100% Mechanical PinBar system(100% Mechanical PinBar system)
The purpose of thread <br> Let forum members help develop a long-term profitable system based on PinBar candles that is 100% mechanized (ie can use EA trading). I'm not sure if this is possible.
If you're not sure what PinBar is, search the forums.
The accompanying EA is for members to test and share their results. Please post backtest results using different settings and time frames.
Suggestions for improvements are welcome, but let's keep it simple. Constructive criticism is welcome. I would like to keep the system 100% mechanical, i.e. there is no trader discretion and any filters should be programmable.
In this first article I will update EA on the latest version, best strategies, current developments, etc.
Use EA
The included EA is for backtesting only and is not suitable for live trading . I've been programming for less than a month, that said, I'm a complete beginner programmer and the code isn't meant for disconnects etc and may clear your account.
What does EA do?
The EA will work on any currency pair or time frame.
The EA is not suitable for brokers with different numbers; you may need to add zeros to different pip settings (e.g. 300 for 30 pips).
The EA recognizes PinBar based on your settings.
Update V1.2
- I have solved the problem of stop loss orders being set too close to the current price. I don't use market orders because sometimes the price may still be 1 pip away from the trigger level. The EA will change the standard entry levels by 1 to 2 pips to still allow stop orders. It prints a message confirming the change.
- Open_vs_Close: If set to TRUE, the pinbar closing price must be higher than the opening price for a qualified long entry, and vice versa for a short entry.
Update V1.4
- The most important improvement, the EA now uses market orders, order issues should be very limited, please let me know if you encounter any issues
- Minimum size of pinbar can now be determined by % of ATR
- EA will draw arrows above/below qualified pinbar
- You can use TPtoSLRatio to set your TP level, i.e. you can choose a risk:reward ratio instead of a fixed number of points
Update V1.5
- Added RSI, Stochastic, ADX filters
- Description added to EA Settings to explain different settings
If you're not sure what PinBar is, search the forums.
The accompanying EA is for members to test and share their results. Please post backtest results using different settings and time frames.
Suggestions for improvements are welcome, but let's keep it simple. Constructive criticism is welcome. I would like to keep the system 100% mechanical, i.e. there is no trader discretion and any filters should be programmable.
In this first article I will update EA on the latest version, best strategies, current developments, etc.
Use EA
The included EA is for backtesting only and is not suitable for live trading . I've been programming for less than a month, that said, I'm a complete beginner programmer and the code isn't meant for disconnects etc and may clear your account.
What does EA do?
The EA will work on any currency pair or time frame.
The EA is not suitable for brokers with different numbers; you may need to add zeros to different pip settings (e.g. 300 for 30 pips).
The EA recognizes PinBar based on your settings.
Update V1.2
- I have solved the problem of stop loss orders being set too close to the current price. I don't use market orders because sometimes the price may still be 1 pip away from the trigger level. The EA will change the standard entry levels by 1 to 2 pips to still allow stop orders. It prints a message confirming the change.
- Open_vs_Close: If set to TRUE, the pinbar closing price must be higher than the opening price for a qualified long entry, and vice versa for a short entry.
Update V1.4
- The most important improvement, the EA now uses market orders, order issues should be very limited, please let me know if you encounter any issues
- Minimum size of pinbar can now be determined by % of ATR
- EA will draw arrows above/below qualified pinbar
- You can use TPtoSLRatio to set your TP level, i.e. you can choose a risk:reward ratio instead of a fixed number of points
Update V1.5
- Added RSI, Stochastic, ADX filters
- Description added to EA Settings to explain different settings
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