Hi everyone, I am new to forex and this is my 1st post in FF.
I have developed an EA solely based on price action without any indicators. So far I have backtested it on GBP/USD from July 04 to Jan 07 on Alpari MT4 only and the M1 data was downloaded from Alpari data bank.
Anyway, I am not sure whether you guys are interested because it cant double or triple up your money in short period. If you are interested please let me know your test result especially if you have an older databank.
The attached EA is the beta 1 version therefore I dont provide user input option at the moment. I prefer to set the variable in the coding in development stage so that it is easy for me to recall it for testing. And, please take note that this EA only perform backtesting on GBP/USD only.
Hopefully this is not another curve fitted EA…
As you can see in the snapshot, there is only 121 trades in 2.5 years. So such kind of opportunities hardly exist everyday or may be week.
Anyway, the best setting is not included in the beta 1. I still can boost another 50% extra profit without significant changes in other statistic number.
Anyway, you still can do forward testing. I havent done any forward testing because I just finished the basic coding a few days ago. However, it may take about a year to have 50 foward tested results before we know whether this is a curve fitted EA. Therefore, I hope someone who has an older databank (unseen data which is out of my coverage) can help me to do backtest. If this EA cant archieve a good result by using older data then no point i continue the development, right?
Please bear in mind that this coding is still in preliminary stage (I am yet to name the EA) because the only exit strategy is either it hit SL/TP or close by the end of the day, and it doesnt have any money management strategy too. The basic element must work 1st before i further enhance the coding.
The coding part that spend most of my time is filtering. Depending on the filter setting, it will create 3 type of equity curve pattern, which is consistently going up, going down or no direction.
Therefore I have created another set of coding which is totally reverse the original concept, instead of buy we sell. And this make the consistently going down equity curve turn into consistently going up.
In order words, the beta 1 has included the basic idea of entry and the reverse entry.
So far the pullback/SL/TP is fixed so that it is easy for me to do statistic analysis. The current setting in the beta 1 is 20/30/60.
1. Added user input option.
2. Added trailing stop feature.
3. No longer limited to GBP/USD only.
4. Added entry & exit arrow on the chart.
5. Pending order expiration changed to 3 hours before end of the daily bar.
6. Minor bugs fixed.
Recommended setting for GBP/USD(I havent tested on other pairs):
1. TP_pip : 60 to 180;
2. SL_pip : 20 to 30;
3. TS_pip : minimum 50;
4. SafetyMargin_pip : 18 to 22;
I hope the below picture can provide you a better visualization if you have no idea what is the thing behind the code.