I asked someone to create this EA for me but it's not working correctly and it looks like he might have abandoned it altogether because of the level of difficulty (he has done great work for me in the past). I've used my amateur eyes to go over it and although it really looks like a solid foundation, I'm starting to think it needs to be overhauled from the bottom - up. I was hoping someone could give me some advice.
The EA should enter one single trade when the histogram crosses the zero line. The average time spent on one side of the zero line is about 12 hours. Since I usually only target about 10% of the average daily range, I am usually out with profit within 15 - 90 minutes. The EA currently continues to place trades as soon as the original position is closed until the zero line is again crossed and signals begin in the opposite direction. It should only be placing between one and three trades a day.
Next, I've found that the exit strategy is also incorrect. When I trade this manually, I close 80% of my position at a TP level and let 20% run with a trailing stop. I have a different ea that can close parts of orders very well but it assigns a new TP level instead of a trailing stop to the remaining position. It uses global variables and needs the ticket/order number to be entered manually. I've been staring at it for weeks trying to figure out how it works. I'd like to use the same functionality but with a trailing stop instead. Right now, the yuri's take profit level works fine but it closes 100% of the trade and then opens an altogether new position in the same direction with 20% of the previous position size. It needs to close 80% and just let 20% continue with the same order number.
I'd like to ultimately have two methods for the exit strategy:
1. 80% is closed at TP and 20% continues with a trailing stop that is 95% the distance to the TP. A TP level of 20 pips would place a trailing stop at +1 pip (20 - 20*.95)
2. 80% is closed at TP, an initial stop loss is manually placed in profit and a trailing stop value is set. When the value of the trailing stop is reached, it will overtake the hard stop in profit and the position will continue with the larger trailing stop.
So this is where I am... a bit frustrated but dedicated to the system. I'm going to keep rooting through forums digging for fixes on my Friday nights but I wanted to see if anyone might be able to provide some insight. I'm about to start trying to nest this EA inside the other Partial Close EA line by line. Based on the construction of the partial close EA with the global variables, I don't think it's possible to integrate it into this one. If it is, I'm not up to taking on that challenge this year.
I have found
this post but the yuri EA needs to work around the histogram instead of the previous candle and needs to check if there is a trade in the trade history for the most recent signal. At least... that's what I think needs to be done.
Thanks so much for even reading all of this and please let me know if you have any ideas.
-R
**I've seen some folks say this indicator is worthless because it repaints. I have read extensively on this indicator and use both versions, the one that repaints and the one that does not. If you load this ea, you will see there is a parameter to define the "Indicator name." This allows me to use either version of the indicator. In actuality, I've gotten far better results with the original (repainting) indicator when live trading even when it modifies previous data.