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

[benny3]

hey there, it seems that the download link dosnt work. could anyone please upload the ea on another link?

 

Try this one

 

http://www.4shared.com/file/yaC4TR31/Bol_TP_v2.html

[guro]

Benny

 

Thanks for starting this thread, this EA will be a great tool to have in your Arsenal.

And a big thanks to Kenny for his great work.

 

Benny, Have you had some manual success with your bollinger band system, if so would you mind sharing it with us.

[benny3]

Thanks for starting this thread, this EA will be a great tool to have in your Arsenal.

And a big thanks to Kenny for his great work.

 

Hi Guro thank you for your interest in the EA and yes your right, a big thanks to Kenny... he's the brains behind all of this.Together we can all help to improve on it.

 

Benny, Have you had some manual success with your bollinger band system, if so would you mind sharing it with us.

 

It's not my system Guro, i'm just testing Dean Saunders technique it's called the Powerband system.

i've stared a trading journal here, check it out.

 

http://indo-investasi.com/showthread.php/7365-Benny3-s-Trading-jounal

[benny3]

Hi Kenny i took a trade on the AUDCAD for a sell, the EA put my stop 20 pips above the high of the candle which i liked but then it stopped me out even though the candle was only 5 pips away heres a pic, hope this helps. And by the way, how's the holliday going?

 

http://i54.tinypic.com/op9x54.jpg

[kennyhubbard]

Hi Benny,

 

Holiday.....haha.....I wish.....more like the salt mine. Anyway, I am back now......I should have the latest fix's by this time tommorrow. Just need to pick up where I left off and do some more tests.

 

I think the reason you were stopped out is because of the spread. The OHLC on MT4 charts is Bid price......you would need to add the spread to get the Ask price, which is the price your short would have been valued at.

[benny3]

Hi Benny,

 

Holiday.....haha.....I wish.....more like the salt mine. Anyway, I am back now......I should have the latest fix's by this time tommorrow. Just need to pick up where I left off and do some more tests.

 

Salt mine.....that bad ha? Anyways great to have you back on board

 

I think the reason you were stopped out is because of the spread. The OHLC on MT4 charts is Bid price......you would need to add the spread to get the Ask price, which is the price your short would have been valued at.

 

I'll test it cheers

[kennyhubbard]

http://www.multiupload.com/TDCAKIIL9W

 

Herewith the latest edition. Still working on ironing out some of the bugs, so please test and report back.

 

Benny, I have changed the TP modifications to work on a timer, rather than every tick. A 2 dev BB is pretty volatile and you will be sending orders with every tick which I believe will clog up the system and I don't think there will be a major advantage. There is an external parameter 'TP_Use_Timer' to activate this function, followed by the interval between TP settings. If you set the Use_Timer option to false, it will set the TP every bar instead.

[benny3]

http://www.multiupload.com/TDCAKIIL9W

 

Herewith the latest edition. Still working on ironing out some of the bugs, so please test and report back.

 

Benny, I have changed the TP modifications to work on a timer, rather than every tick. A 2 dev BB is pretty volatile and you will be sending orders with every tick which I believe will clog up the system and I don't think there will be a major advantage. There is an external parameter 'TP_Use_Timer' to activate this function, followed by the interval between TP settings. If you set the Use_Timer option to false, it will set the TP every bar instead.

 

Hi Kenny thank you once again for your fine work.

how about having the EA with no TP and just letting it close the order once it touches the outer BB, instead of changing the tp every tick.

[⭐ E2U]

Hi

I follow this project with interest and hope that you will continue to work on it.

I have had couple of tests and it look like the idea is right.

Here I have a nice buy and half order is closed with 5 Euro profit.

Now I'm waiting for the other half to be closed.

One question What this mean. “EURNZD Invalid trade for this EA. Standard Stoploss set. No TP will be set.”

Do I have to take that profit by hand.

Question number 2: What mean TP_Update 60 Is it a update every 60 seconds

 

 

http://www.euro2you.com/nice.jpg

[benny3]

Hi

I follow this project with interest and hope that you will continue to work on it.

I have had couple of tests and it look like the idea is right.

Here I have a nice buy and half order is closed with 5 Euro profit.

Now I'm waiting for the other half to be closed.

One question What this mean. “EURNZD Invalid trade for this EA. Standard Stoploss set. No TP will be set.”

Do I have to take that profit by hand.

Question number 2: What mean TP_Update 60 Is it a update every 60 seconds

 

 

http://www.euro2you.com/nice.jpg

 

I'm sorry E2U Kenny is the one to answer those qestions i'm still learning as well.

[benny3]

Hi Kenny

 

Is there any chance i can have the EA close the remain lots after it touches the outer Bollinger bands rather than updating the tp constantly.

[kennyhubbard]

Hi guys,

 

Just got back from a trip and will catch up.

 

E2U, the Invalid trade for this EA is what happens when you make a buy trade when the price action is above the middle of the BB(or sell below the middle). Since the EA cannot close half the profit on this trade, it does not know what you want to do, and I have then coded it to tell you this. If you feel that you are getting the alert in error(always a good chance of bugs in the beginning), then please advise me and I will be able to investigate. I have tried to code for different situations in order to reduce errors but there may still be some circumstances where you make a trade that is not compatible with this strategy and can cause problems.

 

For your second question regarding TP_Update 60, you are correct, it is 60 seconds.

 

Benny, I can change it to close the order at the outer BB(i'll make it an option), but I also like the TP method, as this is the best of all ways to close a trade. A TP offers protection against problems and from the broker POV it is as good as a limit order, so you won't experience slippage unlike a market order close.

[⭐ E2U]

Thank you Kenny for your answer.

I have an EA witch puts the orders and many time the order comes on the middle band.

When it happens it should be perfect if the Manager just overlook to take the half profit and only concentrate on top (on long) BB.

Sometimes it look like the manager fall a sleep. When my EA puts orders it does it with SL and TP.

Most of the time the manager change this SL and TP but this morning I had to reload the manager on all 15 cards before it moved the SL and TP.

Maybe it should be idea to move the SL halfway to the top band from the middle when the TP reach the top (on long) and when the TP change upwards the manager move the SL after it in same distance.

I had 5 orders last night and all closed on 50% but the other half ended up in zero. They where close to hit the other side for TP but turned back to BE. Whit a moving SL you catch some more pips when this happens.

How do I put the line visible you had before for the “take 50%” profit.

Edited September 8, 2010 by E2U

[benny3]

Just got back from a trip and will catch up.

Not the salt mine again :)

 

Benny, I can change it to close the order at the outer BB(i'll make it an option), but I also like the TP method, as this is the best of all ways to close a trade. A TP offers protection against problems and from the broker POV it is as good as a limit order, so you won't experience slippage unlike a market order close.

 

Thanks very much kenny

[benny3]

How do I put the line visible you had before for the “take 50%” profit.

 

It's not added in this one, but i'm sure it's no problem for Kenny to add. Just give him some time and he'll get back to us.

 

Cheers Kenny

[kennyhubbard]

Hi guys,

 

Yup, Benny, salt mine again :-)

 

E2U,

 

I had 5 orders last night and all closed on 50% but the other half ended up in zero. They where close to hit the other side for TP but turned back to BE. Whit a moving SL you catch some more pips when this happens.

 

I will look at working in a trailing stop, but I personally suspect that the best way to catch some pips is to use a 1 deviation BB rather than a 2 deviation. A 2 Deviation by definition means that the price action will be contained within the deviation 95.4% of the time(ie PA will hit TP only 4.6% of the time), whereas price will only stay within the 1 deviation 68.2% of the time.

 

You can try it by setting the 'Bol_Deviation' setting to 1(its 2 by default). The middle line ie TP1 will be unaffected.

 

I will look at putting in the yellow line again if desired. I actually took it out because it was causing hassles to remove the line from the chart when the TP1 was reached.

Edited September 8, 2010 by kennyhubbard

[⭐ E2U]

It's not added in this one, but i'm sure it's no problem for Kenny to add. Just give him some time and he'll get back to us.

 

Cheers Kenny

 

Ok Thanks

Your Manager idea is very exiting. I have tried to find one like this but they are all built into EAs

It should be perfect if it was possible to put the manager on one currency pair and it managed all orders on the account. Aaah the ideas never ends…..

[benny3]

It should be perfect if it was possible to put the manager on one currency pair and it managed all orders on the account. Aaah the ideas never ends…..

 

Would be nice e2u, gives us something to work towards. But for now we'll start with the basics.

[kennyhubbard]

Version 3 now available

 

http://www.multiupload.com/HRQM2B1GLA

 

Hi guys, herewith version 3 which has a couple of enhancements.

 

I am sure you can appreciate that this is becoming a monstorously complex EA and it is difficult for me to test all the available options, so I expect many bugs to surface still............please report back here with your problems.....and go back a few posts to see how Benny does it. I can't help if you just say its not working.

 

The main enhancements are :-

 

1. Return of the yellow TP line. Now you can simply select not to display it instead of changing the color to the same as the background if you don't want it.

 

2. Market close at TP2 instead of server side stop. As indicated before, my personal preference is for a server side stop since these stops are better than market orders.

 

3. Trailing stop functionality from TP1 including a trail decay mechanism :-)

 

4. Additional error reporting, so you can tell me what is wrong when you find a bug.

 

The settings are as follows :-

 

Bol_Period

Bol_Deviation

Aplied_Price

Shift ..........these 4 are your indicator settings. Straight forward, shout if you don't understand

-----------------

Set_SL.............enables/disables the automatic stoploss entry

SL_Buffer.........the buffer between previous bars high/low for stoploss. Set to -1 to use auto buffer determination.

SL_Bars...........number of previous bars to use for stoploss entry. Includes the current bar.

------------------------

TP_Use_Timer...updates the TP2 at predetermined intervals rather than every tick. EA updates each new bar by default. This setting overides new bar and sets the TP more often.

TP_Update........number of seconds interval when changing TP2

Use_TP2_Close....use market order to close at TP2 instead of server side stop. This overides all other TP2 methods.

Show_TP_Line.....enables or disables the visual TP1 line

TP_Color.............ok, if you need help with this one, you are in the wrong place.

---------------------------

Use_Trail...............enables or disbles the trailing stop function

Trail_Percent.........this is the % of profit to trail by ie 50 pips profit = 25 pips trail.

Trail_Max..............stop will trail by the % you set eg 50% until the trail is equal to Trail_Max. Then the EA will trail at this fixed value. Set to -1 to use auto trail max which is the same as your SL_Buffer. Auto buffer is a function of ATR.

Use_Decay.............my little pride and joy. Ever watched the Price action hang within 1 pip of your TP and then reverse. With this option, the trailing stop is tightened as the Price approaches the TP2. The trail is equal to TP - Price, so if you are 5 pips short of TP, your trailing stop will equal 5 pips.

----------------------------

Auto_SL_Ref.............this is a reference to adjust the Auto_SL_Buffer. If you feel that the buffer is too big or too small, use this parameter to adjust.

Mod_Threshold..........this is the EA's own internal stoplevel. Basically you don't want it sending orders to change things by 1 tenth of a pips, so I have set it here by default to only change any order if the modification will be more than half a pip.

----------------------------------------------------------------------------------------------------------------------------------

 

Most settings are set to false or disabled by default, so you must switch an option on if you wish to use it.

 

Enjoy.

[⭐ E2U]

I dont see any button for say thank you: But Thank You

[benny3]

Kenny you are awesome!

 

Guys plz remember to thank Kenny, by clicking the thanks button on the bottom

http://i54.tinypic.com/9t39cl.jpg

[kennyhubbard]

Hi Benny, thanks for your kind words.

 

Here are some screenshots of the trailing stop in action :-

 

http://i56.tinypic.com/2wp1cw4.jpg

http://i53.tinypic.com/1129zxw.jpg

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

 

As you can see, the price action turned away from the 2 dev BB. Although it appears that the TP would have been hit, it would have, in fact, missed by only a couple of pips. The piercing of the band was the Bid price(not the Ask price which is the requirement) and the penetration was 2 pips. Also at the low of the bar, the band would have 'run' away and would not even have been anywhere near where it eventually closed.

Edited September 10, 2010 by kennyhubbard

[benny3]

Hi Kenny

 

I like the Decay idea, but do i have to have the trailing stop on for that to work?

Not sure if i like the trailing stop on until it gets close to my TP, so once it gets about 10 pips away from my take profit i would like it to be activated.

[kennyhubbard]

Hi Benny,

 

Yup, it does require the trailing stop to be active, but you can allow the TS a big margin, like 80% with the Trail_Max at 50 pips, or something like that. Unfortunately it is difficult to determine what is best. Only trial and error.....

[benny3]

Hi Benny,

 

Yup, it does require the trailing stop to be active, but you can allow the TS a big margin, like 80% with the Trail_Max at 50 pips, or something like that. Unfortunately it is difficult to determine what is best. Only trial and error.....

 

cheers i'll trial this one out