EA ideas for ALR

Post your EA's using ALR here
Dewey McG
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Joined: Sat Nov 26, 2011 4:20 pm
Location: Tampa FL

EA ideas for ALR

Post by Dewey McG »

Sorry I have not contributed as much on this recently but things have been pretty crazy. I do have a system which I am going to ask Spider to code so will post more about it soon.
AnotherBrian

EA ideas for ALR

Post by AnotherBrian »

TambaTrader » Mon Jan 12, 2015 3:52 pm wrote:Anyone want to know how I am using ALR?

I place a trade at 7am on Eurusd in the direction of the long term trend with a take profit of 50 pips. At moment I am selling every day. Some previous analysis I did told me the best place to put my stop loss was 30 pips (granted I only looked at one year of data, so this perhaps isn't most reliable analysis). I therefore use ALR with stop loss of 30 pips and take profit of 90 pips. I have been working out the long term trend just by looking at the chart.

It's working a treat.

I use the ALR 2.0 EA where it closes out each trade, so you only have one on the go at a time. I don't like the ALR EAs where you have loads of trades being managed at once. Too risky if the EA/internet connection fails.

The only small niggle is that if it goes in ALR you sometimes miss the next days trading as I haven't yet worked out how to place a trade with a magic number. If I had a magic number I could have multiple trades being managed.

I think this would take one of you MQL4 geniuses about two minutes to code if someone wanted to give it a go.

Shona
Use this script to place manual trades with a magic number. Drag it onto the chart and fill out the options.
The comment for the trade will include the magic number as well as anything you add to the inputs.
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TambaTrader
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EA ideas for ALR

Post by TambaTrader »

Thanks so much AnotherBrian! ☺ That is exactly what I need. I'll try it out this week.
TambaTrader
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EA ideas for ALR

Post by TambaTrader »

Hi AnotherBrian,

I tested your script and it placed the trade fine but I can't get it to work with the ALR2 EA. I wrote my problem here so it is in the more appropriate thread.

http://www.stevehopwoodforex.com/phpBB3 ... 22#p114822

What a shame. I have a strategy on GBPUSD where it would have been brilliant if I could get this working.

Shona
TambaTrader
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Posts: 51
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EA ideas for ALR

Post by TambaTrader »

my eurusd daily trader is still doing well. By week 11, I was up to 18% profit (but that includes a few fat finger errors and some gap trades which weren't profitable). If I stripped out just the daily trader trades and the associated ALR trades I would be up way more than that.

I then made a big fat finger error and lost most of my profit by accidentally placing too large a trade (the new Empty4 app defaults to the last trade size even if it was from a different account!!!)

Anyway, automating my 7am trade would get rid of those errors.

Is anybody interested in helping me? I'm happy to post all my results as proof it works. I need the ALR2 ea converting. (Or perhaps just a seperate simple EA that works alongside it- although there is an annoying quirk of the ALR ea where it adjusts my TP so that would need fixing too).

I have posted my strategy before on this forum...
I basically place a trade for 50 pips take profit, SL 30 pips on Eurusd at 7am GMT. I use alr2 ea to manage it with settings of 30 pips SL and 90 pips TP. 1% target profit and 7.5÷ max loss. My original trade is in direction of long term trend.

I nearly always win on the 1st or 2nd alr trade if the original trade doesn't win and I usually win within the day but if I don't, I don't place another trade until the ALR has finished.

Shona
Dewey McG
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Posts: 435
Joined: Sat Nov 26, 2011 4:20 pm
Location: Tampa FL

EA ideas for ALR

Post by Dewey McG »

TambaTrader » Mon Mar 16, 2015 3:32 am wrote:my eurusd daily trader is still doing well. By week 11, I was up to 18% profit (but that includes a few fat finger errors and some gap trades which weren't profitable). If I stripped out just the daily trader trades and the associated ALR trades I would be up way more than that.

I then made a big fat finger error and lost most of my profit by accidentally placing too large a trade (the new Empty4 app defaults to the last trade size even if it was from a different account!!!)

Anyway, automating my 7am trade would get rid of those errors.

Is anybody interested in helping me? I'm happy to post all my results as proof it works. I need the ALR2 ea converting. (Or perhaps just a seperate simple EA that works alongside it- although there is an annoying quirk of the ALR ea where it adjusts my TP so that would need fixing too).

I have posted my strategy before on this forum...
I basically place a trade for 50 pips take profit, SL 30 pips on Eurusd at 7am GMT. I use alr2 ea to manage it with settings of 30 pips SL and 90 pips TP. 1% target profit and 7.5÷ max loss. My original trade is in direction of long term trend.

I nearly always win on the 1st or 2nd alr trade if the original trade doesn't win and I usually win within the day but if I don't, I don't place another trade until the ALR has finished.

Shona
I like this idea. What do you use to determine the direction of the trend? (so many options)
TambaTrader
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Joined: Sat Jun 28, 2014 5:27 am

EA ideas for ALR

Post by TambaTrader »

That part isn't very scientific. I just look at the day and week chart and use my eye to decide if it is going up or down.

The good thing about this strategy though is that it isn't completely dependent on getting the direction right. If you are in a down trend and guess down each day you get fewer going into ALR mode which is good and you probably can do a trade every day. if it is on a retracement or a flatter bit then they take longer to finish because more go unto ALR mode so you don't win as much.

I think in an EA direction should be one of the inputs so you can manually type it in.

I haven't done this yet but it would be good to test it on two accounts. One where you guess up and one where you guess down. One would win more than the other, but would the against the trend account be losing? I think not as Eurusd is volatile enough that I think ALR would work with those settings.

I have done lots of testing of ALR and it doesn't work on all currencies (my gap trades have been proving that) but it likes volatile ones if you have appropriate settings.
TambaTrader
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EA ideas for ALR

Post by TambaTrader »

I have attached my excel of trades from my daily trader strategy. If I strip out the gap trades that I have been doing in this account then the profit from daily trader combined with the ALR EA is 21% in 11 weeks and that is with a very conservative lot size.

Don't you think this has potential for being a really good strategy for steady reliable gains? I know it needs way more testing. I have however been testing it for ages on my demo account before this but I didn't log those results so consistently.

In summary for those who don't want to download the excel. (I am counting a trade as either a trade that wins straight away or a basket of trades including all the ALR ones that are associated with it):

32 trades. 15 won straight away. Of the 17 that didn't:
6 won in the first ALR turn
6 won after the second ALR turn
2 won after the third ALR turn
1 won after the fourth ALR turn
1 won after the fifth ALR turn
1 lost (but actually if I'd have been patient it would have gone on to win - I took a smaller loss rather than risk it going to the full 7.5%)

Because I have been doing it manually I sometimes intervene and usually I would have been better not having done so. An EA would therefore be good.

Shona
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Dewey McG
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Posts: 435
Joined: Sat Nov 26, 2011 4:20 pm
Location: Tampa FL

EA ideas for ALR

Post by Dewey McG »

TambaTrader » Tue Mar 17, 2015 3:30 am wrote:That part isn't very scientific. I just look at the day and week chart and use my eye to decide if it is going up or down.
I love your idea and enthusiasm for this. Programmers can be a finicky lot and might get a little grumpy without specific instructions. An EA can not eyeball it so you need to settle on a choice that fits closest to what you have been using.

Bob uses the 240 moving average. I have seen others use the 60. I know another trader who looks at the monthly open for daily trades--if price is above it he only takes longs or only shorts if the price is below it. There are other trend indicators. Look at a few and see which one fits best for your style then I will see if we can get someone to code this (i.e. beg) .
TambaTrader
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Joined: Sat Jun 28, 2014 5:27 am

EA ideas for ALR

Post by TambaTrader »

Well on my charts I have the 200 moving average so I guess I would have paid attention if it crossed that. I think the day time frame would be best but I haven't tested that aspect. The price has been under 200 ma on both week and day charts all this year. I have been selling all this year.

Shona
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