Pinbar trader EA - Trading pinbars off weekly SandR levels
=== Trader EA ===
Hello everybody, welcome!
I'd like to present my latest EA.
It implements a very basic, but very effective egy. Trading pinbars from weekly SR levels
Strategy:
- we wait patiently for a pinbar to look which rejects a weekly support resistance level
- If the candle with the pinbar is shut we start a new buy/sell commerce onto the next candle
The trader EA
The pinbar trader EA implements the egy and has lots of additional features:It scans several currencies. So load the EA on 1 chart and It'll scan all major currencies by default (you can change which ones from the settings) it can send alarms when a pinbar is detected on a weekly SR degree it can do auto trading, although please do this on demonion first before you decide to go live with this You can choose between a trailing stops or risk:reward depart egy You can select whether it must use a fixed lot dimensions, a fixed amount of , or some risk% of your account balance It's a news filter used to bypass trading during news events Setup:
Download the zip file and then unzip it somewherecopy the pinbartrader.tpl to your MT4 templates folder backup the SupportResistance.ex4 to your MT4 indiors folder duplie the Trader.ex4 to your MT4 pros folder Now start MT4, empower auto trading and DLL imports put the EA on any chart on the Daily (D1) interval! and voila. .
By default auto-trading and alerts are turned off. So enable them if you want to use them
Backtesting:
Attached the results of a 2-year backtest on EURUSD
Thought's for the next version/future:
- add a dispersed SR filter. Rather than attempting to calculate the correct SR amounts, simply download them from a central server.
- send alerts for mean change setups (and possibly auto trade these )
- receptive with-the-trend trades on pinbars for pinbars on/to the mean
General use:
The EA will show you a table with the pairs which have a pinbar or so are in a weekly SR resistance degree.
Pairs which don't have some pinbar and are not in a weekly SR amount are filtered out and are not shown.
In summary. . The EA is only going to show pairs which looks interesting
Off course when time goes by new pairs will be exhibited or eliminated automatically.
The colour of some pair indies when we're looking to buy (green) or market (reddish )
When all signs are valid the last column will contain the word buy or sell and when this occurs that the EA will send you an alert or open a transaction.
If you would like to look at the chart, then simply click on the name of the currency pair from the 1st column (e.g. EURUSD from the screenshot)
This will start a new chart with the SR indior attached so you can take a quick look
When auto-trading is empowered the EA will also show you a listing of all open transactions and a transaction statistics panel where you can keep track on its functionality
Manual Trading
The EA can be used as a help for guide trading or it can do automated trading.
For guide trading just put sendAlerts=true (or sendEmails = authentic )
The EA will then send an alert (or email) as it finds a valid buy/sell signal.
Alerts can even be send to your cell phone!
See here on how to set up this: http://www.cmapllc.com/how-to-set-up...nd-iphone.html
When you receive an alarm you can look at the chart and if you like the signal or not and possibly open a commerce
Automated Trading
For automated trading just set allowTrading=authentic and select your lotsize and depart egy
The EA will open transactions automatically when it finds valid buy/sell signs and manage these transactions for you.
When auto trading you have to tell the EA just how much money it's permitted to use for each trade
Here you have 3 options:
MoneyManagement:
Fixed Lot Size / tradeSet MoneyManagent = UseFixedLotSize and fill in your lotsize below FixedLotSizeEach trade opened by the EA will use this fixed lot size
Fixed Amount of $ / tradeSet MoneyManagement = UseFixedAmount and fill in the quantity of below FixedAmount.Note that this is your account currency. So if your account is in EUR afterward FixedAmount can also be in EUREach transaction opened by the EA will use a fixed quantity of money.When that the SL is larger it must use a smaller lotsize and when the SL is smaller it can use a greater lotsize.So it will always risk the identical sum of money on each trade
Percentage of Account Balance / tradeSet MoneyManagement = UsePercentageOfAccountBalance and fill at the percentage (1-100) beneath RiskPercentage.Each transaction started by the EA will risk a fixed% of your total balanceSo when you have a $1000 account and Riskpercentage = 5 it will risk 5% of $1000 = $50,- / trade
Exit Strategies
Here you can select between a trailing stop or a fixed Risk/Reward ratio
Trailing stop:Establish trailingmethod=UseTrailingStops and fill at the OrderHiddenSL, OrderTSx, OrderTSxTrigger levelsIt uses a hidden / virtual stoploss.This allows us to put the stop loss anyplace without the broker knowing and without any broker restrictionsSo. . When the EA places a new order then the first hidden/virtual stoploss is placed in the SR levelthen when commerce gets to profit we track the hidden / virtual stoploss like this:when profit reaches Order TS1 Trigger pips, the virtual stoploss is moved to Order TS1 pipswhen profit reaches Order TS2 Trigger pips, the more virtual stoploss is moved to Order TS2 pipswhen profit reaches Order TS3 Trigger pips, the virtual stoploss is moved to Order TS3 pipswhen profit reaches Order TS4 Trigger pips, the more virtual stoploss is moved to Order TS4 pipswhen profit goes above Order TS4 Trigger pips then the rest gets trailed with a Trailing Step
Risk/Reward ratioSet trailing method = UseRiskRewardRations and place TakeProfit to your R:R https://www.cliqforex.com/general-fo...rs-affect.html
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