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Thread: Slope Reversal Scalper EA

  1. #1

    Default Slope Reversal Scalper EA

    Hi Funyoo,

    This is my first post, first request for an EA, hope you can find some time to consider this. I've done some Fx trading, and am frankly getting tired of trying to concentrate on finding scalps, which is my preferred method. Scalps takes a lot of concentration, on the entry and exit side, and I would prefer to have an automated approach if at all possible. I'm not that hopeful that this can be done, after all, how many successful EA's (commercial or otherwise) are out there and have passed the test of time. Not many it appears.

    Anyway, my scalping method is to look for a currency pair that appears ready to make a trend change on the one minute bar, and go the other way (expecting a new trend to take hold). For this I normally watch the Slope Direction Line indicator (set at period=20, method=3, price=0). It changes color upon a bar closing that changes the trend. It's a bar too late for perfect trading but I can make it work.

    The EA would be set to work in one direction only - long or short. Most days direction is weighted to one or the other, occasionally both equally. For simplicity sake I want to be able to work with two EA's - one for long, one for short.

    Entry should be on a color change indicating up to down, and down to up. I am aware the bar repaints during the process of completing the 1 minute bar. But when it's finished and has changed color, that's the signal to enter a buy or short sell. The entry price needs to be within 4 pips of the slope line, and the order can only last the duration of that first bar after the signal, otherwise no trade. A stop of 'x' (five or so) pips would have to be applied once the order is entered.

    Exit is stopped on trailing stop out, or when the slope line changes color again.

    Only one trade can occur per slope line of one color. The next trade must wait for another slope line of the same color.

    Hope I've got adequate detail for you. Thanks in advance.
    Attached Files Attached Files

  2. #2
    Administrator funyoo's Avatar
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    Quote Originally Posted by joekool View Post
    Hi Funyoo,

    This is my first post, first request for an EA, hope you can find some time to consider this. I've done some Fx trading, and am frankly getting tired of trying to concentrate on finding scalps, which is my preferred method. Scalps takes a lot of concentration, on the entry and exit side, and I would prefer to have an automated approach if at all possible. I'm not that hopeful that this can be done, after all, how many successful EA's (commercial or otherwise) are out there and have passed the test of time. Not many it appears.

    Anyway, my scalping method is to look for a currency pair that appears ready to make a trend change on the one minute bar, and go the other way (expecting a new trend to take hold). For this I normally watch the Slope Direction Line indicator (set at period=20, method=3, price=0). It changes color upon a bar closing that changes the trend. It's a bar too late for perfect trading but I can make it work.

    The EA would be set to work in one direction only - long or short. Most days direction is weighted to one or the other, occasionally both equally. For simplicity sake I want to be able to work with two EA's - one for long, one for short.

    Entry should be on a color change indicating up to down, and down to up. I am aware the bar repaints during the process of completing the 1 minute bar. But when it's finished and has changed color, that's the signal to enter a buy or short sell. The entry price needs to be within 4 pips of the slope line, and the order can only last the duration of that first bar after the signal, otherwise no trade. A stop of 'x' (five or so) pips would have to be applied once the order is entered.

    Exit is stopped on trailing stop out, or when the slope line changes color again.

    Only one trade can occur per slope line of one color. The next trade must wait for another slope line of the same color.

    Hope I've got adequate detail for you. Thanks in advance.
    Hi joekool,

    Here is Slope Reversal Scalper.
    Attached Files Attached Files

  3. #3

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    Many thanks Funyoo, nice work. One parameter that might be beneficial is a gap stop pip value, a maximum value of pips between the slope signal value and the current price that would be acceptable to take the trade. So if the slope short signal occured at 0.9200 on the slope trend line and the current price is 0.9150, and the gap stop value is 20 pips, then no trade would occur because the current gap is 50 pips. This would cancel the trade.

    Can this be added? Thanks in advance.

  4. #4
    Administrator funyoo's Avatar
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    Quote Originally Posted by joekool View Post
    Many thanks Funyoo, nice work. One parameter that might be beneficial is a gap stop pip value, a maximum value of pips between the slope signal value and the current price that would be acceptable to take the trade. So if the slope short signal occured at 0.9200 on the slope trend line and the current price is 0.9150, and the gap stop value is 20 pips, then no trade would occur because the current gap is 50 pips. This would cancel the trade.

    Can this be added? Thanks in advance.
    Hi joekool,

    Usepricegap option added.
    Attached Files Attached Files

  5. #5

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    Thanks Funyoo, works well. Only thing not working is the signal exit when restricting trades to either short or long. The trade should exit when the slope bar changes color, but they are exiting only at s/l or t/p. If you could look at that, much appreciated!

  6. #6
    Administrator funyoo's Avatar
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    Quote Originally Posted by joekool View Post
    Thanks Funyoo, works well. Only thing not working is the signal exit when restricting trades to either short or long. The trade should exit when the slope bar changes color, but they are exiting only at s/l or t/p. If you could look at that, much appreciated!
    Hi joekool,

    It works,

    Be sure to have oppositeclose set to true.

  7. #7

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    Right you are Funyoo, my mistake. You are a gentleman and a scholar, with an awesome avatar to go with your prodigious talents. The rest of us mere mortals could never display that distinction. Thanks for your help.

  8. #8

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    I am a new member of the Elite group. I hope it is considered ethical for me to ask questions about someone elses E A.

    I loaded Slope Reversal Scalper v1.o1.mq about 9 hours ago in 12 1m charts ( 6 Long + 6 Short ) (Demo Account) and I have not had any trades. The Journal keeps repeating " Trading by Experts is Prohibited" The broker supplying the MT4 is BTrader. Does this mean that this particular broker will not permit any E A 's?

    The Expert Adviser tab on the bottom says
    " compiling " Slope Reversal Scalper v 1.01""

    Joekool said in his original posting that " The entry price needs to be within 4 pips of the slope line, and the order can only last the duration of that first bar after the signal, otherwise no trade." Is 4 pips written in stone in this E A or is it a variable.

    Thanks

  9. #9
    Administrator funyoo's Avatar
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    Quote Originally Posted by JXBlack View Post
    I am a new member of the Elite group. I hope it is considered ethical for me to ask questions about someone elses E A.

    I loaded Slope Reversal Scalper v1.o1.mq about 9 hours ago in 12 1m charts ( 6 Long + 6 Short ) (Demo Account) and I have not had any trades. The Journal keeps repeating " Trading by Experts is Prohibited" The broker supplying the MT4 is BTrader. Does this mean that this particular broker will not permit any E A 's?

    The Expert Adviser tab on the bottom says
    " compiling " Slope Reversal Scalper v 1.01""

    Joekool said in his original posting that " The entry price needs to be within 4 pips of the slope line, and the order can only last the duration of that first bar after the signal, otherwise no trade." Is 4 pips written in stone in this E A or is it a variable.

    Thanks
    Hi JXBlack,

    You have to contact the broker in order to enable trading with expert advisors.

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