Electra EA

1
This is an old, updated EA from the TSD forum, has been updated by Mladen and I updated it a little more with a new Absolute strength. The newer version has the classic electra entry, stochastic entry, or absolute strength entry. Included some old back tests and forward tests. EA uses an atr stop loss, atr partial close, and the rest explained below, by former TSD member Project 1972 :

Hi, I will release another private EA, this is called Electra, we continue using Greek names.

This EA is a Multi-pair medium/long term Swing Trader. This is a positive Equity System, it mean the the equity remain in the positive side most of the time.Don't be tempted of halt and close the trades in profit, let the trends develop.

System History: Some time ago, I got the next history from Larry Williams.

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The Farmer, the Gambler, and the Speculator.

There are only three or four rules to follow. But .........you and me we overdo the game........and end up pouring money in, good after bad.

How come? What can we do about it ? At last weekend's seminar in Florida Jake Bernstein shared a very telling story. It goes like this:

Several years ago Jake was speaking to a brokerage firm gathering of farmers, ranchers and a few speculators. After his speech he was asked if he'd like to meet the one customer who made money. they said he wasn't very bright, but made money. Always.

The old farmer and Jake hit it off pretty well, so the gent asked Jake if he'd like to learn his system "Sure," Jake replied. "I'd like to see what you do."

With that, the crusty, aged trader opened up his chart of Pork Bellies and brought out a pendulum on a string....held it over the belly chart and advise Jake "If it swings up and Down on the page, I buy 'em...........if it swing cross ways I sell 'em. There it is, Jake, Now ya seen my system."

Jake stepped back, thought for a minute, and then asked, "That's all, there's nothing else to it ?"

"Mmmm," mumbled the market wizard. "There is one other thing, but it don't mean much, I think. If I got a loss at the end of the day, I get out of them things."

I mulled over this wisdom on the delayed flight home (a bomb threat forced us to switch to another airline) and while driving up I-5 listening to Country Western music a 1:15 AM heard-I mean really heard- Kenny Rogers' song "The Gambler" It struck me that everyone else has focused on his words, "Know when to hold them, know when to fold them"....but the real message I heard was in the refrain, "You gotta know what to throw away, know what to keep."

That dumb old farmer must have written Kenny's song. A gambler knows what to throw away....bad cards. Traders might want to listen to the farmer's and the gambler's work the next time they want to play speculator.

Larry Williams

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After know this history, I coded an EA that simple locate any consolidation period (a flat period) and send a random order, but stop loses fast and ride the winners, I worked on almost all pairs !! as long you manage to stop the loses and ride the winners.

After too much testing I added an indicator to trade the H4 trend, I reduced the trade frequency, I added several Partial TP, to help during ranging markets, because when market is trending we don’t need much help to make a profitable Swing or trend following system, even a random signal will do if you manage to stop loses but when markets are in ranging mode we get killed, our winners never are winners, they come back to get stopped.

The end result is Electra

Electra will Stop Loses fast and ride the winners. That's our only edge.

Trend direction doesn’t matter, strong breaks or market crash are welcome, we only need a market that move on either side.

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"Unlike most other trading systems Trend Follower does not depend on past performance and should work on every market. Its formulas are not based on pattern recognition and random selection of indicators, but rather a clean understanding and timing of the market.

Trend Follower is unique in that it doesn't attempt to predict the future but rather a tool that helps you to recognize the current trend and lets you go with the current flow."

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The EA can ride winners for hundred and even thousand of pips taking partial profits along the way.

Some swings can take months to develop, don’t expect that this EA will open and close trades all day long, this is a low frequency Swing EA

The EA will open an order 4 times the lot size you set and will close it in four Partial Profits.

The EA have a sequence of 4 partial profit, because that, when your set the Lot size, the EA will multiply it by 4

if you set the lot to 0.1 the EA will open an order of 0.4 if you set to 0.2 the Ea will open an order of 0.8

To make it clear, there is not any Martingale or any dangerous cost averaging scheme in this logic, this is a scale-out logic.

The weak point of this system ? yes there is one, a prolonged ranging market without trends can drain the account.

This don't happened on the last 3 years but I don't know the future. Using the EA on many pairs will help to spread the risk, because some pairs can get stuck in a range but others will trend, we don't know what pair will trend in the future, because that is better to run the system on many pairs as possible independent of backtester results, only time will tell which pair will have nice trends or swings.

Market Crash of strong breaks, are our source of profit, you should not worry about suddenly breaks. The H4 trend is very fast to detect trends.

Use on any Timeframe, all the indicators have the timeframe hard coded, The signal used come from few MAs and Bar open, closed price, to basically open a trade during a consolidation or calm period in the direction of the last H4 trend.

There is not need to attach any additional indicator.

I attach the forward test and all the 3 years backtest with Alpari Data and the combined backtest results thanks to MTReport 4.0

Last, this EA don't have problems of compatibility, if you want to use others EAs in the same account, you will not have problems, currently i complement this system with another private EA.

A breakout EA can be a nice complement for a very nice portfolio.

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Electra 1.10 Update Added on 11/27/2007

The main change in this version is the addition of an Automatic MM and SL are now hidden

The MM used is a Turtle System MM.

The lot size is selected based on the pair volatility.

Example EURGBP have a 20 days average dairy range of 38 pips but GBPJPY have a 20 days average dairy range of 339 pips, it mean that if we get a loss on GBPJPY and a winner on EUGBP, we will never cover that loss with that winner.

To equalize the trading size between different instruments Turtle traders use a Money volatility based position size.

This EA use ALL the rules of the turtle System MM, including the reduction of 10% of trading size after each 10% of account loss - 20% reduction -

Default risk is 0.5

To get a perfect lot size equalization with a 0.5 risk (default low risk) the absolute minimum is

$2500 IBFX Mini, 25,000 IBFX Standard, 250,000 NF

To get a perfect lot size equalization with a 1 risk (medium risk) the absolute minimum is

$1200 IBFX Mini, 12,000 IBFX Standard, 120,000 NF

To get a perfect lot size equalization with a 2 risk (High risk) the absolute minimum is

$600 IBFX Mini, 6,000 IBFX Standard, 60,000 NF

This is a drop-in replacement of previous version, lot size doesn't matter at all, the Ea will handle all orders opened with a previous version and you can change risk setting on the fly even with opened orders.

Also we use a 20 days range for all the calculations, like in the turtle system.

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Electra was updated to version 1.11 Added on 12/01/2007

Reason to update:

Bug fix:

Fix a zero divide error because of inconsistent or corrupted data history on some brokers (specially FXLQ and sometimes IBFX real mini accounts)

A routine of data check is implanted in the EA to avoid calculation process until data is loaded.

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I use this system on live accounts but I don't encourage anyone to do it. If you want to use it live, do it at your risk, the most wise thing is forward test this system for many months or even years before go live.

Enjoy.

Disclaimer:

Forex is a high risk market. You may lose substantial amount of money by taking the risk of live trading. I shall not be held responsible for any loss.

PS1) haven't tested it on a live demo environment yet, worked on it this weekend and back tested it and it worked, so please only use on a demo account until you are comfortable with it.

PS2) The absolute strength EA is an indicator and needs to be in the indicator folder for it to work.
These users thanked the author mrtools for the post (total 7):
andrei-1, ionone, eduarescobar, Jedidiah, yuan1000ys, alexm, Chickenspicy


Re: Electra EA

3
ionone wrote: Tue Nov 29, 2022 8:32 pm fixed the EA so it backtests
H1 ONLY

Thanks for the fix included it in this version using the IsTesting() function to hopefully fix that, also found a possible problem with the Psar trailing having to do with the new mt4 change, hopefully fixed that too.

Anyone is welcome to suggest any trading methods to add, inside the EA there is a switch where we can switch between different trading methods, it's to me similar to the switch in indicators when for example using the slope coloring of an indicator or switching to the crossing an indicator signal for the coloring, we can code the EA to use different methods this way. Hope I made a little bit of sense, :think:
These users thanked the author mrtools for the post (total 5):
Jedidiah, ionone, yuan1000ys, Loye, Chickenspicy

Re: Electra EA

4
mrtools wrote: Wed Nov 30, 2022 3:27 am Thanks for the fix included it in this version using the IsTesting() function to hopefully fix that, also found a possible problem with the Psar trailing having to do with the new mt4 change, hopefully fixed that too.

Anyone is welcome to suggest any trading methods to add, inside the EA there is a switch where we can switch between different trading methods, it's to me similar to the switch in indicators when for example using the slope coloring of an indicator or switching to the crossing an indicator signal for the coloring, we can code the EA to use different methods this way. Hope I made a little bit of sense, :think:


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