ForexTester “Riskless Pyramid Approach” Strategy

This is an agressive way to pyramid trades in a risk-free way: at each new add-on the stop-loss on the combined position is moved to break-even. By doing this multiple times very aggressive returns can be achieved with no additional risk apart from that of the initial trade.

See our introductory video for more details:

If you would like more information on this product or to order it then please get in touch directly via our Contact Us page

ForexTester “Easy Order Entry” Script

If you need to do position sizing calculations for constant account risk on your entries then this natty ForexTester script is for you. When you run the script it automatically replaces your order with one sized to the correct amount for your required risk. It saves countless hours in back-test sizing calculations.

  • Automatically calculate sizing according to a fixed percentage of account risk or fixed $ amount.
  • Automatically set take profit levels at a fixed reward to risk ratio
  • If you want to “bracket” a single bar then entry and stop-loss prices as well as the position size are all automatically calculated

See our introductory video for details:

If you would like more information on this product or to order it please get in touch with us directly via our Contact Us page.

Snapdragon Systems Historic Data Service

Clean financial market data for back-testing

Through our various trading platforms and data feeds we have accumulated a reasonable history of finanical market data over the years. What we have now done is to clean it up (where possible it’s from a single reliable and tradeable source), and convert it into a format that can easily be imported either into ForexTester or into Metatrader4 for back-testing. Below are the key points of the service

  • Spot forex: all pair combinations from the 8 major markets + some key CFD markets as well
  •  Goes back to the start of 2006 in 1 minute bars
  •  Comes in Ascii format for easy importing across a variety of platforms.
  • Will load straight into the ForexTester back-testing platform and also into the Metatrader4 History Center for Strategy Tester back-tests

Data is adjusted for the daylight savings difference between the US and Europe so you can either have the New York close always at the same time or the London Open always at the same time. Both sets of data are supplied.

  •     Price is GBP 100.00 to download all the data along with weekly updates for one month.
  •    Thereafter you can get weekly updates for GBP 60.00 per quarter. NB this is optional, so if you just want a one-off data dump then simply don’t renew your subscription at the end of the first month.
For more enquiries or to order please get in touch via the Snapdragon Systems contact page on our web-site

We can also source other markets and time-frames. If you have a particular requirement that isn’t covered by the Historic Data Service then please ask.

Full List of Markets Convered
Currencies
AUD_CAD
AUD_CHF
AUD_JPY
AUD_NZD
AUD_USD
CAD_CHF
CAD_JPY
CHF_JPY
EUR_AUD
EUR_CAD
EUR_CHF
EUR_GBP
EUR_JPY
EUR_NZD
EUR_USD
GBP_AUD
GBP_CAD
GBP_CHF
GBP_JPY
GBP_NZD
GBP_USD
NZD_CAD
NZD_CHF
NZD_JPY
NZD_USD
USD_CAD
USD_CHF
USD_JPY
CFDs
DAX30
S&P500
NASDAQ100
CORN
COPPER
NATGAS
PALLADIUM
PLATINUM
SILVER
GOLD
SOYBEANS
WHEAT
WTI CRUDE OIL

Metatrader4: R Levels Trade Manager EA

Introduction

The R Levels TradeManager EA is a powerful EA designed to manage your positions once you have been filled. It basically works a break-even stop and also a trailing stop where the trigger levels and trail levels are all specified in “R’s”, that is to say multiples of the initial trade risk. Many successful professional traders think about all their trades and profit taking in terms of multiples of the initial risk R. So for example, if your initial risk on your trade is 50 pips and you want to move to break-even at “2R” then this price level trigger wold be 2 x 50 pips = 100 pips. Similarly for the same trade, you might want to start trailing at 5R and to trail by 2R which would mean that at 250 pips profit you would start trailing your stop loss by 100 pips.

 

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The Trade Manager is action with the break-even triggered at 2R and the trailing stop triggered at 4R

 

How to use the EA

You basically add the EA to your chart at the start of your trading session where it will sit dormant until it finds an open position on your chart which has a stop-loss attached to it. Please note that without a stop-loss it’s impossible for the EA to work out what the initial risk (or R) of the trade is so it can’t manage the trade. As soon as it finds such a trade it plots all the R levels for trade (showing the various multiples of the initial risk that the trade might attain if it goes your way). It also marks where the break-even will trigger as well as where the trail will activate as well. You can configure many details of how all this works including the granularity of the adjustments of the trail (e.g. only adjust the trail every 0.5R etc.) and whether the trail is adjusted on an intrabar basis or only on the close of the bar. All the configuration details are explained below.

An example of a short trade

Input Parameters

BE_R: the R level at which the stop-loss is moved to break-even. Note if you don’t want to use this functionality then simply make this a very large value

TrlStart_R: the R level at which the trailing stop activates. Note if you don’t want to use this functionality then simply make this a very large value

TrlSize_R: this is the amount in R’s by which the stop-loss trails behind the market. So a value of 1.5 will trail the stop-loss 1.5 times the initial risk behind the extreme of the move so far

TrlAdj_R: this is the “granularity” of the adjustments to the trailing stop. So with a value of 0.5R here then the stop-loss will only be adjusted every 0.5R and in between this amount no adjustment will be made. If this is set to 0.0 then the stop will be adjusted immediately for every new extreme in the market move.

StopType: this is either “Intrabar” or “OnClose”. If the former is selected then every tick the stop is checked to see if it needs adjusting. If the latter is selected then adjustments are only made on the close of each bar

ShowEntryAndStop: if set to true then the EA will draw in the entry and initial stop-loss levels as part of the drawing of the R levels.

ShowRLevels: if set to true then the R levels for the trade will be plotted.

RInterval: this specifies the increment in the R levels for when they are drawn

RLast: this specified the last R value for when they are drawn

NumBarsWidth: this specifies the length of the R-levels plots (in bars) that the lines are drawn

DeleteLinesOnTradeClose: if set to true then the plot lines are removed once the trade is closed. If set to false then they will remain on the chart after the end of the trade

DeleteLinesOnEARemoval: if set to true then the plot lines are removed once the EA is removed from the chart. If set to false then they will remain on the chart after the EA is removed.

LineThickness: this specifies the thickness of the R level plot lines

Line_Colour: this specifies the colour of the R level plot lines

LineStyle: this specifes the style (e.g. solid, dotted etc.) of the R level plot lines

Font_size: this specifies the size of the font that is used to label the R level plot lines

Font_type: this specifies the font that is used to label the R level plot lines

Font_Colour: this specifies the colour of the font that is used to label the R level plot lines

LevelLabelOffset: this specifies where the label is drawn in relation to the R level plot lines

 

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Metatrader4: “Pin Bar Alerts” Indicator

Introduction
This indicator marks Pin Bars (bars with an unusually long upper or lower candle wick) on your chart. It will also send alerts when one forms, including via e-mail or push notification to your phone. It’s ideal for when you want to be notified of a Pin Bar set-up but don’t want to have to sit in front of your chart all day.

 

Click on the link below to inspect/buy this indicator from the MQL5 website

 

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Pin Bar Indicator in action

 

You can configure all the settings including:

  • What proportion of the bar should be made up of the wick
  • How big or small the total size of the Pin Bar has to be
  • Optionally whether the Pin Bar has to be making a new extreme (e.g. new high for a bearish Pin Bar or new low for a bullish Pin Bar).
  • What symbol (if any) is plotted to highlight a Pin Bar
  • How far beyond the bar it is plotted
  • What alerts to receive out of pop-up desktop, e-mail and push notification to your phone

Input Parameters

DoAlert: if set to true a desktop pop-up alert will appear from your MetaTrader terminal whenever an Inside Bar forms

DoNotification: if set to true then a push notification message will appear on your MetaTrader smart phone app

DoEmail: if set to true then an e-mail will be sent to your e-mail address with the alert information in

MinimumTailSize: this is the fraction of the total range of the bar that the long wick has to be

MinRangePnts: this is the smallest size the total range of the Pin Bar can be still to qualify.

MaxRangePnts: this is the largest size the total range of the Pin Bar can be still to qualify.

NB if running this indicator on a large timeframe please ensure that you’ve set the MaxRangePnts input to a sufficiently large value so that your Pin Bars will still plot

RequireNBarExtreme: if set to true then for a bullish Pin Bar the low of the bar must be the lowest of the last N bars (where N is set by the NBarExtreme parameter) & v.v. for a bearish Pin Bar.

NBarExtreme: if RequireNBarExtreme is set to true then this specifies how many bars to look back to see if the Pin Bar is at an extreme

MarkPinBarOnChart: if set to true then it will mark all historic and current Pin Bars on the chart

PlotAboveBar: if set to true then the symbol for marking the Inside Bars will appear above the chart; if false then it will appear below the chart

BullPinBarSymbol: this is the Wingdings symbol code that will be used to mark a bull Pin Bar. You can choose from any of the Wingdings codes (see the chart below)

BearPinBarSymbol: this is the Wingdings symbol code that will be used to mark a bear Pin Bar. You can choose from any of the Wingdings codes (see the chart below)

PlotOffsetPnts: this is the offset in points (the minimum Metatrader price fluctuation) from the high or the low of the bar where the symbol will be plotted. The bigger the number here the further beyond the bar the symbol will be plotted. If you find that your plots are overlapping the bar then you need to increase this number

Wingdings codes

Click on the link below to inspect/buy this indicator from the MQL5 website

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Metatrader4 “SDS Simple RSI Alerts” Indicator

Introduction
This indicator plots the RSI indicator on your chart. It also highlights overbought and oversold levels with different colours. It will also send alerts when the RSI indicator becomes overbought or oversold, including via e-mail or push notification to your phone. It’s ideal for when you want to be notified of RSI overbought/oversold set-up but don’t want to have to sit in front of your chart all day.

 

Click on this link below to inspect/buy this indicator on the MQL5 web-site

 

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The “Simple RSI Alerts” indicator in action

You can configure all the settings including:

  • What the levels are to define overbought and oversold
  • What colours are used to plot the overbought and oversold levels
  • Whether to be alerted on the RSI indicator entering the extreme region or leaving it or both
  • What alerts to receive out of pop-up desktop, e-mail and push notification to your phone


Input Parameters

RSIPeriod: the lookback period of the RSI indicator

Overbought Level: the value of the RSI indicator where the market is defined to be overbought

Oversold Level: the value of the RSI indicator where the market is defined to be oversold

AlertType: trigger alerts when the market enters an extreme (overbought or oversold) region, when it leaves an extreme region or both

DoAlert: if set to true a desktop pop-up alert will appear from your MetaTrader terminal whenever an Inside Bar forms

DoNotification: if set to true then a push notification message will appear on your MetaTrader smart phone app

DoEmail: if set to true then an e-mail will be sent to your e-mail address with the alert information in

Click on this link below to inspect/buy this indicator on the MQL5 web-site

 

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MetaTrader4 “SDS Engulfing Bar Alerts” Indicator

Introduction
This indicator marks Engulfing Bars (bars with a higher high and a lower low than the previous bar) on your chart. It will also send alerts when one forms, including via e-mail or push notification to your phone. It’s ideal for when you want to be notified of an outside bar set-up but don’t want to have to sit in front of your chart all day.

 

Click on this link below to inspect/buy this indicator on the MQL5 web-site

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The Engulfing Bar Indicator at work

You can configure all the settings including:

  • Whether it should be “range engulfing” (so high is higher than previous bar and low is lower than previous bar),  or “body engulfing” (so just the candle body needs to engulf the previous bar’s body), or both (so range and body engulfing)
  • What symbol (if any) is plotted to highlight an outside bar with different ones for bull and bear engulfing bars
  • How far beyond the bar it is plotted
  • What alerts to receive out of pop-up desktop, e-mail and push notification to your phone

Input Parameters

DoAlert: if set to true a desktop pop-up alert will appear from your MetaTrader terminal whenever an Outside Bar forms

DoNotification: if set to true then a push notification message will appear on your MetaTrader smart phone app

DoEmail: if set to true then an e-mail will be sent to your e-mail address with the alert information in

MarkOutsideBarOnChart: if set to true then it will mark all historic and current Outside Bars on the chart

EngulfType: this sets the type of engulfing bar to highlight. You can choose from one of:
i) High Low Engulfing Bar (where the high and low of the current bar must be outside the previous bar)
ii) Body Engulfing Bar (where just the candle body must engulf the previous bar candle body)
iii) Both (where the current bar must engulf both the body and the high/low range.

BearEngulfSymbol: this is the Wingdings symbol code what will be used to mark an engulfing bar that closes down (so making a bearish candle). You can choose from any of the Wingdings codes (see the chart below)

BullEngulfSymbol: this is the Wingdings symbol code what will be used to mark an engulfing bar that closes up (so making a bullish candle). You can choose from any of the Wingdings codes (see the chart below)

PlotOffsetPnts: this is the offset in points (the minimum Metatrader price fluctuation) from the high or the low of the bar where the symbol will be plotted. The bigger the number here the further beyond the bar the symbol will be plotted

Wingdings codes

 

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MetaTrader4 “SDS Inside Bar Alerts” Indicator

Introduction

This indicator marks Inside Bars (bars with a lower high and a higher low than the previous bar) on your chart. It will also send alerts when one forms, including via e-mail or push notification to your phone. It’s ideal for when you want to be notified of an inside bar set-up but don’t want to have to sit in front of your chart all day.

 

Click on the link below to inspect/buy this indicator from the MQL5 website

 

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The Inside Bar Alerts indicator in action

You can configure all the settings including:

  • What symbol (if any) is plotted to highlight an inside bar
  • Whether the symbol is plotted above the bar or below the bar
  • How far beyond the bar it is plotted
  • What alerts to receive out of pop-up desktop, e-mail and push notification to your phone


Input Parameters

DoAlert: if set to true a desktop pop-up alert will appear from your MetaTrader terminal whenever an Inside Bar forms

DoNotification: if set to true then a push notification message will appear on your MetaTrader smart phone app

DoEmail: if set to true then an e-mail will be sent to your e-mail address with the alert information in

MarkInsideBarOnChart: if set to true then it will mark all historic and current Inside Bars on the chart

PlotAboveBar: if set to true then the symbol for marking the Inside Bars will appear above the chart; if false then it will appear below the chart

InsideBarSymbol: this is the Wingdings symbol code that will be used to mark the Inside Bar. You can choose from any of the Wingdings codes (see the chart below)

PlotOffsetPnts: this is the offset in points (the minimum Metatrader price fluctuation) from the high or the low of the bar where the symbol will be plotted. The bigger the number here the further beyond the bar the symbol will be plotted

Wingdings codes

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How to Use the RPA Forex Tester Strategy

This article is a practical guide for users of the RPA ForexTester Strategy. For a review of the ForexTester back-tester software see here. For installation instructions for the RPA strategy, see here.
Having installed your RPA software, how do you go about using it? This is a guide to setting up and using the strategy once it has been installed

 

Strategy Input Parameters

Select the “Testing | Strategies List” menu option (or use the toolbar button). This will bring up the “Strategies list” dialog box where you should see the RPA strategy listed
 
The Strategies List

There are a number of input options which are described below:

The first set of inputs

1. Currency Pair. This has to be set to the market that you are trading, otherwise nothing will work. For example, if back-testing GBP/JPY then set it to GBPJPY (so the name matches your market data exactly).

2, Time-frame. This has a drop-down to select one of the time-frame options. Once again, if you’ve got this set incorrectly then you will not see anything happening on the chart.

In general, if you are wondering why you’re not seeing anything happening on the chart, then it’s probably one of these two options which is incorrectly set.

3. Entry Method. This can be set to one of two options: “bracket bar” or “use pending order levels”. The former option will generate entry and stop levels using pip offsets from the current bar. The latter option will look for pre-existing entry and stop levels and use those as the two levels. 

4. Trade Direction. Long or short. Note that this overrides the “use pending order levels” trade direction if using that option so you may have entered a long trade and a stop level but if your Trade Direction input is set to short then it will use the lower level (the long stop level) as the entry and the upper level (the long entry) as the stop loss.

4. Entry Offset (points). For “bracket bar” mode this is the offset in points (i.e. the minimum fluctuation, usually a pipette) beyond the high and the low of the bar to place the order elvels

5. Risk Definition. There are two options for doing the risk calculation: “Pct of equity balance” or “Specific $ value”. The former option will use a fixed percentage of the current equity balance to determine the risk; the latter option will instead use a fixed $ value which means that each trade will always risk the same amount.

6. Risk Specific $ Value. If using the second option in 5 above then this is where the specific $ value is set

7. A/c pct to risk. This is where the percentage that you want to risk per trade is set

8. A/c Pct Return This is where the total target return is set if all your trades come off.

The second set of inputs

9 Take Profit (points) this is the total number of points that the market has to move (from the initial entry) all the way to where all the take profit orders are. So it’s the take-profit distance for your original entry order

10. 1st Add-on at % of final TP this is at what percentage of the total Take Profit distance (i.e. input 9) you want to place your first add-on.

11. 2nd Add-on at % of final TP this is at what percentage of the total Take Profit distance (i.e. input 9) you want to place your second add-on.

 

12. 3rd  Add-on at % of final TP this is at what percentage of the total Take Profit distance (i.e. input 9) you want to place your third add-on.

13. Show Trade Summary Before Execution if set to true then it will show a summary of all the trade information for you to check

14. FX Conversion Rate this is where you can set your FX conversion rate for pairs where the profits are not in USD. It is also possible to load in the appropriate conversion rate data in which case it will use that but it’s often more convenient (and quicker as you don’t have two sets of data to update) to set the figure here. A bit of trial and error will usually work out what figure to use here. Obviously for XXXUSD pairs this should be set to 1.0

Switching the Strategy On and Off

It’s important that you grasp this aspect of using the strategy. Once the strategy has been applied then it runs through the complete of add-ons once and once the trade completes, either with a take-profit or a stop-out then that’s it and it won’t do anything else. In order to apply it again then it needs to be re-set.

Enabling
To enable the strategy you need to tick the check-box next to the strategy name. Note that this doesn’t make the strategy live yet (see below)

Enabling the strategy by ticking the check box

Going Live
Actually to go live with the strategy (so that it brackets the current bar etc.) you need, in testing mode, to select the Testing | Enable/Disable Strategy Execution option (or use the toolbar button). If you then advance the test one tick or one bar, you will see the orders being generated. 

Resetting
Once your trade cycle has been completed then to re-set the strategy simply untick and then re-tick this check box. In the journal tab you will see a message that the strategy has been reset (providing you had actually started the trade cycle). You should then disable the strategy execution until then next time that you want to apply it.

 

 

Seeing it in Action

You can see some video of the strategy in action in the description of the strategy here.




How to Use the ForexTester Easy Order Entry Script

This article is a practical guide for users of the Easy Order Entry ForexTester Script. For a review of the ForexTester back-tester software see here. For installation instructions for the EOE script, see here.
Having installed your EOE software, how do you go about using it? This is a guide to setting up and using the strategy once it has been installed

Script Input Parameters

To bring up the script dialog box, right-click on one of the two Easy Order Entry scripts in the script window and select Edit Script Properties.

There are a number of input parameters to go through here.

1, Hot Key
This allows you to specify a key combination for executing the script. There are a number of options available in the drop-down so simply select an appropriate one.

2. Currency Pair
You must set this to the pair that you are trading. Otherwise you’ll be scratching your head and wondering why nothing is happening when you apply the script.

3. Time-frame
Likewise, you must set this to same time-frame as the chart that you are working on, otherwise nothing will happen

4. Entry Method
There are two options here: Bracket Bar and Use pending order levels

In Bracket Bar mode, when the script is applied it takes the last bar on the chart and places the order and stop loss at either end of the bar (with appropriate offset, see below).
 
In Use pending order levels mode, when the script is applied it searches for pre-existing entry and stop-loss orders already on the chart. In this case the script will delete these orders and replace them with ones at the same level but with the desired risk sizing.

5. Trade Direction
This will either be long or short. For your convenience, two versions of the script are supplied, one with the default set to long and one to short. This way you can simply use whichever one you want without having to change settings on every trade

6. Entry Offset
This is the offset in points (the smallest allowable fluctuation in the price) from either end of the bar for the entry stop order and stop loss. Note, the spread will be correctly accounted for as well at the high of the bar.

7. Risk Definition
This is one of two options: specific $ value or Pct of equity balance

For specific $ value then you specify the fixed USD amount from which you want your risk percentage to be taken. In other words, this is as if you have a fixed account size of this amount so no compounding will occur.

For Pct of equity balance then the current equity account value is used for risk calculations. This means that your account trades will be compounded.

8. Act pct to risk
This is the percentage of the risk definition amount that is risked on each trade

9. Take Profit Type
This is either Reward to Risk or Fixed Points

With Reward to Risk then the Take Profit level is set to a fixed multiple of the initial risk amount. So with a value of 2.0 then you would make twice what you risked if your take profit level is reached

With Fixed Points then the take profit level is a fixed number of points (the minimum price fluctuation).

10. FX Conversion Rate
This is where you can set your FX conversion rate for pairs where the profits are not in USD. It is also possible to load in the appropriate conversion rate data in which case it will use that but it’s often more convenient (and quicker as you don’t have two sets of data to update) to set the figure here. A bit of trial and error will usually work out what figure to use here. Obviously for XXXUSD pairs this should be set to 1.0 but as a rule of thumb for XXXJPY pairs then 0.01 works reasonably well.

 

Using The Script

Once the input parameters have been set up correctly then you can apply the script to the chart any time that you want to make a trade either by using the Hot-key combination, or by double-clicking on the script in the Scripts Window.