Before I start wondering aimlessly from page to page on google, I thought I would make a thread here and see if anyone can share some useful information for everyone.
I have recently started training price action but I want to test my pin bar strategy over past data.
I was wondering if there was a kind of software or particular method of doing this that is easier than just going back on my metatrader and trying very carefully to move the chart forward one candle at a time (very difficult on mt4).
If anyone has any ideas on how they would do this or knows of any software that might make this an easier task, I would appreciate and would also hope that this thread will be useful to other people.
Thanks again,
Fib
Sure, Basically, it’s your typical ‘buy/sell from a pin bar at support/resistance’ kind of system. I am operating on dailly charts and only trade in the last hour of the candle. I have been trading this ‘system’ on a very small live account for a little while but it has very few rules which is why I want to go through past data to look at pin bars, ‘trade’ them and try and quantify the system with ideas such as wick length, wick:body ratio, with/against trend, amount of confluence, number of recent tests on S/R etc to try and get a system with some REAL rules.
I can answer any other questions or re-answer this question if I have not been specific enough.
Fib
Hope you can find a good answer. I personally use Forex Tester 2, which I find better than MT4 for backtesting. What I do is scroll through each chart and enter the information into a spreadsheet manually. It obviously takes a long time, especially if you want to backtest a sample size of 1000+ trades.
To save yourself time you can take a small sample, like 100 trades, from random days or hours throughout the backtest period, and see what the results are. If they are positive (or at least interesting) then you can continue backtesting. If they look like a whopping failure, then you’ve saved yourself some time and you can move on.