I got a silly idea while reminicssing about a Futures Scalper I once knew of..so I want to contribute to my continuing degradation of any credibility, I ever had. Thus I post. This is not a request in desperation and I could care if there are any coders that bite. I simply am discussing an idea and ruining my credibility.

TimeZone Traded
What would happen if we had an EA that opened trades starting one hour before the London Open and continued until 12:00-noon(est) the next day...(three inputs could be issued here for ServerGMT, BeginLook & EndLook)

Time-Frame & Indicator Used
It could be a price action based EA...as it would base decisions on price without any indicators other than a xxP H1, H4 or Daily ATR value. (two inputs could be issued here named BeginLookATRPeriod & BeginLookATRTF with a drop down box of the three possible TF's)

Are you with me so far? good...

Take Profit
This would be a stop and reverse system looking for PercentATRTP whatever you set (one more inputs of this low credibility EA could be called BeginLookATRTP%). Naturally, if you changed the BeginLookATRPeriod and/or the BeginLookATRTF inputs this would change your choice of percents...so you need to understand a litte about expected ATR that is appropriate for the TF.

Entry
Each open price of your selected TF above determines your entry. Let's use a BuyStop and a SellStop at a percent of ATR from the open of your selected candle TF. For example, we could set it in the above for a 576P H1 ATR TF as an example for those of you that like to trade a lot. (the input here could be named, LookPendOrdGapATR%...this would be one traditionally rounded positive value for the BuyStop and one traditionally rounded negative value for the SellStop based on the percent chosen of the ATR indicated in the above in this indicator) Viola...you get two dotted lines on your chart marking the Buy and Sell stop....make one of them green and the other red.

Time Stop
Each new candle of the chosen TF closes the trade. If the trade was a loss then reverse on the new candle, use the TP inputs and skip the gap. If the trade was a win then remain in the same direction until the TP hits... no close if there is an open winner. So again, the TP takes you out or the new candle...or you stay on the trend, waiting for the TP and hope not to get chopped to death. If you get a new candle with no open trade then start again with the BuyStop & SellStop.

Remember the TP and the gap are all related to the open and all calibrated to the ATR chosen.

Make this default to IBFX with microlots.

There are not any trailing stops or traditional stop losses, but time stops.


That's it for now...questions?

ES

P.S. Maybe a more appropiate name for this proposed low credibility EA could be ATR TRADER...or hehe ChopShop

P.P.S. An advanced version could re-set the TP and move to BE on a carried-over winner in a new candle. Even a skip candle input could be chosen...like look at each 2nd candle and so forth...

Wouldnt be enough to look at daily ATR? And since you dont know what price will be doing a grid should be setup with tweaking based on %ATR with regard of a daily ATR for each pair respectively so you do not need multiple TFs. One hour before London open you setup trades buy and sell at [current price +/- %ATR]; then you have option of setting TP, SL and/or TS, if any. If used, all would be based on certain % of ATR. You could also:
-let the trades run till the end of day or week
-not close trades till in profit or close them each day regardless of profit
-re-set grid at each end of day or week

good stuff.

I must think about this...and that can take a while

ES