I am currently forward testing a new EA that seems to have some potential. I was hoping that everyone on the board here could help with different settings and perameters and perhaps improve on the EA if possible.

I called the EA, "Profit Generator" because I believe that is what is really could be. It is simple in its rules yet powerful. Let's all improve this EA together and find some good settings for it. Improvements that could make it better:

System Description:

If the Today's Range (till now) is greater than 10 pips, and today's open is less than Today's Midprice (average of high and low) and if the ask is lower than today's open, then buy. Stop is 30 pips, Target is 40 pips.

If the Today's Range (till now) is greater than 10 pips, and today's open is higher than Today's Midprice (average of high and low) and if the bid is higher than today's open, then sell. Stop is 30 pips, Target is 40 pips.

The above trades are subject to the condition that the number of concurrent trades are less than MaxTrades, which in this case is 1. Thus, you can have only one trade at a given time.

The improvements/Variables to this EA are as follows:

1. Trailing Stop
2. Money Management
3. ID- MagicID that allows for running more than one EA on the same pair.
4. Removed time constraints.
5. Adjustable bar (10 is default but can be adjusted up or down for lower or higher timeframes) Sets the Maximum length of the bar.
6. Scalp mode-To Take profit less than Broker will allow, Set the TSactivation to the pip value you want to TP and set TrailingPIPs to 0.
7. Traditional Trailing mode- Set the TSactivation to 0, and set TrailingPIPs to the distance that you want to trail.
8. Hybrid mode- Set TSactivation to the normal TP level then set Trailingpips to the number of pips that you want to trail from that point.
9. Alert option for those that want to trade manually rather than automatic.
10. MaxTrades- maximum number of trades open at a time.
11. Risk- percent of available margin to risk.
12. UseClose- True or False- This will use the SuperClose.
13. TSactivation=40,TrailPips=5; - TSactivation will set the point where the TS will start.
14. UseHourTrade - Time filter (true) or No time filter (false)
15. FromHourTrade - start trading on this hour (GMT)
16. ToHourTrade - end trading on this hour (GMT)
17. UseLastPeriodPerams- True/False - uses the high and low from last period for calculation.
18. period - 0 - leave this number as zero to use the period from the chart.
19. OneTradeperPeriod- false/true - This will only allow one new trade per period if set to true.
20. Alerts- false/true - Alerts will alert when trade signal is present.
21. AlertOnlyMode- false/true - Will not place trades, but will alert to the platform (for manual trading)
22. WeekendMode- false/true - True=Will close all trades on and after the hour to close.
23. hour_to_close- 21 - Hour on weekend to close all remain trades if Weekend mode is set to true.
24. UseClose - true/false. It will double the Take Profit for safety purposes.
25. EMA Confirmation- Exponential Moving Average confirmation if so desired. You can set the low and high EMA.
26. Stochastic Confirmation- Stochastic if desired for confirmation of trend
27. Reverse- Find some settings that are consistent money losers? Reverse and start making money from those settings.
28. Obsolete Method- Will close and switch positions after a set period of time if conditions of your order have reversed.

Let's work together to improve this EA as I do believe it has some great potential.

I will continue to update this first post and put the latest version of the EA here for ease of access and newbies that just discover this tread.

Profit Generator version 3.3.2 is the same one found HERE

Real-Time Performance of the EA (updated every 15 minutes) can be found HERE. Thanks marlintrdg!!

Please use this EA as it has all the same functionality of the original EA with many features added. I don't want many different versions of this EA floating around and that is why I want everyone to forward test with this EA.

UPDATE: Backtesting with good modeling quality appears to be successful so far in forward test. Let's all work to backtest (to find good results) and then forward test to verify the results.

Note: This is a work in progress, I would appreciate the cooporation of any and all testers to back and forward test this EA.

Thank you for your support.

Attached Images

Profit Generator EA Document.pdf (207.6 KB, 3358 views)

Attached Files

Profit Generator 3.3.2.mq4 (22.7 KB, 2318 views)

I see that you are using the statement "(High[0]-Low[0])>10*Point" in your EA. [0] denotes the current bar being formed. How can you determine what is the high and the low of a bar that has yet to be completely formed?

Thanks,
Maji

That would be from the previous bar. That is why it works so well in the daily timeframes. I am also currently testing it out on weekly timeframe as well. I believe it might even be more accurate.

So if it is >10 from the previous bar (in the current bar). I hope you understand, it is accually very simple. Kind of a counter-trend system that attempts to find retracement after the previous day's gain or loss. I hope that makes sense.

I am not sure but I believe that is how it works. I did not write the original EA but only modified this.

Hi Holyguy7,

Thanks for the EA. Are you testing the EA on D1 charts to get the results you attached on your first post?

Sada

I will test this EA forward, beginning on monday...thanks for sharing.

Thanks Holyguy for your explanation.

Maji

Yes. That is exactly correct. It is most successful on daily and higher. I am also testing it on the weekly chart and it is successful as well (though does not trade as much).

It also has a problem (bug) that it does not always close orders when it hits its take profit. I was wondering if someone could fix that as when I went up to monitor the results, it would be way over the take profit price and I would have to close manually. It had only happened on a couple currency pairs but I do want if fixed as it could have easily when way higher or started dropping again.

Below is the attached statement so far. It keeps generating money.

Attached Images

Profit Generator.gif (4.8 KB, 2094 views)

Attached Files

Profit Generator.htm (20.6 KB, 1423 views)

Hi,

Which indicators are used by this EA?
I haven't downloaded it yet.
Thanks

There are no indicators. This EA operates on raw price movement.

__________________
"Anyone who has never made a mistake has never tried anything new." -Albert Einstein

Thanks for your quick answer. I will download and test it.

Thanks again