(REQ Plz) Simple Take Profit EA based on Bollinger Bands

[kennyhubbard]

Move to Break Even

 

Hi guys,

 

http://www.multiupload.com/RX2VRXWOIG

 

Herewith enhanced v3.

 

After watching a trade go from 30 pips profit to stop out for -25 pips, I decided that this was not good, so I have now included a move to break even.

 

2 new setting :-

 

Use_Move_BE...........enables/disables the move to break even

BE_Pips....................the number of pips profit at which to move to break even. Default is set to 0 which will use......you geussed it........auto BE_Pips which once again is the same as the Auto_SL_Buffer.

 

One trade issue worth mentioning. See this screenshot :-

http://i55.tinypic.com/11tl65i.jpg

 

In the picture, you will see the the EURUSD short was taken above the middle TP1 line. After a while the middle line climbed to above the entry price. In this case, the EA does not close half the trade but will produce an error. It should still close the trade at the opposite BB but just be aware that there is possible error that will result from trading too close to the middle line.

 

I am still pondering how to deal with this issue, so just bear it for now.

[alright]

Hi kenny. I've been following benny's journal for a few days now and I'm only following your work since last night after benny mentioned this thread. Let me add my thank you to your valuable input. Although it's Friday afternoon and London has closed, so in a real world I would probably stay away, I just entered a short on the swissie because I want to test your EA. So far the SL and the TP look ok. Let's see how it goes.

 

I also wanted to add that I don't think it would be a good idea anyway to take a trade when the price is already too close to the middle BB, so your issue shouldn't actually present itself.

[⭐ E2U]

Hi kenny. I've been following benny's journal for a few days now and I'm only following your work since last night after benny mentioned this thread. Let me add my thank you to your valuable input. Although it's Friday afternoon and London has closed, so in a real world I would probably stay away, I just entered a short on the swissie because I want to test your EA. So far the SL and the TP look ok. Let's see how it goes.

 

I also wanted to add that I don't think it would be a good idea anyway to take a trade when the price is already too close to the middle BB, so your issue shouldn't actually present itself.

 

There is many different system so if you want to use the manager as an all-round tool…. You need a solution for middle BB also. In this moment I test the manager on a Nanningbob´s system and the order are made outside and inside BB.

[kennyhubbard]

What say you guys, next week we add in some MagicNumber functionality. You can still trade manually, just leave the EA MN at 0. But if you trade more than one strategy, you may want this EA to only manage certain trades. I will supply some trade scripts that will take care of the magic number entry and so on.............

[benny3]

What say you guys, next week we add in some MagicNumber functionality. You can still trade manually, just leave the EA MN at 0. But if you trade more than one strategy, you may want this EA to only manage certain trades. I will supply some trade scripts that will take care of the magic number entry and so on.............

 

Wow this is turning into a great expert Kenny! :)

Keep up the great work.

[kennyhubbard]

Hi Benny, well, I should say thanks to you for starting this thread, as should everyone else. The base idea was an excellent one to start with................perhaps we will eventually turn this one into a fully fledged EA.

[benny3]

Hi Benny, well, I should say thanks to you for starting this thread, as should everyone else. The base idea was an excellent one to start with................perhaps we will eventually turn this one into a fully fledged EA.

 

No worries there mate, working as a team would benefit us in the future.

[wonder833]

yes, the trade manager function is getting awesome here. Perhaps we should try the open trade function?

[⭐ E2U]

Maybe a recovery function when trade go against us Edited September 11, 2010 by E2U

[kennyhubbard]

yes, the trade manager function is getting awesome here. Perhaps we should try the open trade function?

 

All in good time......there is still a significant amount of work ahead. I will be working on the scripts this week with an auto lotsize function based on a preset risk level.

 

I am also considering making a dashboard which will monitor selected instruments on across several timeframes and alert the user to a potential setup.

 

After that we can start looking at some form of indicator that is capable of recognising certain reversal patterns. Perhaps once all these things are working we can put it all together.

[kennyhubbard]

Maybe a recovery function when trade go against us

 

Are you talking increased lotsize on a totally new trade, or an additional cost average trade(ie enter same direction trade) where the original stoploss is?

[⭐ E2U]

All in good time......there is still a significant amount of work ahead. I will be working on the scripts this week with an auto lotsize function based on a preset risk level.

 

I am also considering making a dashboard which will monitor selected instruments on across several timeframes and alert the user to a potential setup.

 

After that we can start looking at some form of indicator that is capable of recognising certain reversal patterns. Perhaps once all these things are working we can put it all together.

 

Hi Kenny

I will work on the recovery thing and come back to you later with that.

Here is code for the auto lot size. Maybe it save you time if you can use it.

http://www.4shared.com/file/h27l2ugi/MoneyManagement-v2.html

[kennyhubbard]

E2U,

 

Thanks for the share.....I already have the lotsizing code. My challenge is to integrate it with the Bol_TP EA. I want all the settings for this script to be done from within the EA, so there will be no manual settings to be made on the script before you execute it.

[alright]

Kenny, on Friday I took this short on UCHF. This morning I found out the trade was totally closed at the middle BB.

http://i683.photobucket.com/albums/vv197/alright_01/UCH_2010-09-13_0804.png

Find attached my settings and the log file. Maybe it's got to do with FXCM not handling partial closes?

http://www.mediafire.com/file/t0zithgc1r0mr3q/kenny.rar

[kennyhubbard]

Hi alright,

 

What is minimum lot size with FXCM?

[alright]

I think it is 0.1 and thats what i used

[kennyhubbard]

Yeah, thats the problem. A partial close is actually a "new" trade and that trade cannot be less than the minimum trade size. I have programmed the EA to close the full trade if your lotsize is too small. Try making a trade of 0.2 lots.

[alright]

Actually im not totallysure since I just checked and they offer micro lots as well. I dont remember how my demo account is set up though. Anyway I just opened a trade with 0.2 Edited September 13, 2010 by alright

[benny3]

Hi Kenny the EA Didn't close half the position at the center BB here are some pics

 

http://i52.tinypic.com/ndrdoj.jpg

[benny3]

Hi Kenny the EA Didn't close half the position at the center BB here are some pics

 

http://i52.tinypic.com/ndrdoj.jpg

One question Kenny the last expert didn't require you to use the break even setting so with this one do you have to actually have it set to true for it to close half at the center bb?

http://i54.tinypic.com/23h58y8.jpg

http://i53.tinypic.com/b8r2g5.jpg

http://i54.tinypic.com/fjq42h.jpg

http://i55.tinypic.com/jqsv8o.jpg

Edited September 14, 2010 by benny3

[kennyhubbard]

Hi Benny,

 

Looks like you running into that spread problem again. For a short, the Ask price has to pass below the middle BB. Looking at the chart the Bid price just went below the line, but it looks so close that I suspect the penetration was by less than the spread.

 

To answer your question.......nope, the Move to Break even is totally independent of the partial close function, so you don't need to enable it.

[benny3]

Hi Benny,

 

Looks like you running into that spread problem again. For a short, the Ask price has to pass below the middle BB. Looking at the chart the Bid price just went below the line, but it looks so close that I suspect the penetration was by less than the spread.

 

To answer your question.......nope, the Move to Break even is totally independent of the partial close function, so you don't need to enable it.

 

Cheers Kenny,damn spread :) hey Kenny do you think we can exchange skype details? or meet up here http://www.chatzy.com/664736825145, i'm trying to get a buch of people here, it's alot easier to comunicate.

[benny3]

Hi Benny,

 

Looks like you running into that spread problem again. For a short, the Ask price has to pass below the middle BB. Looking at the chart the Bid price just went below the line, but it looks so close that I suspect the penetration was by less than the spread.

 

To answer your question.......nope, the Move to Break even is totally independent of the partial close function, so you don't need to enable it.

 

Cheers Kenny,damn spread :) hey Kenny do you think we can exchange skype details? or meet up here at a forex chat room i'm trying to get a buch of people here, it's alot easier to comunicate.

 

only until a chat room starts up in indo

 

Forextraordinary chat room = http://www.chatzy.com/664736825145

Skype Details = Lawton1st

Edited September 14, 2010 by benny3

[kennyhubbard]

Hi Benny,

 

I'll catch up with you in the chat room. I suspect timezones may be a bit of an issue but lets give it a bash.

[benny3]

Hi Benny,

 

I'll catch up with you in the chat room. I suspect timezones may be a bit of an issue but lets give it a bash.

 

i'm in nz so i'll be on around 9 5 and 1 am and pm soo hope to c u there