PARMAR 3P Trading System

[sailormoon]

OK, Here is my version as an ea. Most of the parameters are self explanatory and should give you some scope to get the best settings for each instrument given the variable spreads and ADR.

The EA should work with 4 and 5 digit brokers. If you look at the default settings they are for a 5 digit broker (i have to multiply everything by 10, so 50sl is actually only 5 points etc).

HighOffset, LowOffset: these are how many points away from the bar high/low you want the orders placed.
MaxLot: Total for each side to be divided 60,20,20%.
SL: enough said.
TP1, TP2, TP3: so you can change from the 5,10,15.
DoNotTrade: Some of us have brokers that give a sunday bar. if you want it to use fridays high/low then you would set this to 1. 1 is Monday. This means on sunday night it would set the orders based on fridays high/low but leave them and not delete/reset them on the monday bar. The values are 0,1,2,3,4,5,6,7 for Sunday to Saturday and 8 if you want it to reset orders every day including sunday/monday.

I think thats it. Oh, Its a simple quick job so no error handling/margin checks etc

#EDIT#
it was created on build 509 so it should work fine on whatever build you are on.

Thanks very much for your EA, but could you please share the source mq4 file so i can make some adjustments?
and do we also need to cancel today’s orders at the end of the day?
Thanks in advance!

[vijaykumar]

All 3 targets hit in GBP/USD:)

[jwilldunk]

[QUOTE=“vijaykumar;610993”]All 3 targets hit in GBP/USD:)[/QUOTE]
Hello Vijay
Awesome. Can you give the entries / exits for this trade ?
Also, I was curious as to the time that you are trading? Was this for the open on Monday? If so, when did you place the orders? (i know that your EA does it, but what time does it go in).
Thanks

[vijaykumar]

Hello Vijay
Awesome. Can you give the entries / exits for this trade ?
Also, I was curious as to the time that you are trading? Was this for the open on Monday? If so, when did you place the orders? (i know that your EA does it, but what time does it go in).
Thanks

what i will do is i will setup ea in 1 demo account with $1000 and publish it with myfxbook and will provide the link here so you can see how it performs.
NOTE: there is no difference between live and demo with this ea.

[lucariga]

Thanks very much for your EA, but could you please share the source mq4 file so i can make some adjustments?
and do we also need to cancel today’s orders at the end of the day?
Thanks in advance!

Interested in source MQL4 too, so I can backtest weekly charts instead of Daily just to redice a bit the matters of spreads…

[vijaykumar]

All 6 target hit today …3 in gbp/usd and 3 in eur/usd…

[Evie_bell]

Can I have the source code too please???

[vijaykumar]

Hello traders,
I have setup demo with my EA and also connected it with my VPS server and also myfxbook.
Now you can check the performance of these strategy here.
The account is ECN so there will be added commission in net profit/loss.
My live account is standard account as IC market does not provide demo standard account.
PARMAR 3P Trading System | Myfxbook

[vijaykumar]

Hello traders,
I have setup demo with my EA and also connected it with my VPS server and also myfxbook.
Now you can check the performance of these strategy here.
The account is ECN so there will be added commission in net profit/loss.
My live account is standard account as IC market does not provide demo standard account.
PARMAR 3P Trading System | Myfxbook

Note : I have taken 0.12,0.4 and 0.4 lots and two pair so the risk is 2% only if all six order make loss.

[PipLips]

Hi Vijay,
I’m very interested in your thread as I am also trying to figure out a good end of the day method as I work full time. I took yesterdays G/U trade and all three SL got hit.

[karun66]

Mine also GU trade all the three SL Hit.

[vijaykumar]

Hello,
There might be some days where you get all 3 trade or even all 6 trade ( 3 of eur/usd and 3 of gbp/usd) loss. But if there is proper lot size allocation and risking only 1% per pair than over a long run you will get good returns
If account size is $1000
The risk 2% Per day ( 1% in GBP/USD and 1% in EUR/USD)
Now 1% is $10
so for 5 pips stop you require 0.2 lots
so use 0.12 + 0.04 + 0.04 for 3 entry

Today 2 entry hit target in gbp/usd and 1 was loss.

regards
vijaykumar parmar

[PipLips]

That’s what got today also. 2 targets hit 1 loss on GU. I had put a dynamic trailing stop on the 3rd order as oppose to a 15 pip target and it got hit for a 2.8 pip loss before price moved on down. Maybe I would have been better off with a fixed trailing stop on the 3rd order and it would not have gotten hit for a loss. Price did go to +14 pips before turning around so on my chart the 15 pip take profit would have just missed. Just trying different stuff by putting a trailing stop on the 3rd take profit order to see if I could get more out of the move if it decided to go for a runner.

[Mata_Nui]

There have been some requests for the source to the EA i posted so i am including it here. As i said on the original post it was a quick job (10 mins or so) and has no error handling etc. It was just done for a quick backtest. Its done on build 509

#EDIT#
I should add that because of the way the mt4 backtest works anything you get with this particular EA will likely be very unreliable. I say that because you may be tempted to optimize the SL and TP values (this ea lets you do that, unlike with the original strategy as posted). If the values fall within the atr of the lowest timeframe available to the tester then most of the time the back test algo will hit the tp first. This is well documented if you do some research.

The problem in this case is that its a DAILY strategy. So you run it on day bars but the backtest will load minute data to get a more accurate backtest (which is good and what we would expect and should give a pretty accurate test). Thing is though if you run a pretty long range (like a year or so) which your history for day bars will have i bet you wont have enough 1 min data to cover that. So what we have is a TP/SL bigger than atr on 1min (for recent history) giving a pretty accurate result and a TP/SL much smaller than atr for the day bars (probably the only history you have for a year ago) giving very inaccurate results.

I backtested this EA a lot and on my data at least the above shows itself to be true. Maybe your broker has a lot of 1 min history available to you. Please check that you have enough 1 min data for the entire date range before you get excited about the results.

[Evie_bell]

There have been some requests for the source to the EA i posted so i am including it here. As i said on the original post it was a quick job (10 mins or so) and has no error handling etc. It was just done for a quick backtest. Its done on build 509

#EDIT#
I should add that because of the way the mt4 backtest works anything you get with this particular EA will likely be very unreliable. I say that because you may be tempted to optimize the SL and TP values (this ea lets you do that, unlike with the original strategy as posted). If the values fall within the atr of the lowest timeframe available to the tester then most of the time the back test algo will hit the tp first. This is well documented if you do some research.

The problem in this case is that its a DAILY strategy. So you run it on day bars but the backtest will load minute data to get a more accurate backtest (which is good and what we would expect and should give a pretty accurate test). Thing is though if you run a pretty long range (like a year or so) which your history for day bars will have i bet you wont have enough 1 min data to cover that. So what we have is a TP/SL bigger than atr on 1min (for recent history) giving a pretty accurate result and a TP/SL much smaller than atr for the day bars (probably the only history you have for a year ago) giving very inaccurate results.

I backtested this EA a lot and on my data at least the above shows itself to be true. Maybe your broker has a lot of 1 min history available to you. Please check that you have enough 1 min data for the entire date range before you get excited about the results.

Thank you!

[zander2034]

Trades set up for the day ahead.

Very small positions taken, looking more to see if I am suited this strategy. This will be done until 30th May to give myself time to get acustomed to any difficulties that may arise but cant see many with this as it seems quite simple. If results are good then capital will be added.

I have adjusted TP1 and SL levels. TP1 is 6pips and SL is 7pips. This is to try and take the effect that my brokers spread may have on the strategy as it is a tight SL so during the low liquidity a 1 pip increase in spread may make the difference between a win or loss. This is another reason why capital is small as I adjust certain parameters to suit my trading.

Although it has been adjusted a win/loss/loss would still be in profit

[vijaykumar]

@zander2034

Trades set up for the day ahead.

Very small positions taken, looking more to see if I am suited this strategy. This will be done until 30th May to give myself time to get acustomed to any difficulties that may arise but cant see many with this as it seems quite simple. If results are good then capital will be added.

I have adjusted TP1 and SL levels. TP1 is 6pips and SL is 7pips. This is to try and take the effect that my brokers spread may have on the strategy as it is a tight SL so during the low liquidity a 1 pip increase in spread may make the difference between a win or loss. This is another reason why capital is small as I adjust certain parameters to suit my trading.

Although it has been adjusted a win/loss/loss would still be in profit

IF you place TP1 6 with sl 7 than RR is less than 1 for first target.
Main aim of these method is as soon as first target hit you are not making loss for that day.
Try to use broker with spread 1 for eur/usd.

Also if you are placing order manually there will be slippage problem because as soon as H/L break there will be shoot up. so if you get 1-2 pips slippage than this method wont work. you need to adjust slippage automatically.

Normally you get around 15% returns per months with these method if slippage is corrected.

[zander2034]

IF you place TP1 6 with sl 7 than RR is less than 1 for first target.
Main aim of these method is as soon as first target hit you are not making loss for that day.
Try to use broker with spread 1 for eur/usd.

Also if you are placing order manually there will be slippage problem because as soon as H/L break there will be shoot up. so if you get 1-2 pips slippage than this method wont work. you need to adjust slippage automatically.

Normally you get around 15% returns per months with these method if slippage is corrected.

Thanks for your feedback. slippage with my broker is not usually a problem which is one of the reasons I am hesitant to change. I have backtested this with positive results based on 2 pip spread which is higher than my broker. Currently my spreads are 1.1 eur/usd and 1.6 gbp/usd.

I will adjust SL and TP1 to a R:R of 1:1

Today Eur/Usd buy orders hit SL and I did not set any buy limits on Gbp/Usd as it gapped above it on the weekend

[spankworthy]

Hi Vijay, would you consider selling your EA to interested people? Slippage will kill this system and your EA can avoid it. Thanks.

[Kelton]

How do we take spread into account? If my spread is 1.5. Do I make my stop Los 5 + spread or total? Also is tp 5? Or 5 +spread?