Bishops Rules | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources
Hello everyone,
I've been looking for a rules based system for a while. Mainly in dailies, but lately I've been looking for something that could also be EA. The aim is to build something rule-based, from indicators to stop loss and take profit. This is something I find interesting. Been testing something like this every day and gaining a little more than I lose...please feel free to read on.
Bishop's Rule
Timetable: should be used for all work. I've been watching 30m.
Right: The current testing on GU and EU will focus on more.
Custom indicators: + +
Other indicators: 233 and 55 SMA closing.
My template:
How to Trade: When a new bar opens, check the previous bar. If the OSMA and MACD have agreed (both > or < 0) and the bar closes above/below the SMA, then you have entered a trade.
Take Profit and Stop Loss: Again this is not possible until we confirm the trade. Use ATR channel. I've tested with 1.5*ATR(3) and it seems to work fine. I want to mess around with it a bit and see if I can't get a good win rate with something better than a 1:1 RR ratio. Hopefully someone can build an EA so we can solve this problem and test it backwards before testing forwards.
Money management: fixed percentage. I'm willing to accept some semi-martingale management, but only some solid statistics on losing streaks.
The green line is victory, the red line is defeat. All are 1:1 risk reward.
Some notes: Only trade when OSMA and MACD agree. If they have reached an agreement, then there is no deal.
Why I put this here is to share and use the collective help of looking at multiple time frames and pairings to get more insights on the validity of this idea. Feel free to mess around with ATR and such. Please report your findings!
EA would be great. I've gotten some initial help, but it still needs some tweaking. I'm a thinker, but my programming skills are terrible!
Enjoy Stewart
I've been looking for a rules based system for a while. Mainly in dailies, but lately I've been looking for something that could also be EA. The aim is to build something rule-based, from indicators to stop loss and take profit. This is something I find interesting. Been testing something like this every day and gaining a little more than I lose...please feel free to read on.
Bishop's Rule
Timetable: should be used for all work. I've been watching 30m.
Right: The current testing on GU and EU will focus on more.
Custom indicators: + +
Other indicators: 233 and 55 SMA closing.
My template:
How to Trade: When a new bar opens, check the previous bar. If the OSMA and MACD have agreed (both > or < 0) and the bar closes above/below the SMA, then you have entered a trade.
Take Profit and Stop Loss: Again this is not possible until we confirm the trade. Use ATR channel. I've tested with 1.5*ATR(3) and it seems to work fine. I want to mess around with it a bit and see if I can't get a good win rate with something better than a 1:1 RR ratio. Hopefully someone can build an EA so we can solve this problem and test it backwards before testing forwards.
Money management: fixed percentage. I'm willing to accept some semi-martingale management, but only some solid statistics on losing streaks.
The green line is victory, the red line is defeat. All are 1:1 risk reward.
Some notes: Only trade when OSMA and MACD agree. If they have reached an agreement, then there is no deal.
Why I put this here is to share and use the collective help of looking at multiple time frames and pairings to get more insights on the validity of this idea. Feel free to mess around with ATR and such. Please report your findings!
EA would be great. I've gotten some initial help, but it still needs some tweaking. I'm a thinker, but my programming skills are terrible!
Enjoy Stewart
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