- Most Forex traders lose all their money.
- Using the robot posted here in trading Forex does not guarantee success.
- Trading this robot could lead to serious financial loss.
- Trading this robot without understanding its underlying trading strategies guarantees traders will lose their money.
- This is not a set-and-forget ea; there is no such thing and anyone who tries to claim there is, is either stupid or lying. It will need manual intervention.
Do not trade this ea live yet. It is for demo only. See http://www.forexfactory.com/showthre...06#post4684906
Early last week. Ibuks contacted me asking for an ea to trade this system:
- Take the high and low of the Asian system - here in the UK is 22.00 until c. 08.00 - and draw a box that encompasses these prices.
- Measure the distance between the hi-lo of the box and draw two additional lines this distance above and below the box.
- Sell at the touch/break of the highest line.
- Buy at the touch/break of the lowest line.
- There is no take profit or stop loss. All trades are closed at a pre-determined time, regardless of profit or loss. I close mine at 16.00 London time.
- Ibuks loves to send two trades: close the first at +10 and move the stop to BE on the second and leave it to run. I know what a nightmare this causes to coders given the total crap represented by MT4, so I told him to use mptm to achieve this. I mention this only because it is part of Ibuks' system but is not coded into this robot.
So, this ea allows you to:
- Identify a measurement range
- Wait for a breakout of this range
- Trade the reversal when the breakout loses strength
Ibuks is using the Asian market to identify his measurement range, because he lives in the UK and was trading this manually before asking for an ea; I am trading this range also. Users can adapt it to suit any measurement range they care to adopt.
I have shamelessly pinched squalou's code for measuring a range from his 3 tier London breakout ea (cheers again sq). This prints two boxes on the chart: the first shows the range that is being measured (very light blue in the attached pic) and the trading hours (beigy-sort-of colour). Look at the attached pic; this shows the two boxes. You can also see that the market almost reached the sell trade triggering level on Friday, but well after I had finished trading. Hopefully, I can post a better illustration next week.
Ibuks has been trading this manually and successfully for a while; the ea made pips on my demo account last week. It also taps into the body of knowledge and understanding we have been gaining through our development of The Beast, so I regard this as a promising ea.
Time inputs
These are going to cause you some difficulties. sq uses your criminal's server time as a basis for his time calculations, so deciding on your hi-lo measurement hours and trading hours is a 4 stage process. Imagine you want to use the Asian session to measure the hi-lo, then trade the London session using the Asian hi-lo to trigger your trades:
- work out when the Asian market opens in your own local time
- work out when the Asian market closes in your own local time. This will also be the start of your London trading session
- work out when the London market closes
- convert steps 1-3 to your criminal's server time
Good luck. You will have to experiment to arrive at the correct inputs. Please read rule no 2 of Trading Rules below.
Other inputs
Other inputs that might need some explanation:
- StopTrading: this allows the bot to draw the boxes and lines but not to trade. This is set to 'true' by default to allow you to mess around and find your correct StartTime etc inputs without worrying about premature trades. Remember to turn this off when you are ready to trade.
- TakeProfit: Ibuk's system as sent to me has no take profit. It may well be worthwhile experimenting with a 'hard' tp of 30 to 50 pips (enter these in 'proper' pips as the ea takes care of x digit criminals).
- StopLoss: by default the ea does not send one as it automatically closes all trades at your chosen TradeClosureHour. If we ever get to the stage of trading this live, then an emergency just-in-case sl of several hundred pips is probably a good idea.
- CriminalIsEcn: set this to true if your crim insists on you sending two-stage orders. Note that IBFX is Ecn even though they do their best to hide this, for reasons known only to their deepest, darkest and daftest inner psyches.
- AutoTakeProfit tells the ea to set a tp at the top/bottom of the measurement box. This is not part of Ibuk's strategy, but I include it as it makes sense to my limited imagination.
- TradeClosureHour: to add to the time measurement confusion, this is expressed in your own local time, not your crim's server time. It is the time at which the ea will close your open trade. Experiment to find a time that suits you.
- UserSelectedBreakoutPips: this allows you to chose the distance from the hi-lo of the box to draw the trade lines. Alter this only if you have good reason to do so.
- Trade management module: the functions that appear in this bot are a cut-down version of the full mptm management ea. Download the full version and/or the user guide that explains the inputs from http://www.forexfactory.com/showthread.php?t=89371
Thread rules
There are only two of these; take them seriously if you wish to continue to contribute:
- Be positive and helpful:
- if you have nothing useful to say, stay stum.
- you are allowed to say, "This will not work because......"
- you are not allowed to say, "This is rubbish. You are all idiots." Not twice, anyhow.
- Do not post questions asking about time measurement and trading times/hours inputs. Doing so will earn you an instant ban from posting in all of my threads. There are no second chances.
In conclusion
So, here we go. Ibuks will be along soon to correct any misunderstanding on my part of his trading ideas.
By the by, trust Ibuks. He is a highly imaginative and intelligent trader. I have coded a number of ea's for him in recent months and am not trading them only because their trading systems do not suit my trading style.
Have fun everybody.
http://cdn.forexfactory.com/images/s...m/big_grin.gif
Useful utilities/EA's/scripts
- MaryJane has posted a fabulous utility to allow us to resize EA input windows: http://www.forexfactory.com/showthread.php?t=299017
- Multi purpose trade manager: http://www.forexfactory.com/showthread.php?t=89371
- Account equity analyser: http://www.forexfactory.com/showthre...16#post4693716
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Traders familiar with my work need read no further.
Posting restrictions
I have restricted the ability to post in this thread to: traders with at least 1 voucher; and traders on my 'buddy' list. I have done this because I do not want the thread cluttered with 'newbie' questions about the basics. New/inexperienced traders, this is not intended as a direct insult. What I want here is discussion with traders who fully understand what it is they are doing; when you newbs have been around a while, you will come to understand what a difference experience makes to the posts a member writes and shudder at the recollection of some of the questions you asked. I do. http://cdn.forexfactory.com/images/s..._the_floor.gif Go to your profile page; there is a link to the FF page that describes the voucher process.
Do not attempt to get around this by sending me pm's asking for help with your basic problems. Doing so will earn you an automatic ban from all of my threads.
I have set up a partner thread to to my restricted threads at http://www.forexfactory.com/showthre...66#post3948666
There, you can post the questions that you cannot post here, about anything you need to know. Someone with the knowledge and experience you need will answer; just don't expect that someone to be me.