Jimdandy Trade Management Tool
This tool is a software I developed that involves placing a trade in the market at a time or price where you believe a substantial price movement is about to occur such as when an important speech or employment report is about to come out.
We place a trade and wait for the move to occur. If we enter the market in the wrong direction the tool will stop and reverse our position at a preset stop level. As the market continues to move in that same direction our newly placed trade makes enough profit to compensate for the previous losing trade by a pre-determined amount and we close with a net profit.
I developed this tool to place a trade based upon a certain pre-scheduled time or pre-designated price on the chart. I have buttons for buying, selling and closing trades manually and a button that prevents the EA from re-entering. Also, on the chart is the trade number, lot size and current profit of this trade.
You can also set an expiry time, a certain time to pass after entering the initial trade where you are willing to get out with a certain amount of profit or loss. Of course, there are the normal parameters you would expect... lot size, buy/sell, stop loss and take profit amounts, the option of choosing some automatic martingale multiplier or whether we want to manually select the lot size for each subsequent trade up to 15 trades.
This is not a set it and forget it EA. There are some strategic decisions that must be made on the part of a user. However, the concept is a simple one. Once we enter the market at a certain price, if and when the market moves away from that price EITHER DIRECTION by a substantial amount the EA will take profit. Either by going straight to our take profit level or by getting stopped out and reversed and moving on to the new take profit level in that direction.
In addition to that I also have incorporated into this the ability to set an alarm to let you know when your current trade becomes positive or when the entire trade sequence becomes positive. I also put code in here to protect against wide spreads.
You have the ability to choose how many points spread you are willing to accept. It will try to place the trade a designated amount of times that you choose, spaced a number of milliseconds apart that you designate between each attempt.
It will sound an alert and send you a notification to your phone to let you know that it has not been able to enter the trade.
Of course, you have the option in the trade management tool to select what you want the onscreen panel to look like. You can choose which font and what colors you would like to use and even what color you want the chart to be when you are in a buy trade, sell trade, or in no trade.
Finally, I have included the option to have the EA take a trade at the same hour every day. This was an option that I added simply so that I could use it in the strategy tester to test the effectiveness of trying to enter the market at the same time each day.
This tool is like a hammer. It can build an account for you or it can destroy it. It is up to you. Use it wisely.
I wish you the best in your trading.
1. I had to modify the program so that it could recognize these instruments to create the proper magic numbers.
2. The "Excessive Spread Protection" setting has been moved to the top of the settings so that it is easier to find. Also we now have the option to enable or disable it. By default it is disabled.
3. With the new CFD's, the ability to properly determine a pip was added for instruments with only 1 decimal place. On SPX500 a .01 lotsize will gain or lose a penny per pip of movement.
2. There is a setting to override manual entry and use indicator bias for entry direction. If this was set to something other than NO, it would even override the buy and sell buttons on the dashboard. You could hit the buy button but if the indicator was biased towards sell, it would enter a sell instead. This version fixes that issue.
3. I added XAUUSD and XAGUSD to the list of pairs, for which the EA will auto generate a magic number.
Subscribers who live in a timezone that is ahead of GMT need to upgrade to this version immediately!
Some traders who live in a location where their local time was several hours ahead of GMT such as Australia were not getting their scheduled trades to be placed at the intended time on their brokers servers. I have completely re-coded the trade scheduling portion of this EA to address this problem. Subscribers whose timezone is ahead of GMT need to upgrade to this version immediately!
1. We added two additional trading lines which enable placing buy stops and sell stops. We now can use buylimitline, buystopline, selllimitline, and sellstopline scripts to control our trades. This replaces the previous bulyine and sellline scripts.
2. I added an OCO setting (One Cancels Other) for use with the line trading orders.
3. Instructions on how to use the EA can be found by clicking the copyright link.
1. Added an instructional page link accessed by clicking the copyright link.
2. Added a new type of order expiry based on how many orders deep we have gotten in our trade sequence. This is a nice addition to the "timed" expiration.
3. I have added the option to decide whether you want to place a trade with the stop loss and take profit set at trade placement time or whether to do it in two stages. i.e. place the trade and then modify it to set the stop loss and take profit.
4. On the onscreen dashboard I have added a "Reverse" button. This will allow us to reverse the position of a losing trade without advancing our trade sequence number or lot size.
5. There some other issues fixed dealing with broker servers that are several hours ahead of GMT.
You can now choose to use a Moving average cross, Moving Average compared to current bid price, Stochastics or Macd indicators to choose the direction to enter the trade. This gives the user many more options to choose from when developing a trading strategy using the strategy tester.
Also I have added the ability to move the trade to breakeven and lock in some profit according to the users settings as well as providing the option for setting up a trailing stop to maximize profits.
This is a link to the video which explains and shows how to use all of the new features: https://youtu.be/O5G6h0ewOig
If you have not watched the first video, here is the link to it: https://youtu.be/_XNin3zH5tI