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I am posting my PowerSM EA and PowerSM Calculator for those who have followed the thread by FXTradepro on the FF forum.
Before I start, I want to say I am not disrespecting or in any way discrediting FXTradepro for his efforts because I feel he has a very profitable tool for the traders to use. In my own opinion, I feel you should never post something for free only to wet a persons appetite, then bring people to your site and start charging you to use your product, that's all I'm going to say about that.
Also, I will only be posting the EX4 file since I have, out of my own pocket, personally paid to have this EA made to my specifications and plan to commercially market this outside of this forum (don't worry, the EA will be free to all forum users!). For those who want more info can pm me but I will not advertise it here on the forum. The EA itself will have an expiration date one year from today's date for those who would like to use it to trade with or to demo it with other settings to use on other pairs (This is for repaying those who have helped me on this forum and I do not expect or will accept payments, donation, or any other form of compensation for this, it is for you guys to use as you wish!). After the first year I will post a new EA with a one year expiration on it to keep some sort of control on it.
For those who have not seen or used this EA, it is simple and straight forward. The EA opens a trade in three different ways
1.) With the Time and Price entry set to false the EA will open a trade on the next tick.
2.) With the Price entry set to true you can have the EA open trades starting at a set price point.
3.) With the Time entry set to true you can have the EA open trades at a certain time (my preference).
The EA will open the first trade above and either a) hit the take profit level you set or b) hit the stop. When a stop is hit a trade is immediately entered in the opposite direction with the next lot progression up to 24 progression levels. The link above will give you more details about the trading aspect of the EA.
Some changes I made to fit want I wanted the EA to do is:
a.) There is no longer a hibernation function.
b.) The Time entry was modified to also have a stop time for those who want the EA to trade during more volatile hours, for example from London open at 08:00 GMT to London close at 17:00 GMT.
c.) I have added a Breakeven function where you can move the stop after "X" number of pips. This does sometimes affect your total profit when hit as you do not lose money when you stop is hit once you stop is moved. I will explain this a little later in the thread.
d.) I have also added also added extra functions like the ability to add an expiration date and to be able to code the EA to use specific account numbers (This is only activated on the commercial end for those who manage multiple accounts for their clients and for those outside the forums who only want to lease it).
I will also post my demo statement daily to show the trade progress starting with yesterdays sequence on EUR/USD. I will only show the trades for that day as not to clutter up the statement. I will also be testing it out on USD/JPY and USD/CHF starting this morning using similar take profit and stop levels.
Last edited by mer071898; 04-14-2008 at 07:59 AM.
Reason: changed attachment
Here is the first statement on EUR/USD from yesterday. Sorry for the zip file, I can save a statement to my desktop but don't know how to convert an .htm file.
As I mentioned earlier, I use the Breakeven function to help eliminate some losses when the EA is trading. I generally will set it to 3/4 of the takeprofit level. For example, if you set your profit level at 40 pips, your breakeven level will be 30 pips. Obviously you can set it to whatever floats your boat but I do advise not to set it too low as you will stop yourself out more often which is not what we want. 3/4 is generally past the 61.8 fib retracement ( roughly 24-25 pips) and if it is triggered, hopefully a reversal will soon show it's ugly head and the EA will be ready.
A good example is on this first statement in the last post. If you look at the fourth trade, our breakeven kicked in and stopped out with no loss instead of normally losing $30.00 ($10 a pip @.3 lots).
With out the breakeven function we would have made:
-$10 + -$10 + -$20 + -$30 + -$40 + +$240 = +$130
If you used the breakeven function you would've made $30.00 more:
That is what he used successfully, but as we all know, what works for one does not work for others. I personally am using the timed entry from the Frankfurt open at 07:00 GMT to London close at 17:00 GMT with the first long set to false to avoid the ranging times of the day when the major players are closed up. I am using low spread pairs like EUR/USD, USD/CHF, and USD/JPY.
Once I feel these pairs provide consistent profits I will move to some more volatile pairs for testing. I haven't gone live yet and I am still in the testing phase but I will be opening a live nano account for testing shortly.
Maybe try reloading it again to see if that works. Also I see you are using a mini account. Is this a demo or a live account? If a demo try using a standard account and see if it works there, if there is a problem with it working with a mini I'll have to look into that.
Last edited by mer071898; 03-17-2008 at 04:26 AM.
Reason: new info
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