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Hello!
There are so many systems out here based on indicators and it takes so much time to go through all of them to see which one deserves merit.
However most are indicator based and lagging indicators make it difficult to really simplify trading decisions and get consistent results. In the meanwhile I want to order a new EA here on volatility breakout system which has simple entry exit rules. The best thing about this system is the simple entry and exit rules which can be programmed and tweaked to get the best optimum settings.
This system was one of the best systems dedigned by the legendary trader "Larry Williams" and explained in his book "Long Term secrets to short term secrets", which had created a real buzz in trading circles. What is more astounding is his ability to trade 10k accounts into 1million in one year.
About EA:
Volatility breakout implies a expansion in volatility in price ranges which acts as catalyst to longer term trends.
Set buy stop at 70% of yesterdays range (high minus low) added to todays open + spread. Stop loss is 50% of yesterdays range deducted from entry point.
Set sell stop at 70% of yesterdays range (high minus low) dedcuted from todays open. Stop loss is 50% of yesterdays range added to entry point plus spread.
"length = input(5)
numATRs = input(0.75)"
Also, include the Volty_channel indicator and add Trailing Stop.
If at the end of the day, if neither of the enties levels have been, cancel all order and repeat same again tomorrow.
Condition: you can only trade in 1 direction. So if your buy stop has been trigerred and stopped out. This only occurs around 7% of trades. If a trade gets stopped out and a new signals is given in the opposite direction, this reversing trade usually more than makes up for the first loss.
Please note that this system rules though originally by Larry williams. However there is a shortage of programmers to make an EA, so I took the liberty of posting it here to gather any of you brilliant programmers to prepare an EA to test its results.
I am sure that many of you are still thinking indicators to daytrade, but I think this deserves a look. Rules are precise, entry , exits, SL. Very less chance of ambiguity.
Anyone up for making EA? Would appreciate it.
Regards