Hey,
I have stumbled upon a nice little edge in the market and in order to properly confirm it I need an EA. Please use MT5 since I believe the MT4 backtesting is very bad.
I am a firm believer in strategies needing to be as simple as possible to not be overoptimized and keep their edge over a long time.
So here is the Idea:
At a certain time in a day (mostly around 9am-11am NY time) most forex pairs (some better than others) start reverting back towards their open price.
Now here is what the EA should do (I am not a programmer but I believe it should be fairly easy and quick to code):
EA works with 1OHLC data.
It enters using Market Orders.
There is no TP or SL.
Fixed lot size is all we need to check for an edge.
Time is based on broker time.
Input 1: A time at which the EA checks for the close value of the last bar
Input 2: A second time at which the EA compares the last close value to the previously taken value. If we are below the first value we go long if we are above we go short.
Input 3: Min/Max distance the two values can be apart from each other. In Pips or Points should be fine but in an ideal world its calculated from %of ADR.
(This input is needed to check if the edge gets bigger or smaller depending on how far price has moved through the day)
Input 4: A time at which the EA closes the open position.
This is the basic Idea of the EA. Here are two more things that are optional:
Input 5: A SL Value for safety measures. In Pips is fine.
Input 6: A way to check if its better to go with the trend or against it. Maybe by using a Moving Average? Lets say we only go long if the second value is below the first one but above a higher timeframe EMA. And vice verse for shorts.
Example from GBPUSD yesterday.
Blue Line (Daily Open) is the first Value.
Purple Line (10am NY Time) is the second Value.
Second Value is below the first Value so we go long.
Order gets closed at 4pm NY Time (Fourth Input).
Feel free to reach out if you have any more questions and I would appreceate your help.
I have stumbled upon a nice little edge in the market and in order to properly confirm it I need an EA. Please use MT5 since I believe the MT4 backtesting is very bad.
I am a firm believer in strategies needing to be as simple as possible to not be overoptimized and keep their edge over a long time.
So here is the Idea:
At a certain time in a day (mostly around 9am-11am NY time) most forex pairs (some better than others) start reverting back towards their open price.
Now here is what the EA should do (I am not a programmer but I believe it should be fairly easy and quick to code):
EA works with 1OHLC data.
It enters using Market Orders.
There is no TP or SL.
Fixed lot size is all we need to check for an edge.
Time is based on broker time.
Input 1: A time at which the EA checks for the close value of the last bar
Input 2: A second time at which the EA compares the last close value to the previously taken value. If we are below the first value we go long if we are above we go short.
Input 3: Min/Max distance the two values can be apart from each other. In Pips or Points should be fine but in an ideal world its calculated from %of ADR.
(This input is needed to check if the edge gets bigger or smaller depending on how far price has moved through the day)
Input 4: A time at which the EA closes the open position.
This is the basic Idea of the EA. Here are two more things that are optional:
Input 5: A SL Value for safety measures. In Pips is fine.
Input 6: A way to check if its better to go with the trend or against it. Maybe by using a Moving Average? Lets say we only go long if the second value is below the first one but above a higher timeframe EMA. And vice verse for shorts.
Example from GBPUSD yesterday.
Blue Line (Daily Open) is the first Value.
Purple Line (10am NY Time) is the second Value.
Second Value is below the first Value so we go long.
Order gets closed at 4pm NY Time (Fourth Input).
Feel free to reach out if you have any more questions and I would appreceate your help.