• Most Forex traders lose all their money.
• Using the robot posted here in trading Forex does not guarantee success.
• Trading this robot could lead to serious financial loss.
• Trading this robot without understanding its underlying trading strategies guarantees traders will lose their money.
• This is not a set-and-forget ea; there is no such thing and anyone who tries to claim there is, is either stupid or lying. This ea requires frequent manual intervention.
• At best, a trading robot is only 90% as good as the manual strategy it trades. At best. At worst, it can be much less effective. If the strategy is rubbish, so is the robot.
• To trade this robot, you have to understand:
  • How to use EA's.
  • Moving Averages.
  • Slope helps, but it is not a part of The7's system.

sandybeach wrote:Hi Steve,

At the end of last week a friend referred me to a thread in FF which has a very simple (ha ha I bet you hate it when non coders use that word "simple") system for trading the daily charts using a price channel.

The idea seems to have merit and I think an EA would be great for traders here in your forum who like to trade multiple daily charts.

Here is the thread - it is not long and the content not heavy to get through
http://www.forexfactory.com/showthread.php?t=386701

Briefly the system uses a channel of 2 ema's 5, one on high, the other on low. When a daily candle opens outside of the channel, and price takes it to close inside the channel, it is a valid entry to trade. In the pic attached, using coloured candles, blue would be a buy, red a sell.

The thread is yet untouched by adding lots of variables etc., the only addition seems to be some traders like to filter trades using the strength of the TMA, good old slope indy.

If you do have time and think there is merit in this system maybe an EA could be a help to members of your happy home here.

Cheers - Marlene (sandybeach)

• trades my understanding of The7's post 1, so note that:
  • I have not read the rest of the thread.
  • I may have misunderstood the odd thingy or 50
• all the usual stuff is here, including Slope - thrown into the mix but disabled.
• a quick and dirty open prices only backtest in Crapergy Tester shows the market often hurtles through the channel. I have only coded the ea to trade when it closes within the channel, as per my understanding of The7's post 1.

garyfritz wrote:That's pretty easy to test in Tradestation:

The7.gif

Looks like I've implemented it right. He was a little unclear on the stop definition so I arbitrarily decided to make it the lowest-low / highest-high of the last 5 bars before the entry bar.

The7eq.gif

So it makes money sometimes, but not very reliably. I couldn't trade it unless I worked out a way to figure out which pairs to trade.

charvert wrote:it is pretty clear if u read the thread
the signal bar's High/Low as the SL for short/long. that's it.

and TP is the "SKY".

firesword wrote:EA's opening positions at wrong places.

SteveHopwood wrote:

firesword wrote:EA's opening positions at wrong places.

Not on my machine it isn't, either in visual backtesting or on demo.

V 1a is in post 1. I coded it late last night because I was bored and wanted something uncomplicated to do, so there were a few whiskey-inspired bloops. I have fixed them.