Hi guys!
First of all I would like to thank james for all his work. His systems are truly great.
I took the liberty of creating an EA that uses the inside bar system. I have seen another one, created by someone on this forum. I think DazeGhost is his nickname. However, as I recall, that script did not produce profit. My apologies if I am wrong and please tell me what settings I must use to make it work if it does on the long run.
The code is kinda raw, so you cannot modify the Stochastics settings (they are 8,3,3) unless you do that by editing the code itself (i know i’m lazy).
It works best on 15M, as james said.
There is something changed. The stop loss is 2 pips below IB but the TP is a fixed 2xSL (actually is (Price - Low or High of previous bar)*2). So generaly if your SL is about 25 pips, the TP is somewhere between 46-50. Why? simply because is you waited for Stochastics to cross again it would not be profitable. So there you go. (The system wins on autotrade about 36% of the trades, that with a 1.95 win / loss ratio gets you a profit factor somewhere in the neighbourhood of 1.15 - 1.22). So if you use it only as an alert (again, you have to write your alert by yourself, i’m lazy :D) it should provide more because you ignore news, big Sup/Res and so on.
In the future I will work on a general function to implement in several auto-systems that calculates optimal SL & TP and if it is necessary does stop trailing… But I have to work on that, as it is not that simple (takes in account things like overall market volatility, fibonacci S/R, daily range-pullback etc.).
This system does not come with stop trailing. For the time I tested, it did not seem profitable.
Please test the EA yourselves, beacause my MT4 is installed since June and the older data taken from history is not that reliable. We all know how much a 1% increase in overall win ratio influences things.
Ok I bored you guys enough. Have fun;)
InsideBar.zip (982 Bytes)