FXSpirit,
The indicator is just a tool to help people see Cowabunga system setups easier. The rules for exits and Stop Losses can be found here…
Cowabunga System
Thank you phil,
i’ve read that post and it suggest some exit point and stop loss, so i asked if they are already included in the Cowabonga indicator.
But the important question is:
I’v understand that:
- The red line is the downtrend for the 4hours
- The blue line is the uptrend for the 4hours
- The blue arrow is a entry “buy” signal
- The red arrow is a entry “sell” signal
is true?
FXSpirit
- The red line is the downtrend for the 4hours
- The blue line is the uptrend for the 4hours
- The blue arrow is a entry “buy” signal
- The red arrow is a entry “sell” signal
Yes, all that is correct.
There aren’t any stoplosses or exit points in the indicator. That is an good idea though. When I have some free time I’ll add those to the indicator and post it here.
Does anyone else have any suggestions of things that could be added to the indicator to make it better?
Phil,
thank you again. 
I’m studying right now this indicator, if i have other ideas to improve it, i will tell you.
I want to study the code too, so i could help with the development… 
FXSpirit
Ehi Phil,
it seems that Cowabonga indicator don’t care about “overbought” or “oversold” condition in stochastic indicator, though they are two condition to avoid
have a look here: So You’ve Finished The School Of Pipsology…Now What? | Forex Blog: Pip My System
Good observation.
I don’t think the indicator should be changed to not give a signal if the stoch is in extreme territory, but perhaps it should pop up a warning?
Phil,
I think that the indicator should not give a signal in overbought or oversold situation, because it could be very dangerous.
I’ve seen some examples in theese days and many of the buy or sell signal in over* situation lead to loose money.
(check yourself)
I think that is better to follow the original rules in cowabonga indicator:
- Short trades: “Stochastics must be headed down and not in oversold territory”
- Long trades: "
“Stochastics must be headed up and not in overbought territory”
FXSpirit
Can someone post a link to the latest and greatest cowabunga MT4 indicator(s). I’ve tried to read through all the posts in this thread but seen many links to updated versions and am not quite sure which one is the latest. Also if possible has anyone tried this indicator on other pairs like AUD/USD? I know sir pipalot has mentioned that his system is most reliable with cable/GBP/USD pair, but wanted to know if anyone out there has any luck with using his system on other pairs?
thanks!
reggcj
The latest indicator can be found here…
I’m working on an updated version that should be done in about a week, but the current version works just fine. I’m just adding some new features.
These are the new features I’m working on for the updated Cowabunga system indicator. If there are any more suggestions feel free to let me know.
[ul]
[li]Gives suggested stop loss and take profit levels.
[/li][/ul]
[ul]
[li]Doesn’t give a signal if stochastics is in the overbought/oversold range (this option can be turned on or off, since some people don’t want it).
[/li][/ul]
[ul]
[li]Seperate sound and email alerts.
[/li][/ul]
[ul]
[li]You no longer have to reload the indicator after a mail alert.
[/li][/ul]
[ul]
[li]A “clean break” momentum feature that helps you determine if you should move your take profit higher under certain conditions.
[/li][/ul]
[ul]
[li]Displays Risk/Reward ratio of each trade.
[/li][/ul]
[ul]
[li]Only gives signals during certain hours of the day, which you can set. Defaults to the same hours Pip Surfer trades.
[/li][/ul]
Phil,
very good 
I’ve found another couple of things:
- the “Send_Mail=false;” when a mail is sent, but i think you are modifying it in your last release.
and
- a question about the trigger that define if the 4HR trend is UP or DOWN:
Now the stochastic part is:
if(Stoch4H1>Stoch4H2 && Signal4H1>Signal4H2) StochCHANGE4H=1;
else if(Stoch4H1>Signal4H1) StochCHANGE4H=1;
else if(Stoch4H1<Signal4H1) StochCHANGE4H=2;
else if(Stoch4H1<Stoch4H2 && Signal4H1<Signal4H2) StochCHANGE4H=2;
else StochCHANGE4H=0;
So, the triggers:
if(Stoch4H1>Stoch4H2 && Signal4H1>Signal4H2) StochCHANGE4H=1;
else if(Stoch4H1<Stoch4H2 && Signal4H1<Signal4H2) StochCHANGE4H=2;
are exactly as the cowabunga explanation says:
“Stochastic headed UP” and “Stochastic headed UP”
but i don’t understand the other two:
else if(Stoch4H1>Signal4H1) StochCHANGE4H=1;
else if(Stoch4H1<Signal4H1) StochCHANGE4H=2;
because the Stoch4H1 can be >Signal4H1 but both can head down, so the cowabunga original statement is not verified.
As the cowabunga explanation says, we will trade only in conditions of a defided UP or a defined down, but not in a trend that isn’t strenght in one direction.
What do you think about it?
Maybe we can use a more restrictive:
if(Stoch4H1>Stoch4H2 && Signal4H1>Signal4H2 && (Stoch4H1>Signal4H1)) StochCHANGE4H=1;
else if(Stoch4H1<Stoch4H2 && Signal4H1<Signal4H2 && (Stoch4H1<Signal4H1)) StochCHANGE4H=2;
Without the overbuy/oversold conditions it seems that it give more accurate signals, but i need some more extensive tests.
(I hope you all can understand me, my english is not very good… i’m italian 
)
FXSpirit
PS: Phil, if you need some help in developing the code, you can count on me.
FXSpirit,
I understand what you mean. I wish the guy that had originally written this code was either still around or had put more comments in the code, it’s hard to figure out what he’s doing sometimes.
I haven’t got around to messing with the Stochastics yet, and I have no clue why those two lines of code are there.
I like the idea of a more restrictive Stochastics code. I would rather have less signals if it ups the percentage of wins! For the people that want all the signals the option to turn strict 4h trends rules off is already there, so I think it’s a good idea. Do some more testing on it and make sure it gives better results and we’ll stick it in the code.
i studied the code and now is very clear for me.
I have a full commented version now… but is in italian
If it can be useful i can translate that in english and share it.
If you need support to understand or to discuss some “obscure” lines of code and decisions of the previous coder, i’m here
I will test thoroughly my version of the stochastic part of the 4H trend to determine if it’s better (where better means: higher percentage of wins) and i will share with you the results.
FXSpirit
Hello FXSpirit,
Well in my previous post i had asked about it. I got my answer. I would like to ask can this software help to double traders money while trading. What is going to be the ratio between profits and losses. I have seen many softwares and many platforms most people say that this software is good or this platform is good you can win the market trading with this software or this platform. But what i have experienced that trading with your skills and knowledge gives you a lot. I trade when i see some movement up or down i enter my trades and come out taking my profit. I do not wait for the targets,i just enter my trades and go for my profits. Thats all. I don’t talk to my broker as to what trade should i take today and which trade should i leave for 10-15 days so that it gives me my profit. I am using the online platform of AVAFX and my account is running successfully, my broker is also satisfied with me.
I don’t care for the leverage or margin i just use my money deposited and trade according to it.I only use the leverage when i am stuck some times.
I have just joined this forum and was interested to read about the Cowabunga System.
I seem to have been going around in circles trying to find the latest MT4 Download.
Could somebody attach it in a reply?
Is this an MT4 EA or just an indicator?
Thanks in advance.
PJH606,
You can find the latest Cowabunga MT4 indicator (Cowabunga indicator V2) on post #269.
Now for my questions, I am also new to forex, but it doesn�t seem like the buy and sell arrows created by the indicator match the buy and sell calls from Pip Surfer.
Also the time on the bottom of my chart in MT4 is way off, over 8 hours I think, is their anyway to change the time? Do I need to set the time in MT4 overall or do I need to change the time on the indicator?
I seem to have been going around in circles trying to find the latest MT4 Download.
The latest indicator can be found at the link below. It is an indicator and not an EA.
it doesn�t seem like the buy and sell arrows created by the indicator match the buy and sell calls from Pip Surfer.
Could your post a screenshot so we can see what the problem is? The arrows on the indicator should match Pip Surfers trades.
is their anyway to change the time
You cannot change the time in MT4, it is set by the broker. Most brokers use GMT time. Forex is a global marketplace, and multiple time zones are just something you have to get used to :).
After further back testing the buy and sell arrows line up perfectly. On the 10th the indicator showed a trend change from short to long, but as Pip Surfer pointed out it was a border line call (he stayed short), so that threw me off a little bit and I assume that inconstancies like that rarely occur.
I am sure that it has already been posted but could someone tell me how to-
1 Set up buy and sell arrows for my own system.
2 Set up an e-mail to cell phone alert when a buy or sell arrow is triggered in the Cowabunga system.
Thank you
1 Set up buy and sell arrows for my own system.
That pretty complicated. Do you know how to program in C++? If you do just look at the indicator’s code and you’ll see how it’s done, otherwise you’ll have to learn how to program.
2 Set up an e-mail to cell phone alert when a buy or sell arrow is triggered in the Cowabunga system.
Read my post on setting up email alerts in MT4, then have the email sent to your cell phone. If you don’t know your phone’s email address you’ll have to ask you service provider. I use AT&T and for them it’s <[email protected]>, but I can’t help you with any other providers.
What condition do I select on the alert so that the e-mail will be sent when a buy or sell arrow forms? I only see options for bid, ask, and time values.
Thank you for all of the help.