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Lowphat, thanks for your efforts. I will be out of town and away from the computer until July 9th. I will check back then and see how the progress is. Everybody have a safe and fun fourth!
If I can help you just a litlle bit with some simple common sence.
Lets say that you go for the 5 pips (wich is the max we can expect).
We need to deduct the spread (oanda) = 1.5pips. Is an average win of 3.5pips.
Now the stoploss (because this one is the most important-- not the profit). The smaller you will make your stoploss the lower your hitrate will be.
Lets say that we take a stoploss of 10 pips (2x times as big as your profittarget if you want a positive hitrate higher then 50%)
that brings us to the following total profit that you can expect.
Lets say that you would have a hitrate of 75% (wich is very high)
75 x 3.5pips = + 262 pips
25 x - 10pips = - 250 pips
total profit after 100 trades = 12pips.
For all this effort only 12 pips loss I think it is not worth the effort.
So we need more profit. The only way to achieve this is to make the stoploss smaller. BUT if we make the stoploss smaller the hitrate will drop dramaticly.
Lets say that we take a stoploss of 5pips (that is even without the spread)
At this moment stoploss and profittarget are equal.
At this moment we expect a positive hitrate of +/- 50% (wich is again very high)
50 x 3.5pips = +175 pips
50 x - 5pips = - 250pips
total profit after 100 trades = -75 pips.
Last example
Lets say that we make our stoploss even smaller (wich is a bit absurd). So lets say that we take a stoploss of 3 pips (and this is again without spread).
At this moment you can not expect a hitrate higher then 33%.
33 x 3.5 = + 115pips
66 x 3 pips= -198pips
total profit after 100 trades = -83 pips.
Conclusion= systems that go for very small gains are not profitable.
And thinking that you could keep your hitrate at 75% with a stoploss of only 3pips (without spread) is compleet unrealistic and not achivable.
Lets face it, we took already the highest profit, we took already the smallest transaction costs and we did not count the spread on the stoploss. And important we did not take any slipage in our calculations (if one wants to be realistic the slipage is at least 1/2 pip/transaction ).
Thanks for your input Igor, but I would like to still go through with the testing of this. I know the hit rate will be high, exactly what percent who knows but I would estimate it over 75.
Also takeprofit could be higher especially during certain times of the day when the market is more active. Stoploss can be at 10 pips.
The EA can tell us more because you just can't trade this 24/7 manually. Right now it's at the most simple form, that is why I brought it here, for others to see, test and give their input on possible making it better. So if there is anyone willing to help on this still it would be greatly appreciated!
If you believe in something you have to go for it...
But like I said I only want to try to help. Because there is no bussines like trading were one is cheating himself.
So 1 important thing, you need to stick to the rules. You can not go over a chart and say.."well here I would have taken the 10 possible pips and there I would have gone for the 5 possible pips"...
Or it is always 10 pips or it is always 5 pips profit. If you go over your chart (without the help of an EA) over severall days history you will see that you will absolutly not make your 75% hitrate if you go for the 10pips profit (even with the spread included).
And most important that you may not forget is your stoploss. People have the tendency to look to profits when they build a system or strategy.
You need to look to the losses. With the strategy that you have and you would wait till both signals turn the opposite direction before you get out then losses of 20pips are completely normall.
By this way you will shift the number of pips that you win and that you lose to higher levels then what I explained but the end result wil stay the same.
But like I said, you need to examine this for yourself because you will learn important lessons from it...
friendly regards...iGoR
PS. An important tip I can give you is, when you make your EA (or let it make) make shure that the EA only trades between 07.00cet and 19.00cet. Otherwise your possible profit per trade will drop even more.
Its a nice little project to practice some basic code. I have it just about done but i had to change the byk indicator buffer cuz i didnt know how to capture the buffer in its current state. Also the TP is a little flakey if its under 10 im not sure how to make it better :/
I didnt put any if(Hour()>=) code in it if someone wants to do that its cool i have a buncha projs im working on and not much tyme
it also references ZZ MTF XO A.mq4 so ya need that one
you could prolly change it to ref xo also i just used that cuz it was the 1st thing i saw
Code:
//+------------------------------------------------------------------+
//| ZZ MTF XO A.mq4 |
//| |
//+------------------------------------------------------------------+
#property copyright " ZZ MTF XO A "
#property link " ZZ MTF XO A "
#property indicator_separate_window
#property indicator_buffers 4
#property indicator_color1 LimeGreen
#property indicator_color2 Red
#property indicator_maximum 1
#property indicator_minimum -1
extern int TimeFrame=0;
extern double KirPER=10; //10
//---- input parameters
/*************************************************************************
PERIOD_M1 1
PERIOD_M5 5
PERIOD_M15 15
PERIOD_M30 30
PERIOD_H1 60
PERIOD_H4 240
PERIOD_D1 1440
PERIOD_W1 10080
PERIOD_MN1 43200
You must use the numeric value of the timeframe that you want to use
when you set the TimeFrame' value with the indicator inputs.
**************************************************************************/
//---- buffers
double ExtMapBuffer1[];
double ExtMapBuffer2[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
//---- indicators
SetIndexStyle(0,DRAW_HISTOGRAM,EMPTY,2);
SetIndexBuffer(0,ExtMapBuffer1);
SetIndexStyle(1,DRAW_HISTOGRAM,EMPTY,2);
SetIndexBuffer(1,ExtMapBuffer2);
//---- name for DataWindow and indicator subwindow label
switch(TimeFrame)
{
case 1 : string TimeFrameStr="Period_M1"; break;
case 5 : TimeFrameStr="Period_M5"; break;
case 15 : TimeFrameStr="Period_M15"; break;
case 30 : TimeFrameStr="Period_M30"; break;
case 60 : TimeFrameStr="Period_H1"; break;
case 240 : TimeFrameStr="Period_H4"; break;
case 1440 : TimeFrameStr="Period_D1"; break;
case 10080 : TimeFrameStr="Period_W1"; break;
case 43200 : TimeFrameStr="Period_MN1"; break;
default : TimeFrameStr="Current Timeframe";
}
string short_name;
short_name=("XO A("+TimeFrame+","+KirPER+")");
IndicatorShortName(short_name);
SetIndexLabel(0,short_name);
}
//----
return(0);
//+------------------------------------------------------------------+
//| MTF Parabolic Sar |
//+------------------------------------------------------------------+
int start()
{
datetime TimeArray[];
int i,limit,y=0,counted_bars=IndicatorCounted();
// Plot defined time frame on to current time frame
ArrayCopySeries(TimeArray,MODE_TIME,Symbol(),TimeFrame);
limit=Bars-counted_bars;
limit=Bars-counted_bars;
for(i=0,y=0;i<limit;i++)
{
if (Time[i]<TimeArray[y]) y++;
/***********************************************************
Add your main indicator loop below. You can reference an existing
indicator with its iName or iCustom.
Rule 1: Add extern inputs above for all neccesary values
Rule 2: Use 'TimeFrame' for the indicator time frame
Rule 3: Use 'y' for your indicator's shift value
**********************************************************/
ExtMapBuffer1[i]=iCustom(NULL,TimeFrame,"XO",KirPER,0,y);
ExtMapBuffer2[i]=iCustom(NULL,TimeFrame,"XO",KirPER,1,y);
}
return(0);
}
//+------------------------------------------------------------------+
Linear Mode
