Hi funyoo. Could you please write an EA using this strategy. I can't prove that it's profitable but I have been analyzing the GBPUSD M5, M15, and H1 charts and the indicators seem logical for all three timeframes.
Here we go.
- ExtDepth = 15
- ExtDeviation = 2
- ExtBackstep = 15
The Zigzag_Pointer_alert indicator repaints. It gives a blue arrow to indicate a possible buy signal and a red arrow for a possible sell signal.
M15 - main signal
M5 and H1 - confirmation signals
Buy when M5, M15, and H1 all have blue arrows.
Sell when M5, M15, and H1 all have red arrows.
Close positions when opposite signal is confirmed (when M5, M15, and H1 is confirmed to give an opposite direction).
I have selected GBPUSD M15 because of the volatility but I believe this strategy could work with other pairs as well.
As of this writing, I am testing this strategy on IBFX demo. Opened a buy position today (01/21; 3:02am GMT). So far, it's averaging 15 pips. I intend to close the position once I get a confirmed sell signal from M5, M15, and H1.
I have attached the ZigZag_Pointer_alert.mq4. I believe this strategy has some potential. Thanks a lot and more pips to you.