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Here is the improved version of "SlopeDirectionLine_EA".
This EA has many substantial changes.
1. Entry Logic has changed.
First of all. This EA enter the market only when signal changes.
(previous version enter the market anytime following the trend)
This change allow you to use any kind of Stop System (initial, trailing, period BreakOut, paraboric, etc.).
To tell the truth, I think that Entry Signal itself is not so important,
but considering the advice from Mr. ajk,
This EA uses 5 bars including current one (see the code if you want to know details).
I hope it works better in the real market.
But, as you know, what makes Trading System robust is not Entry Signal but Stop System --- How to Exit the market.
2. You can place initial stoploss (ATR Multiple, Fixed Pips, or No Stoploss)
Placing Initial stoploss allows you "Real" Position Sizing.
3. You can use Trailing Stop (ATR Multiple, Fixed Pips, Reserve Profit, or No Trailing).
4. You can use MA Filter.
If you use this filter, This EA enter the market only when MA direction and Signal direction is the same.
You can change MA Period and Method.
*All the function above can be turn off or change settings.
So you can test the System with various settings and you can see how it works.
Note that functions above does not always result good.
For example, using MA Filter may avoid false Signals, but it reduces your entry chances also.
Tight stoploss (initial or trailing or other stop method) may protect your equity
and secure your profit, but you may miss a rare Large Profit Trade.
Contraly, if you don't use these kind of stop systems or filters, you may meet unbearable large drawdown.
Balance with expectable Profit against (un)expectable Drawdown is what Trader must consider most.
You must find your best Risk / Return ratio yourself.
Anyway enjoy.
*To use this EA, you need a modified version of "SlopeDirectionLine" indicator.
Original indicator has an array named trend[] only used in culcuation procedure.
This value (1 or -1) directly represents trend.
I added a buffer to hold trend[] value so that EA can use this value.
You can see the value of latest 5 bars on the top left of the chart window.
Last edited by latimeria; 09-17-2008 at 10:52 AM.
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