40 - 100 pips a day MT4 EA

[DarezGhost]

Using the IB/stochastic based system posted by James, I have written an EA for MT4. I have followed his instructions strictly, and have filled in the gaps in some cases.

Code is attached.

[james]

Hi everyone James

MANY THANKS FOR YOU WORK ON THE MT4 EA DarezGhost


Having had a great responce to the 40-100 pips aday trading system
I was asked if is was possible to start a live group to trade the market.

I am doing this from 7.00 am GMT UK time until around 4.00pm GMT UK time news allowing were you can trade live with me each day monday to friday in a members lounge.


Training with live charts and step by step interactive guidance learning how to trade the system including,


A. / How to Know exactly when to place your entry order
B. / How to Know exactly when to place you stop loss
C. / How to Know exactly when to place your profit objective

Training session's live on screen in real time after the morning session in the new chat room plus video's so you can go over the trade set ups again and again.


Please read the system on my other thread 1st Between 40-100 pips per Day



Limited Spaces availible to register email me on

ibsystem@hotmail.co.uk

[droog]

I've tried adding the EA to a chart but for some reason its un-successful.

Any ideas?

cheers4now

[DarezGhost]

Yes it was a kind of unsuccessful for me too with backtesting. I am not sure if thats because the back testing results are generally not accurate. Also, the system doesn't specify how to set stop loss and take profit values, which I had to guess at. Maybe thats also one of the reasons.

Anyway, I have created a new modified version which combines the IB (inner bar) strategy with parabolic SAR (stop and reverse) indicator. This technique never failed with my back testing, i.e., it never had a losing trade. Unfortunately, its "extremely" conservative. It only opens a few trades over a long time period, so you basically earn a tiny amount.

I think the EA can be better adjusted once I get to see Jame's live trading session. That would remove some of the confusions, which I can then fix in the EA.

[ozzy007]

droog, i had the same problem....it will not go on the chart...so what next?

[Jimmy]

During backtesting it always took a profit at 1.00 and let losses go so that no matter what it would always lose more than it made. I tried tweaking the values for tp manually but it didn't seem to help.

Also it didn't seem (according to the chart) to enter at valid points ie a real IB.

The alert part also dings on every tick after it firsts alerts you which is quite annoying.

This is my first attempt at using an EA so perhaps I did something wrong when setting it up?

In any case it is good at alerting to potential trades based on James' system. I think with some tweaking it could work fairly well but I don't know that I would let it go live on it's own as there could be news based disasters.

[droog]

No idea ozzy. I did compile it to check for errors etc. Still no joy. C'mon Santa tell us how to add it to the chart.

[DarezGhost]

I think I might have found a potential problem with the EA that I wrote up. I was computing the bar sizes for determining the IBs by using the high/low prices. I think the open/close prices were meant to be used instead. I had done some modifications to the EA and now it _does_ always identify the IBs. The modified EA is attached. However, back testing results are still not profitable :/

[DarezGhost]

Originally Posted by droog

No idea ozzy. I did compile it to check for errors etc. Still no joy. C'mon Santa tell us how to add it to the chart.

This is not an indicator, its an EA. It doesn't display anything on the charts, it simply tells you when to buy or sell.

Put this mq4 in your experts directory, and then run MT4. Then you should see "Omega IB" in your list of expert advisers. Open up a chart, then right click the Omega IB, and click on "attach to chart". Once you have done that, you should start getting trade windows pop up when the proper IBs are detected. Also, you can see whats going on in the "experts" tab of the terminal window.

[Jimmy]

Originally Posted by DarezGhost

I think I might have found a potential problem with the EA that I wrote up. I was computing the bar sizes for determining the IBs by using the high/low prices. I think the open/close prices were meant to be used instead. I had done some modifications to the EA and now it _does_ always identify the IBs. The modified EA is attached. However, back testing results are still not profitable :/

You had it right the first time. It is the size of the bars including the wicks not the open close.

Basically you would want to say if 1 bar is equal to or less than (including wicks) the preceding bar than it is an IB. By equal I mean within the same range. So the ib cannot be even one pip above or below the full range (including wicks) of the preceding bar.

There are some good screen shots in the ib system threads that detail what is and what is not an IB.