I think what I would like to do is just sit down with today and backtest only it and tweak the settings until I get either no loss, or very small loss, and full TP. The euro has shot up some more, so certain settings would have allowed a re-entry later in the day, in addition to the 20+40 pip earlier, with full TP. I think this is possible with sort of a high-frequency trading style for entries, with very close settings with BE, Refpiphigh\low, and lockinPIP.
Shadytrader…the default settings seems to have the best backtesting results for now, but the EA is being updated and debugged, so I would wait for the next version, and try different settings with it.
I’ve done some back testing with the EA strategy tester in mt4,the default settings defiantly show profit for the last 2 months.Tonight I plan on checking with the “hours to continue placing orders” and will report findings.
I personally think it wise to come up with your own settings, for risk assessment. What works for one persons account and style may not work for another. For instance I have changed the stop loss, take profit and lot size as I’m playing with tiny lots for learning. I think i’d probably be more conservative if i wasn’t trading small amounts.
Attached the revised version of the EA.
Major points of this revision are mentioned below. Remaining still follow old revision details:
the error of v1.2 has been solved pertaining to placing orders at wrong value. Thanks KillerNo for pointing that out.
A variable SetRefPip has been added. If it is set to True then the values of RefpipHigh and RefpipLow will be used to extend the size of the reference bar. The EA will not use DistBuy and DistSell values for placing pending orders after London Open Hour. If set to False then EA will place trades as it was placing during LondonOpenHour.
The EA will set Trailingstops even if LockinPip is set to a negative value.
A new variable UseMaxSL is used. If set to true then the value of MaxSL will be used as the max Stop Loss value in case refbar size is bigger than MaxSL value. If UseMaxSL is false then StopLoss will be as per Pipcompounders rules.
KillerNo, I have not input your idea of reducing the refbar size from the top/bottom based on the direction of the bar in this version. Let us test this version of the EA and see if it is still needed.
Mostwantedpip -> I could not figure out why the EA did not place buy orders for you. Use this version. I have tested it today and it has placed orders properly on both sides.
Pipcompounder -> Congratulations on such high scores from Robopip. You and your system deserve it. Please backtest and fwdtest this EA and let us move fwd to make this the Holy Grail.
[QUOTE=Mostwantedpip -> I could not figure out why the EA did not place buy orders for you. Use this version. I have tested it today and it has placed orders properly on both sides.[/QUOTE]
The error could have been possibly due to the ea running on 3 pairs simultaneously and placing all orders at the same time?
I am wondering if we would be able to add a feature of setting individual lot size to each order?
Question for crisscross or killerno…if anybody else want’s to venture, go ahead, too…
I need to step back and make sure that I am making settings for the EA that will accomplish what I envision. Can you look at what I want the EA to do the following for testing purposes, and post what settings will accomplish this?
Trades to be opened when price is 3 pips above and 1 pip below the reference candle on a bid chart. What this really means is the entry is 3+2.5 pips for spread on buy side and 1+2.5 on sell side.
I want the SL to be set where when it is hit, it would result in a 4 pip loss for all 3 trades. I think this can be accomplished using the lockINpips and setting the BE to 0.01 pip or smallest acceptable value. This should make the initial SL irrelevant, but we still want it there for emergency, should the EA be unable to execute this part successfully. If the BE is a problem with brokers, maybe the max SL could be used?
If the price is above\below the reference candle and all orders have been closed, which should only be for TP or trailing SL hits, and the price moves to within 3 pips above, or 1 pip below the reference candle on the bid chart, the pending orders to be placed again. This is the most confusing part for me. The orders have to be placed where they will trigger, which may have to be a different price than initially because of broker limitations, which is OK. My broker allows pending orders within 1 pip.
Can you post what settings you would use to accomplish the above goals? thanks.
At LondonOpenHour:59mins pending orders will be placed at refbarHigh+3pips and refbarlow-1pip. this can be achieved by setting RefBarhigh = 30(for a 5 digit MT4 broker) and RefBarLow = 10.
With a 2.5pip spread you can set the MaxSL to 1.5pip by putting MaxSL=15 (for a 5 digit MT4) to achieve a 4 pip loss. LockinPip and BE will not be useful then, but you can place values of BE=100(for 5 digit broker) and LockinPip = 15 for testing purpose.
The following settings should work for point 3:
SetRefPip = true
RefPipHigh = 30 (for 5 digit broker)
RefPipLow = 10 (for 5 digit broker)
Let me know if this is satisfying your requirement.
thanks for your answers…I tried backtesting them late last night along with some varations, and found the EA will create tons of trades, all which hit the small SL, which add up to much more loss than the eventual profit. So this seems to prove my idea of close setting won’t work. I will next try to just see what the best settings would be with the BE setting further away, 5-15 pips, and the lockinpip staying at 1.5 pips. Also I will try various MaxSL settings, like 15, 20, 25 pips. When I had the MaxSL very close, every trade lost, so the graph just showed a diagonal line going down. (maybe that could be reversed as a different trading idea?) Also, I was testing allowing the EA to open orders the whole day, now I need to see what difference it makes going back to allowing just a few hours of replaceable orders.
Thanks again crisscross and everybody for your contributions.
Today and yesterdays actual trading was quite bad, very tight, ranging market, waiting on EU summit results, very, very huge. when the market moves this time after this long consolidation, it will be a very, very big move.
I have modified two things in the EAv1.3 that i posted yesterday.
I have added routine which will help place orders from London_Open_hour till the time that you want it to until the next day London_Open_hour.
Eg. Lets say your server time of London_Open_Hour = 15 and you want the EA to place orders until 02am in the morning your server time.
The previous EA allowed to place new orders only until 23hrs. But this version will allow you to enter any time before the next day London_Open_Hour i.e. if your London_Open_Hour=15 then you may put the value of StopPlacingOrderHour = 14 (my advice).
There was an error in the code which prevented pending orders being modified for brokers who have stoplevels more than 0. I have rectified it.(If you did not realise then dont bother too much).
I have no idea how this works, can you explain? thanks…and thanks for the updated version, too
I tried the below idea last night, but the backtester showed no trades, but how would I make this work?
Trades open normally at 3 pips above, 1 pip below reference candle.
I’ll have the BE set to 8-12 pips, and the lockinpips at 0, so no loss when hit…(If 0 is wrong for no loss, please let me know)
when the BE SL is hit, the reference candle grows by spread+1-2 pips. Each time the BE SL is hit for no loss, no gain, the reference candle size grows enough to place pending orders very close to where last orders were. I think I could do this with the last version, but never experimented with it. Do I just make the refcandlepips = false to go back to old way? Or does that just do away with refcandlepip altogether?
Hi Pipcompounder, in order to turn optimization ON all you have to do is click on a small box(all it takes is that tick in box and optimzation will turn on)) which is located just below period drop down list i.e m1, m5, m30 and so on(where you can change the time frame you want to test the EA.) All this is available when you open strategy tester menu.! hope this helps if unclear i will try to explain better, jsut let me know…
I am testing the new EA, no issues so far, maxSL function is working fine.thanks a lot crisscross.I had a “new order can be set” alert loop once, but it does not affected the EA.
I have an another question to crisscross :
Is it possible to implementa new option, that if price reaches BE and new SL is set to e. g. +1pip and later price hit this new SL, place the new pending orders +X pips from the newSL price always.In this case EA has enough time to place the new orders. I think it would be one solution for pipcompounder`s concern as well.
maybe you can explain this new addition to the EA the max Stop Loss what does that do?
How about trailing Stop Loss 1 and 2 what is the second one for?
How about lock in pip whats that for? some examples perhaps?
Would appreciate any help as this fields are confusing me a little?
I backtested various many combinations of variables late last night, and found something that frankly suprised me. I was trying, wishing so badly for some kind of way to keep the BE close to the entry, but was finding it just wasn’t bottom line profitable. I then tried something I hadn’t before, I put the BE at 15 pips and the lockinpips at +5…this dramatically increased the profitability. I tested some more, and found really great results with 18-20 BE, and lockinpips at +8-10 pips. I tried various MaxSL settings, but they all had worse results than leaving it false. The graph has a steady climb, with 63% win ratio, about 3600 pips won from may 2012 to present. So, I’ll put my settings below, and you guys can backtest to see if the results are similar for you, I’ve decided to stick with them for foward testing.
Entry at same as before, 3 pips above, 1 pip below.
Refcandlepips true, and 5 pips above, and 3 pips below.
Lockinpips at +8 pips
MaxSL as false (yes losses may be worse, but they are fewer, and the profit at the end of the month is much better)
BE at 19 pips
TSL1 at 20 pips, TSL2 at 25 pips.
My london open server time is set at [B]10[/B] for me, so I have my end time for pending orders to be opened at [B]15[/B]
of course, my TP stay at 20, 40, and 60 pips.
if I forgot any settings, let me know, but I’m using the above from now on. please backtest these on your plateform, to see if the results are similar. What I mean by similar is a steady graph going up and about a 60% win ratio. For Sept. 1 to date, with 0.01 lots, I showed a peak profit, before it came back a bit at $126…very good! Thanks again to crisscross and all others for your participation, I really do appreciate it! keep posting with results and questions!
Max stop loss allows you to set the Sl to be less than the initial SL, if you want. This means if the reference candle is too big for your comfort, you can have SL be a smaller amount. The risk of this is price could come down to hit it, without opening the other trades, and even go back to hit where your TP would have been.
having two trailing stops is for you to be able to create separate trailing stops for the 2nd and 3rd trades, the ones with 40 and 60 TP…so, for me, I have the TSL1 at 20 pips for my 40 TP, and TSL2 at 25 pips for 60 TP…the 20 TP is irrelevant.
the lockinpips lets you decide where the SL is moved to when the price hits your BE setting. So, for me I decided on a BE of 19 pips, so when price hits 19 pips, all trades have the SL moved to +8 pips, above their entry.
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