial deposit is 1,000
Alpari UK broker initial deposit is 1,000
RoboForex broker initial deposit is 1,000
Gold is Reaching at 1270
newdigital, 2013.07.01 21:04
How can we know: correction, or bullish etc (in case of using indicator for example)?
well ... let's take AbsoluteStrength indicator from MT5 CodeBase.
bullish (Bull market) :
bearish (Bear market) :
ranging (choppy market - means: buy and sell on the same time) :
flat (sideways market - means: no buy and no sell) :
correction in a bear market (Bear Market Rally) :
MQL5 Cookbook: Multi-Currency Expert Advisor - Simple, Neat and Quick Approach
This article will describe an implementation of a simple approach
suitable for a multi-currency Expert Advisor. This means that you will
be able to set up the Expert Advisor for testing/trading under identical
conditions but with different parameters for each symbol. As an
example, we will create a pattern for two symbols but in such a way so
as to be able to add additional symbols, if necessary, by making small
changes to the code.
A multi-currency pattern can be implemented in MQL5 in a number of ways:
We can use a pattern where an Expert Advisor is guided by
time, being capable of performing more accurate checks at the time
intervals specified in the OnTimer() function.
Alternatively, as in all the Expert Advisors introduced in the previous articles of the series, the check can be done in the OnTick()
function in which case the Expert Advisor will depend on ticks for the
current symbol it works on. So if there is a completed bar on another
symbol, whereas there is yet no tick for the current symbol, the Expert
Advisor will only perform a check once there is a new tick for the
There is yet another interesting option suggested by its author Konstantin Gruzdev (Lizar). It employs an event model: using the OnChartEvent()
function, an Expert Advisor gets events that are reproduced by
indicator agents located on the symbol charts involved in
testing/trading. Indicator agents can reproduce new bar and tick events
of the symbols they are attached to. This kind of indicator (EventsSpy.mq5) can be downloaded at the end of the article. We will need it for the operation of the Expert Advisor.
MQL5 Cookbook: Developing a Multi-Currency Expert Advisor with Unlimited Number of Parameters
The multi-currency Expert Advisor considered in the previous article "MQL5 Cookbook: Multi-Currency Expert Advisor - Simple, Neat and Quick Approach",
can be very useful if the number of symbols and trading strategy
parameters used is small. However, there is a restriction on the number
of input parameters of an Expert Advisor in MQL5: they should be no more
And even though this number will very often be sufficient, it is very
inconvenient to use such a huge list of parameters. Every time a change
or optimization of parameters for a given symbol is required, you have
to search parameters for that specific symbol in the long parameter
In this article, we will create a pattern that uses a single set of
parameters for optimization of a trading system, while allowing for
unlimited number of parameters. The list of symbols will be created in a
standard text file (*.txt). Input parameters for each symbol will also be stored in files.
It needs to be mentioned here that the Expert Advisor will work on
one symbol in the normal operation mode but you will be able to test it
in the Strategy Tester on a variety of selected symbols (on each symbol
It would, in fact, be even more convenient to create the symbol list directly in the Market Watch
window, considering that it even allows for saving ready made symbol
sets. We could even make the Expert Advisor to get the symbol list in
the Market Watch window directly from the Strategy Tester. But
unfortunately, it is currently not possible to access the Market Watch
window from the Strategy Tester, so we will have to create the symbol
list manually in advance or using a script.
Social Trading with the MetaTrader 4 and MetaTrader 5 Trading Platforms
What is social trading? It is a mutually beneficial cooperation
of traders and investors whereby successful traders allow monitoring of
their trading and potential investors take the opportunity to monitor
their performance and copy trades of those who look more promising.
You monitor real-time trading of a number of traders, connect to the
most successful ones and copy their trades in automatic mode - that's
what social trading is about. For novice and inexperienced traders who
have just turned to financial markets for additional income, it is
probably the best opportunity to actually start trading.
Another MQL5 OOP Class
Building a complete object-oriented EA that actually works is in my
humble opinion a challenging task which requires many skills all put
together: logical reasoning, divergent thinking, capacity for analysis
and synthesis, imagination, etc. Let's say that if the automated trading
system that we have to solve was a game of chess, its trading idea
would be the chess strategy. And the execution of the chess strategy
through tactics would be the programming of the robot through the use of
technical indicators, chart figures, fundamental economic ideas and
The Implementation of Automatic Analysis of the Elliott Waves in MQL5
One of the most popular methods of
market analysis is the Elliott Wave Principle. However, this process is
quite complicated, which leads us to the use of additional instruments.
One of such instruments is the automatic marker.
This article describes the creation of an automatic analyzer of Elliott Waves in the MQL5
language. It is assumed that the reader is already familiar with the
wave theory, if not, you need to refer to the appropriate sources.
newdigital, 2014.03.26 14:17
What is the ’Best’ Time Frame to Trade? (based on dailyfx article)
One of the most important aspects of a trader’s success is the approach
being utilized to speculate in markets. Sometimes, certain approaches
just don’t work for certain traders. Maybe its personality or risk
characteristics; or perhaps the approach is just un-workable to begin
with.When using multiple time frame analysis, traders will look to use a
longer-term chart to grade trends and investigate the general nature of
the current technical setup; while utilizing a shorter-term chart to
‘trigger’ or enter positions in consideration of that longer-term setup.
We looked at one of the more common entry triggers in the article, MACD
as an Entry Trigger; but many others can be used since the longer-term
chart is doing the bulk of the ‘big picture’ analysisThe Long-Term Approach
Optimal Time Frames: Weekly, and Daily Chart
For some reason, many new traders do everything they can to avoid this
approach. This is likely because new, uninformed traders think that a
longer-term approach means it takes a lot longer to find profitability.
In most cases, this couldn’t be further from the truth.
By many accounts, trading with a shorter-term approach is quite a bit
more difficult to do profitably, and it often takes traders considerably
longer to develop their strategy to actually find profitability.
There are quite a few reasons for this, but the shorter the term, the
less information that goes into each and every candlestick. Variability
increases the shorter our outlooks get because we’re adding the limiting
factor of time.
There aren’t many successful scalpers that don’t know what to do on the
longer-term charts; and in many cases, day-traders are using the
longer-term charts to plot their shorter-term strategies.
All new traders should begin with a long-term approach; only getting
shorter-term as they see success with a longer-term strategy. This way,
as the margin of error increases with shorter-term charts and more
volatile information, the trader can dynamically make adjustments to
risk and trade management.
Traders utilizing a longer-term approach can look to use the weekly
chart to grade trends, and the daily chart to enter into positions.The ‘Swing-Trader’ Approach
Optimal Time Frames: Daily, and Four-Hour Charts
After a trader has gained comfort on the longer-term chart they can then
look to move slightly shorter in their approach and desired holding
times. This can introduce more variability into the trader’s approach,
so risk and money management should absolutely be addressed before
moving down to shorter time frames.
The Swing-Trader’s approach is a happy medium between a longer-term
approach, and a shorter-term, scalping-like approach. One of the large
benefits of swing-trading is that traders can get the benefits of both
styles without necessarily taking on all of the down-sides.
Swing-Traders will often look at the chart throughout the day in an
effort to take advantage of ‘big’ moves in the marketplace; and this
affords them the benefit of not having to watch markets continuously
while they’re trading. Once they find an opportunity or a setup that
matches their criteria for triggering a position, they place the trade
with a stop attached; and they then check back later to see the progress
of the trade.
In between trades (or checking the chart), these traders can go about living their lives.
A large benefit of this approach is that the trader is still looking at
charts often enough to seize opportunities as they exist; and this
eliminates one of the down-sides of longer-term trading in which entries
are generally placed on the daily chart.
For this approach, the daily chart is often used for determining trends
or general market direction; and the four-hour chart is used for
entering trades and placing positions.The Short-Term Approach (Scalping or Day-Trading)
Optimal Time Frames: Hourly, 15 minutes, and 5 minutes
this is probably the most difficult way of finding profitability; and
for the new trader, so many factors of complexity are introduced that
finding success as a scalper or day-trader can be daunting.
The scalper or day-trader is in the unenviable position of needing the
move(s) with which they are speculating to take place very quickly; and
trying to ‘force’ a market to make a move isn’t usually going to work
out that well. The shorter-term approach also affords a smaller margin
of error. Since less profit potential is generally available, tighter
stops need to be utilized; meaning failure will generally happen quite a
bit more often, or else the trader is opening themselves up to The
Number One Mistake that Forex Traders Make.
To trade with a very short-term approach, it’s advisable for a trader to
first get comfortable with a longer-term, and swing-trading approach
before moving down to the very fast time frames. But, once a trader is
comfortable there, it’s time to start building out the strategy.
Scalpers can look to the hourly chart to grade trends, and the 5 or 15 minute charts for entries