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

[benny3]

Nice going Kenny i'm still testing

[alright]

Kenny, you're making this EA look more and more like a masterpiece. I haven't had the chance to trade this week yet, but I'll test it asap. Thanks again. No need to say keep up the good work: you're doing it anyway! LOL

[⭐ E2U]

Hi Kenny

And thank you for the update.

I'm testing a basket EA and was thinking to test your manager after I downloaded it yesterday. I attached the manager on all 14 pairs in the basket, but the manager did not find any trade. I have tried whit and whiteout magic number. The manager says “No Trades in Progress”

Then I had problem with the //Remove_EA(); so I disabled it.

It was not possible to restart Metatrader whiteout the messages throw up and even if it was no manager on the currency pair I got the alert. Same when I tried to change something in the configuration like magic the alert come up and closed the manager.

But the biggest problem is that the manager don't find the orders even if they are there.

[kennyhubbard]

Hi E2U,

 

I suspect the basket EA will enter its own Magic Number? Can you confirm this? Using without MagicNumber actually still uses 0 which would match a manual trade, but if your EA enters a MagicNUmber, the trade will not be picked up.

[⭐ E2U]

Hi

Yes magic 333 and I used that in the manger. Is it possible to put both trade comment and magic.

I could have tried myself to put comment and magic but when the EA use .mgh its more complicated and I'm not a programmer.

Thank you for your hard work!

[kennyhubbard]

Hi E2U,

 

Yeah, the Personal MagicNo in the EA is an additive to the automatically generated MagicNumber, but I see no reason why I can't make it a stand alone number. It will be in the next version.

 

The order comments come from the scripts and it doesn't sound like you are using them, so I'm not sure what benefit changing the comment would hold?

[⭐ E2U]

No I don't use the script yet because I'm testing couple of basket EAs at the moment.

Sometimes its good to handle trade comments also. Like BOUGHT AUDJPY SOLD AUDUSD if you want to treat them separately and all orders have same magic.

[benny3]

Kenny,the Expert is working perfectly. I especially love the scripts, it just makes opening trades a whole lot easier. Well done

 

Benny3

[kennyhubbard]

Thanks for the feedback Benny. What I find quite usefull is to have the dashboard running on a blank chart and then I have at least 3 charts running the EA along with the desired indicators. When I detect something of interest on the dashboard, I simply drag the relevant currency pair onto any of the charts that are showing "No Trades in Progress" and bam, you have the new currency set up on the chart with the desired profile. Of course it works best with default settings.

[benny3]

Hi Kenny the dashboard has great potential, do you think you can add up or down arrows for price being above the 200 ema and another up or down arrow for price being above or below 365 ema.

 

just a sugestion

[kennyhubbard]

Hi Benny,

 

I will work on that. I had more in mind using the MA's as a trend indicator. Perhaps you could show me a diagram of how you would like it to look. Also bear in mind that the dashboard cannot become too cluttered or else it overloads the user.

 

I have started color coding the DB and I have worked in the first reversal pattern which would be a simply doji with a close outside of the 2 dev BB.

[benny3]

Hi Benny,

 

I will work on that. I had more in mind using the MA's as a trend indicator. Perhaps you could show me a diagram of how you would like it to look. Also bear in mind that the dashboard cannot become too cluttered or else it overloads the user.

 

I have started color coding the DB and I have worked in the first reversal pattern which would be a simply doji with a close outside of the 2 dev BB.

 

here is a pic of how i would like the dashboard thanks Kenny, that's if you don't mind.

 

http://i54.tinypic.com/4g4xuw.jpg

[kennyhubbard]

Hi Benny,

 

Ok, I'll try, but it does introduce a level of complexity........I am also about to move home, so this may take a while. I will try and release a slightly updated version before the move....it is virtually complete, just needs more testing.

[⭐ E2U]

Hi Kenny

I found Ben_trail_stop_ECN_v6 today and I like it. It take care of all the basket from one currency pair.

[kennyhubbard]

Hi E2U,

 

Ah, yes, nifty one. I didn't even think of that as a solution to your requirements........

[benny3]

Hi Benny,

 

Ok, I'll try, but it does introduce a level of complexity........I am also about to move home, so this may take a while. I will try and release a slightly updated version before the move....it is virtually complete, just needs more testing.

 

No worries Kenny

[guro]

Wow,,,,, I’ve Been away awhile, this thread as really took off.

 

Thanks Benny for finding Kenny and thanks Kenny for your time and great work.

[benny3]

Wow,,,,, I’ve Been away awhile, this thread as really took off.

 

Thanks Benny for finding Kenny and thanks Kenny for your time and great work.

 

All thanks go's to Kenny, I just got the ball rolling i suppose.

 

Thanks Benny for finding Kenny

 

He found me :)

Edited September 23, 2010 by benny3

[kennyhubbard]

Ok, herewith version 2 of the dashboard......slowly getting there.

 

http://www.multiupload.com/UVG8MKRP2V

 

Please study this screenshot and read the comments below to understand what you are looking at.

 

http://img840.imageshack.us/img840/5189/legendi.jpg

 

On my dashboard I have enable 14 currency pairs across 6 timeframes. Notice that in my market watch window I have only the currencies diplayed that are on the dashboard. TIP : This is an easier way to load the dashboard with your desired currency pairs. Hide all the pairs that you are not trading(right click select hide). When you load the indicator first time around, it only writes the pairs in the market watch window to file. Once this is done, with the limited selection in the market watch window, you do not have to edit the CSV file......simply reload the indicator.

 

Anyway, I digress.....the dashboard will show you information about the price action relative to the bollinger bands, the price action relative to 2 selected moving averages, as well as the appearance of a doji cross that closes outside of the 2 dev BB.

 

Lets start with the numbers....it is quite a challenge to put across lots of data without causing confusion, so I hope I have not done so.....

 

The general principle with the numbers are that the higher the number, the closer Price Action(PA) is to the 2 dev BB. A positive number means PA is closer to the upper band and a negative number means PA is closer to the lower band. The grey face means that PA is outside of the 14 period ATR, so in effect, it is dead. It turns to a white '1' when within the 14 peiod ATR of the BB. This is followed by a white '9' when PA is within half the 14 period ATR. The reasoning here is that '10' is the critical point, so a white 9 means that the PA is getting close to the BB.

 

As soon as the High of a bar is breached, I have added color, so a red 10 means the the high of the current bar is above(or below '-10'), and the PA remains outside of the band. As soon as PA retraces to within the band, there is still color added, so a bar that has a high above(or a low below) but PA is still within half the 14 period ATR is represented by an orange '9'('-9'). When it retraces to between half the 14 ATR and half the 14 ATR, it display turns to an orange '1' or '-1'. So bottom line, is any number with color has a high or low outside of the BB.

 

Now the MA indicator......Benny, I hope you gonna like this.....I have combined your request into 1 arrow that provides the same info.

 

Simply put, when you have an UP or DOWN arrow, it means that the price action is above(UP) or below(DOWN) the 2 moving averages defined in the external inputs. If the arrow is green, it means that the PA is with-trend so the fast MA is above the slow MA for an UP arrow and VV. If the arrow is red, it means that the PA is counter trend ie the fast MA is below the slow MA for an UP arrow.

 

If the Price action is in between the two MA's, an orange arrow is displayed, and its inclination shows the trend, so an arrow that is 45 degrees up(facing northeast), tells us the the fast MA is above the slow MA(up trend) but the PA is below the fast MA.

 

Looking at some examples.

 

Look at EURGBP D1 in the screenshot. This tells me that the high of the current bar has breach the upper BB and has retraced to within the band but is still close to the edge. The arrow tell me the the trend is down and the PA is between the two moving averages.

 

Look at USDCAD H1. The high has breached the upper band and the PA is still outside of the band. The PA is above both moving averages but is counter trend since the fast MA is below the slow MA.

 

At the same time on the USDCAD H4 the PA is also outside the upper band but this time the PA is below the 2 MA's but this is with-trend, so its a green arrow.

 

Oh, I almost forgot. If there is a doji(open to close within 2 pips by default), a blue(actually aqua) cross is displayed next to the MA arrow.

 

Anyway, hope it helps. Enjoy.

Edited September 23, 2010 by kennyhubbard

[wonder833]

what can we say? simply awesome stuff.. kudos to you kenny! :)

[wonder833]

Kenny, can you add alert function as well? it should make things more perfect! i'm thinking to get alert when its 1) green arrow, 2) red 10 number.. what do you think? perhaps others may think white 9 should get alerted? Regards.

[kennyhubbard]

HI wonder,

 

Sure, I will look at it. There are several problems with the alerts which need to be analysed before I can add. I believe the thing with the alert is it must be credible......with 14 instruments, you are likely to pick up multiple alerts every 15 minute, and that would defeat the object of the alert.

 

Also just note on the presentation, the dashboard does not recommend a trade, so the green arrow is not like a green traffic light, meaning good to go.......in fact, quite the opposite. It indicates where price is relative to where it should be, if that makes any sense. A green arrow therefore shows that the PA is flowing with-trend which is the normal thing we expect. A red arrow shows that PA has retraced and is showing counter-trend behaviour. I believe the red arrows are the ones of interest, as you probably want to trade in the direction of the dominant trend on a pull back.

[wonder833]

oh ya.. i got it wrong earlier. got myself confused. Yes, you are right. i restate to check if i'm right.

 

Possible trade happens when

1) up Green Arrow, -10 (red) => up green arrow as the PA is above both MA, which the MA are in correct order (fast MA above slow MA), -10 red as it touches lower band which indicates a possible buy.

2) down green arrow, 10 (red) => down green arrow as the PA is below both MA, which the two MA is in correct down trend, 10 red as it touches upper band which indicates a possible sell

3) up Red Arrow, 10 (red) => up red arrow as the PA is above both MA, MA is in counter trend (fast MA below slow MA), 10 (red) as it touches upper band which indicates a possible sell.

4) down Red Arrow, -10 (red) => down red arrow as the PA is below both MA, MA is in counter trend (fast MA above slow MA), -10 as it touches lower band indicates a possible buy.

 

This is the 4 combinations I think of. am i on the right track?

[kennyhubbard]

Ya, I think you on the right track......however, I think I'm gonna wait till the dash is finished before adding the alerts. I believe Benny mentioned RSI which has yet to be incorporated. I am thinking of making the arrows grey until the RSI is above 70 or below 30, after which it will turn red or green. Ideas???

[wonder833]

not sure about the RSI strength.. but should be able to filter out most alerts.. anyway, i will try out the dashboard and see if i can get in some trades after confirming with stochastic indicator.. will keep u guys updated when i got time.. regards.