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.
OmegaIB.zip (1.11 KB)
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I’ve tried adding the EA to a chart but for some reason its un-successful.
Any ideas?
cheers4now:confused:
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.
droog, i had the same problem…it will not go on the chart…so what next?
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.
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.
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 
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.
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.
well in the new one I have used the open/close (i.e. without the wicks) for the preceding bar, and i’m checking if the next bar is fully (i.e. WITH the wicks) is inside the previous one. I was thinking this would give it a more tighter/accurate result.
Although now you have pointed out something else. I have been checking the length of the bars, and not their exact range. For example, if a bar is smaller than the previous bar, but the actual numbers in the range are higher up, I still recognize it as an IB. This could be one of the problems. I will fix the code to check for range explicitly.
Bingo. That’s why it was giving so many false signals. The range is what matters. not the size or the open and close.
According to the system it is the full bar including wicks. If this can fit completely within the one before and is within the same range it is an IB.
Then the next step would be checking for the stoch hook and that the next bar (after the IB) is one pip above the IB’s highest point during this bars 15 minutes (would trigger a buy signal) or one pip below the IB’s lowest point to trigger a sell signal.
I can’t wait to check it out.
Also any idea on why it dings with each tick after the initial alert?
You also may want to check your tp code as it takes a profit on 1.00 every time. It should wait for the corresponding close signal (another ib going the other way or a starburst? candle stick) prior to taking profit.
This is probably why the back testing isn’t working so well.
Yea I’m playing an alert sound whenever it finds an IB 
This was for my forward testing. You can comment it out the “PlaySound” line. I guess I will just put some sort of symbol or a mark directly on the chart indicating an IB.
Interesting… yea right now the only way to close a trade is if the t/p or s/l are met
Yeah I would imagine it would be hard to code the reverse to close. Is there a way to set the tp at +1.00? I tried manually adjusting the file but it didn’t seem to make a difference.
In any case great job so far. I’m looking forward to the new version so I can test it out.
oops I missed this reply. A single ding (if possible) plus some sort of visual on the map woud rule.
That way you get the audio ding for when it’s running in the background and the visual so it’s easier to see which chart or charts have the ib setup.
well here is the updated EA. I added order closing code as well (i.e. when it sees an IB in the opposite order direction, it closes the open order).
The system performs well at times. For example, with E/U pair, the profit went up to 4.5k, but then it screws up pretty bad and brings the total net profit in the negative. And I think this is problem with the system, not the code. I went back and checked where it failed, and I could see that in those cases the IB method fails itself. I see a clear IB, with all the signs indicated by James. Yet the trade actually goes on to loose. This could also be because of inaccurate back testing results, however.
EDIT: Nevermind it does appear to be working correctly.
so what say you dude. What should be done. I think the exit strategy that we’re thinking about is not right. We shouldn’t be looking for an IB in the other direction to exit the trade. There must be something else that gives a quicker indication to exit.