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Thread: MQL4 London Breakout System

  1. #11
    Administrator Jim's Avatar
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    Quote Originally Posted by Stan View Post
    Could someone explain and describe what are the following parameters: Slippage, StpMode, StartTrading and StartRange?
    Here's an extract from the non-existent manual!

    Code:
    StartTrading  // Start of trading session - Default 8
    StartRange    // Start of overnight range  - Default 1
    Slippage      // Maximum acceptable slippage when placing a market order - Default 30
    StpMode       // Set TRUE for brokers that don't accept market orders with built in stops - Default FALSE
    If you've tried using the latest version, the tasteful turquoise boxes on the chart should help you understand how this system works.

    The EA works out the maximum and minimum prices that occur during an "overnight range" between the times of StartRange (Default 1 AM) and StartTrading (Default 8 AM). Then the EA waits until the price rises above the "overnight" maximum (in which case it buys at the market price), or falls below the "overnight" minimum (in which case it sells at the market price). Note that StartRange can be late at night (22 or 23 for example)

    More explanation about the StpMode setting can be found in this blog post. Basically if the EA doesn't work with your broker, then set it to TRUE instead!
    Reality is merely an illusion, albeit a very persistent one - Albert Einstein

  2. #12
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    Excellent! That explains a lot to me!

  3. #13
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    Hi Jim

    Very interesting. Have you considered adding a trailing stop to the bot? 10, maybe 20 perhaps. Is it possible for an EA user to define the trailing stop once the code in place?

    Thanks, Idle

  4. #14
    Administrator Jim's Avatar
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    Hi Idle,

    Quote Originally Posted by idlebloke View Post
    Have you considered adding a trailing stop to the bot?
    As luck would have it I'm already working on some enhancements to this system. Stan wanted some "sensible" money management for a start (i.e. anything but Ray's Martingale method!)

    There's much debate about whether a trailing stop helps or hinders this sort of system. I'll add that to the list too.

    Jim
    Reality is merely an illusion, albeit a very persistent one - Albert Einstein

  5. #15
    Administrator Jim's Avatar
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    A new version of our "London Breakout" example automated trading system

    Here you go. A new version of our "London Breakout Robot" for Stan, Idle and anyone else who might be interested:

    GuruEx06v102.zip

    This version adds:

    • Fixed fractional and fixed % risk money management
    • An "entry gap" setting. This allows your entry to be set beyond the overnight range, to try and avoid false breakouts
    • Trailing stop
    • Automatic support for 4/5 decimal places on quotes

    Let us know if you find any bugs!
    Reality is merely an illusion, albeit a very persistent one - Albert Einstein

  6. #16
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    Wow. Thanks Jim.

    Look forward to playing with it shortly

  7. #17
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    Hi Jim,
    thanks a lot for the new version of your "London Breakout" EA. I can't white to have an opportunity to test it. I hope, will find time for it very soon!

  8. #18
    Junior Member Mintaka's Avatar
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    Question

    Quote Originally Posted by Jim View Post
    Here you go. A new version of our "London Breakout Robot" for Stan, Idle and anyone else who might be interested:
    Hi Jim,
    Thank you for the new version of the LBR. After a long break I am back doing the back-test. I hope to do it on regular basis, as often as possible (this is not a New Year Resolution!, I have never made any).
    I am starting to do simultaneously the back test on MT5 using the default settings from the MT4 version.
    Surprisingly I got slightly different results. I attach the images of the graphs.
    Can you give me some logical explanation, please? Or maybe there is only one illogical explanation possible!
    Attached Images Attached Images
    If you keep your mind humble, pride will vanish like morning mist - Dilgo Khyentse Rinpoche

  9. #19
    Administrator Jim's Avatar
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    Hi Mintaka,

    Quote Originally Posted by Mintaka View Post
    Hi Jim,
    Thank you for the new version of the LBR. After a long break I am back doing the back-test. I hope to do it on regular basis, as often as possible (this is not a New Year Resolution!, I have never made any).
    Happy New Year! Building confidence in your own systems through extensive backtesting will hopefully make it a prosperous one for you too.

    I am starting to do simultaneously the back test on MT5 using the default settings from the MT4 version.
    A very good idea. What use is a backtest if you can't reproduce your results using a different data feed, a different backtesting engine, or in your own live trading come to that?

    Surprisingly I got slightly different results.
    Thanks for posting your own test results, and I see what you mean. Most of the trades look to be very similar, but a couple most certainly are not. One possible explanation is that some of the most recent additions to the MetaTrader 4 version haven't yet made it into the MT5 LBR. I will investigate further.

    Cheers,

    Jim
    Reality is merely an illusion, albeit a very persistent one - Albert Einstein

  10. #20
    Administrator Jim's Avatar
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    I think I can alleviate your surprise Mintaka.

    The most recent version of the MT4 version of our "London Breakout Robot" includes a new input setting called "Entry Gap". This controls how far price has to move beyond the prior range before a trade is entered. The default value is 1 pip, which leads to an equity curve that looks like this:

    MT4-LBR-Dec10-Gap1.jpg

    If I change that setting to zero, which is effectively what the MT5 EA is using, the MT4 results start to look a lot more like your MT5 results:

    GuruEx06-Dec10-Gap0.png

    My next job is to add those recent changes into the MT5 LBR, to make it easier for us both to compare like with like.

    Sorry to be a pain, but if you post any more results (which I very much hope you do!) would you mind including the start of the exported backtest report, as I have done. That makes it very much easier to ensure we're both using exactly the same settings when comparing notes.

    Cheers,

    Jim
    Reality is merely an illusion, albeit a very persistent one - Albert Einstein

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