Advanced system #5 (Trend Lines Breakout System)

[szgy74]

Hi,

excuse me for this quite a long delay. I have coded V5, here it is attached.

The parameters changed a little:

a vertical line is plotted at the beginning and the end of the range, the colors are:
range_start (Green)
range_start_ext (Yellow) - explained later what it is
range_end (Red)

use_range: true: trendlines are calculated based on the range from "rfbt" (abbr. Range First Bar Time) to rfbt + "range_length" hours.
use_range: false: trendlines are calculated looking backwards in time from "fixedTLtime", the range is not used in any way. in this case only range_start line is plotted.

I added some new functionality, to help decide what may be the best range starting time.
extend_range: false: TL calculation according to the original concept.
extend_range: true: when there is no upper or lower trendline, I start extend the range backwards, until I find a swing high/low. I look back max. "extendrange_max" bars (hours) from the start.
this may cause some confusion: as time goes by from the range start and new swing high/low develops the TL may change. this extending is only calculated when there is no TL (swing H/L) in the originally defined range. the start of the extended range is plotted with yellow, "range_start_ext" color.
I am sure it is clearer when seen on the chart.

I still am not sure if it works correctly when the range ends on a different day than it starts, for example start: 22:00 end: 02:00

Meanwhile I wrote an EA of this startegy. I coded some filtering, finetuning in addition, mostly the ones discussed on this thread.
(e.g. ranging market, inside bars, too steep TL, too close S/R or pivot levels, too close SL value, 5M swing H/L entry confirmation,
main trend filtering (sma150, 200), and so on.) It is quite good so far, but still needs testing, developing. I test it on FXOpen 5 digits
ECN demo account. Unfortunately I don't have the chance to see it working every day, but the results are usually very-very good.
The EA runs on all the 18 pairs available in the demo acc, except SEK/NOK pairs (very high spread). It uses 3 type of orders,
1. next pivot target, 2. close after 3 hrs., and the 3rd is trailing. When it fails (losing trade) usually are the cases that are already
known as additional filtering, finetuning. Except from, of course, the market moving in the opposite direction

I hope you find it useful. Feel free to ask if something is not clear.

Regards,
Gyula

Hi,

i have just come accross this excellent forum.

does anybody know whether Gyula coded a version 5 of the trendline indicator as the last post i can see on here is from 3 months ago?

Many Thanks
Neil

[cpr]

[quote="szgy74"]Hi,

excuse me for this quite a long delay. I have coded V5, here it is attached.

The parameters changed a little:

a vertical line is plotted at the beginning and the end of the range, the colors are:
range_start (Green)
range_start_ext (Yellow) - explained later what it is
range_end (Red)

use_range: true: trendlines are calculated based on the range from "rfbt" (abbr. Range First Bar Time) to rfbt + "range_length" hours.
use_range: false: trendlines are calculated looking backwards in time from "fixedTLtime", the range is not used in any way. in this case only range_start line is plotted.

I added some new functionality, to help decide what may be the best range starting time.
extend_range: false: TL calculation according to the original concept.
extend_range: true: when there is no upper or lower trendline, I start extend the range backwards, until I find a swing high/low. I look back max. "extendrange_max" bars (hours) from the start.
this may cause some confusion: as time goes by from the range start and new swing high/low develops the TL may change. this extending is only calculated when there is no TL (swing H/L) in the originally defined range. the start of the extended range is plotted with yellow, "range_start_ext" color.
I am sure it is clearer when seen on the chart.

I still am not sure if it works correctly when the range ends on a different day than it starts, for example start: 22:00 end: 02:00

Meanwhile I wrote an EA of this startegy. I coded some filtering, finetuning in addition, mostly the ones discussed on this thread.
(e.g. ranging market, inside bars, too steep TL, too close S/R or pivot levels, too close SL value, 5M swing H/L entry confirmation,
main trend filtering (sma150, 200), and so on.) It is quite good so far, but still needs testing, developing. I test it on FXOpen 5 digits
ECN demo account. Unfortunately I don't have the chance to see it working every day, but the results are usually very-very good.
The EA runs on all the 18 pairs available in the demo acc, except SEK/NOK pairs (very high spread). It uses 3 type of orders,
1. next pivot target, 2. close after 3 hrs., and the 3rd is trailing. When it fails (losing trade) usually are the cases that are already
known as additional filtering, finetuning. Except from, of course, the market moving in the opposite direction

I hope you find it useful. Feel free to ask if something is not clear.

Regards,
Gyula

Thank you Gyula. All the updates are great. I am excited to see this on my charts on Monday morning.

I thought you got angry with us,,

I look forward for your EA.. I am sure it must be doing great.

[szgy74]

Surely I was not angry In fact I appreciate the help with testing.
I just had busy, sometimes messy days. The programming of modifications took max. only an hour,
but several weeks passed until I had the time doing it. I was not sure if anyone is interested after
so long delay.

Thank you Gyula. All the updates are great. I am excited to see this on my charts on Monday morning.

I thought you got angry with us,,

I look forward for your EA.. I am sure it must be doing great.

[cpr]

Surely I was not angry In fact I appreciate the help with testing.
I just had busy, sometimes messy days. The programming of modifications took max. only an hour,
but several weeks passed until I had the time doing it. I was not sure if anyone is interested after
so long delay.

Thank you Gyula. All the updates are great. I am excited to see this on my charts on Monday morning.

I thought you got angry with us,,

I look forward for your EA.. I am sure it must be doing great.

Traffic to this site is very low. I spend most of my time at Forexfactory.com. since I am subscribed to this thread, I get notified when there is a new post.
Hope the traffic improves based on your updates. Anyways, thank you very much for making time to update the indicator. Will try it on Monday.

[neil81]

Thank you Gyula!

[cpr]

Hi Gyula,

Today, I had a chance to put this indicator on the chart.. and see it visibily. I didn't invoke extend range parameter went with original settings.

Broker is - FXDD, gmt+3, So RBFT is set as 8:00 and rest eveything is unchanged.
here are the charts.
EURUSD: No trade today since there was not downward trendline available
GBPUSD: There is a long trade today since it broke the downward trendline.. However, I had one question on the display of
TL breakup on the chart.

It looks SL is being displayed not for the candle that broke the trend line .. But it is showing for the next candle. I would think SL here is 1.5100 (The low of the candle the broke the trendline)
On the chart SL is being shown as 1.5130 which is next candle (after the break of the trend line). Pl let me know.


Please see my chart for more details.

[neil81]

Hi,


I have a question that i cant see the answer to on the forum.

When I look at the charts at 4.00 EST and then i draw my trendlines I often find the price has already broken out already and I have missed the trade. Is this normal?

Should I be watching the chart between 12 and 4.00 EST and once a valid trendline is created be taking any breakout trades after this time?

Thanks
Neil

[cpr]

Hi,


I have a question that i cant see the answer to on the forum.

When I look at the charts at 4.00 EST and then i draw my trendlines I often find the price has already broken out already and I have missed the trade. Is this normal?

Should I be watching the chart between 12 and 4.00 EST and once a valid trendline is created be taking any breakout trades after this time?

Thanks
Neil

Neil, Though I am not following and trading on this strategy regularly, yes, it is possible that price can cross the trend line before/witin the completion of the working zone candles (5). Edward talked about this in one of the reply when this strategy was discussed initially.

[karl_gt]

hi Ed and all
i think this site great. but got a quick question about Advanced system #5 and 7 Simple breakout System they seem to be very similar apart from the simple one focuses on one hour break out and this of the trend line. But time are around the same so my question is the simple one slightly better as it has quicker entries or is is prone to have more losses as may not be as reliable as the trend break out because it simple takes in more information in calulating its line. Also how would thing play out if you were to combine the 2 on good days a would guess it would give a buy signal on both and get good profits but say u get a but signal on the first one u make 20 pips and then goes through the trend line system to the down side. I think i could work to both side but not sure was wondering others oppinion.

and just generally how these two would work together maybe you could add to your position after the break of the trend lines. This is all assuming the trend line break would be futher away the the break of the 7:05 am break
looking forward to hearing your oppinions i am new and havnt really had a look at combining am yet to see what happens was really wondering which one to use
thank karl

[dazzdude]

Hi Gyula,

How did you go with the EA? Any chance of posting it?

Regards,
Darren