This looks interesting. I haven't figured out the mathematics of it yet, but hopefully a team approach will get it solved.
But you're only taking a 3 pip TP? Is that their recommended way of using it?
Quote:
Originally Posted by forextrades
I have an idea for a trading system that uses an indicator in a different charting package. I have no idea how to code it or where to even begin, but I thought I'd share the idea and maybe someone can help with it.
The indicator at its default setting uses 20 days worth of data and the time frame is adjustable in 5 min incriments. At default, it's set at 60 min. I currently have it at 25 min with 20 days worth of data. I've been using it on the 1 min chart although it doesn't matter what time frame it's used on. It's just easier to see your entries on the 1 min.
I don't know how the indicator is calculated and I don't think the author will share it with me as I pay for his software, but here is a screenshot of it. It looks like it just takes the average high low of the last 20 days worth of data over a 25 min period and plots a line above and below the current price. The line is readjusted after every bar even on the 1 min, however.
How I'm using it is simple. When price hits the pink line, I sell. When it hits the blue line, I buy. I use a 3 pip t/p and a 10 pip stop. I also don't enter 2 trades in the same direction in the same 25 min period. I have not tested it to find the optimum settings for the t/p and stop, but it made 32 pips today on euro and 38 pips yesterday. I believe this strategy is capable of averaging 30 pips a day.
Any ideas on how to code this thing for MT4 would be much appreciated.
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