This strategy employs the Kijun-Sen line (from Ichimoku cloud) as a baseline for decisions. In essence, the Kijun-Sen is a kind of moving average based on the High/Low range, similar to Donchian channels. We wait for a crossover or crossunder to enter a new trade, then exit upon the next cross.
It works on 1H timeframe and above. It also works for all the Major FX pairs (at least from my tests).
I use the ATR and a multiplier to decide the S/L position as well as the volume of the trade. I also use an equity protector to close out of all trades if a specific DD % level is reached. In theory, this should never happen with only one trade open at a time, however, if a user wants to modify the script to pyramid orders then the equity protector could potentially "save" an account.
The default settings should produce winning results on Major pairs. You can change the backtest time in the script by altering line #53: >if(time > timestamp(2017,1,1,0,0) and time < timestamp(2019,1,1,0,0))
TODO: Add 2 additional forms of confirmation Add volume to filter losing trades Add exit indicator
I don't see any signal labels on the chart. How can I set this up? I checked the box in the properties but that didn't work.
Mactormind
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Straight from nononsenseforex! And thats not a bad thing.
daredeviltrades
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Un-check "Recalculate: After Order is Filled" and run it again.
I don't mean this as a slight (I use the Kijun-Sen you wrote as an indicator and appreciate it)- I just wanted you to see the result.
SorosNAWest
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@amateurforex, I'm guessing all profit disappears, since that's what happened with my strategies. With that box checked , does that make any backtested strategy unrealistic compared to real-time?
daredeviltrades
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@nkautz1, Yes, it does disappear. If you review the list of trades while "Recalculate: After Order is Filled" is selected, you'll notice that the strategy is opening and closing trades with profit on the same bar, within the same minute (which is not possible with a non-repainting indicator).
SorosNAWest
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@amateurforex, What if the strategy is only running 1 trade at any given time (long, short , or close) and a long trade closes , recalculates, and determines there's a short trigger active. That would be a legitimate situation where recalculate had a benefit , no?
daredeviltrades
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@nkautz1, Yes, but there is a loss there not being calculated (the closing of the long trade in your example). Additionally, you would have no way of testing a "recalculation" strategy because the indicator itself is not inherently recalculating; that is built into the strategy tester.