I have been working on a filter most of last week and have come up with a non-indicator filter using the existing idea of the open price pivot.
The filter is the weekly open price to filter out some of the choppy days. We won't filter out all the choppy days, but a majority of choppy days will be filtered out with this additional weekly open price filter. At the same time we will also filter out some good trades if we were only using the daily open price pivot without the weekly open price pivot filter.
The weekly filter doesn't come into play until Tuesday since the weekly and the daily open price is the same on Mondays, therefore we have no filters on Mondays. We only utilize the weekly filter ("W1F") on Tuesday - Friday. Here are some examples on how the W1F will work:
On Tuesday we have a Daily Open Price of 208.27 and the Weekly Open Price
of 209.13. We would only take trades if SMMA closes below the Daily Open Price of 208.27, Sell, or above Weekly Open Price
of 209.13, Buy.
Enclosed you will find a chart with the daily and weekly open price levels. I have also enclosed the indicators OnlyPivot_Level_WF1, which plots the daily and weekly open price levels and the OnlyPivot_Signal_WF1 for the signals. You will also find the [H1]_OnlyPivot_W1F_01 template.
PS: I am open for new ideas and constructive criticism. Let me have it.
David can you code the W1F into your EA? I would like to run some backtests to optimize SL and TP? The
gold horizontal line is the weekly open price and the
teal is the daily open price.
Edit: I updated the OnlyPivot_Signal_W1F to point to OnlyPivot_Level_W1F the way it should.
Edit# 2: Updated the template to point to the correct indicators. Sorry, too many filters to keep track.
Edit# 3: Made a small adjustment in the code to OnlyPivot_Signal_W1F. Please download new version in the archive file.
TimeFreedom