Friday, 7 January 2000

Metatrader4 Simple RSI Alert 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.



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

input int  RSIPeriod = 14;
input double OverBoughtLevel = 70.0;
input double OverSoldLevel   = 30.0;
input AlertType alertType = Both;
input bool DoAlert = true;
input bool DoNotification = false;
input bool DoEmail = false;

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



Thursday, 6 January 2000

MetaTrader4 Outside Bar Alert

Introduction
This indicator marks Outside 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.

Outside Bar Alert Indicator on H4 EURUSD

You can configure all the settings including:
  • What symbol (if any) is plotted to highlight an outside 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 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

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

OutsideBarSymbol: this is the Wingdings symbol code that will be used to mark the Outside 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


Wednesday, 5 January 2000

MetaTrader4 Inside Bar Alert 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.

InsideBar indicator running on H4 EURUSD
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


Tuesday, 4 January 2000

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.



Monday, 3 January 2000

Installation Instructions for the Risk-free Pyramid Addon Strategy for ForexTester

This post is specifically about how to install the Risk-free Pyramid Addon (RPA) Strategy into ForexTester.

The RPA strategy will be supplied to you as a Windows DLL library, so a file called RPA.dll. To install:

1. Shut down your copy of ForexTester

2. Find the folder where ForexTester is installed. This is usually something like
C:\ForexTester3\
(or C:\ForexTester2\ if you're running the older version)

3. Find the Strategies sub-folder (so C:\ForexTester3\Strategies for example) and copy the RPA.dll file there.

4. Re-start ForexTester and 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 dialog box
5. Make sure that the RPA strategy is highlighted and then click on the Properties button which will bring up the Strategy Properties dialog

Strategy properties dialog box
6. You will see a Hardware ID there (it won't be the same as in the picture above), copy it to your clipboard and then e-mail it to info@snapdragonsystems.com along with your name so that your payment status can be checked.

7. Close the two open dialog boxes and wait for an e-mail with your registration codes.


Installing Your Registration Code

1. You will be e-mailed a simple registration file called RPA.reg. Copy this to any convenient location on your computer, then right-click on it and select Merge (this may be different on different Windows operating systems). Alternatively you can simply double-click on it.

2. Again, depending on the operating system, you may well get one or more messages asking if you're sure that want to make changes to your computer and registry and you may need to give Admin permission to this but rest assured that it's just installing a very simply entry to the registry. If you're in any doubt you can open the file in a text editor (it's a simple text file) to see the contents.

3. Once this has been successfully installed then re-start ForexTester and once again open up the RPA properties dialog box. This time you should see various input parameters as in the image below.

The properties dialog once you have successfully registered
In the ForexTester Journal tab you should also see a message stating that the software is registered

The Journal tab after successful registration
4. That should be it! Please refer to separate instructions on how to use the software (which will be posted as a separate blog entry).


Troubleshooting
If you have any problems with any part of this installation then one useful tip is to look at the Journal tab of ForexTester where helpful information is printed out. There you should see any error messages appear when ForexTester tries to load up the RPA DLL. Various messages about the registration status of the software are also printed out here.

An example of the journal entry for when the RPA strategy hasn't been registered - click to view full size
Having checked in the Journal tab then next step would be to get in touch with Snapdragon Systems at info@snapdragonsystems.com


Sunday, 2 January 2000

How to Use the ForexTester Easy Order Entry Script

This article is a practical guide for users of the EOE ForexTester Script. For a review of the ForexTester back-tester software see here. For installation instructions for the RPA strategy, 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.


Saturday, 1 January 2000

ForexTester Easy Order Entry Script - Installation Instructions

This post is specifically about how to install the Easy Order Entry (EOE) script into ForexTester.

The EOE script will be supplied to you as a pair of Windows DLL libraries, so files called EasyOrderEntryLONG.dll and EasyOrderEntrySHORT.dll

To install:

1. Shut down your copy of ForexTester

2. Find the folder where ForexTester is installed. This is usually something like
C:\ForexTester3\
(or C:\ForexTester2\ if you're running the older version)

3. Find the Scripts sub-folder (so C:\ForexTester3\Scripts for example) and copy the  two dll files there.

4. Re-start ForexTester and find the Scripts panel. This is usually on a tab next to the Data Window but if you can't find it then go to the View | Show Panels | Scripts menu option, making sure that there's a tick next to it. You should see the two scripts listed there though you won't initially see anything in the Hotkey section

The Scripts panel
    5. Right click on one of the scripts and select Edit Script Properties. This will bring up the script properties dialog box. The first time that you do this you will see a message like the one below saying that your software has not yet been registered.




    6. You will see a Hardware ID there (it won't be the same as in the picture above), copy it to your clipboard and then e-mail it to info@snapdragonsystems.com along with your name so that your payment status can be checked.

    7. Close the open dialog boxes and wait for an e-mail with your registration codes.


    Installing Your Registration Code

    1. You will be e-mailed a simple registration file called EOE.reg. Copy this to any convenient location on your computer, then right-click on it and select Merge (this may be different on different Windows operating systems). Alternatively you can simply double-click on it.

    2. Again, depending on the operating system, you may well get one or more messages asking if you're sure that want to make changes to your computer and registry and you may need to give Admin permission to this but rest assured that it's just installing a very simply entry to the registry. If you're in any doubt you can open the file in a text editor (it's a simple text file) to see the contents.

    3. Once this has been successfully installed then re-start ForexTester and once again open up the EOE properties dialog box. This time you should see various input parameters as in the image below.

    The EOE properties dialog after registration

    In the ForexTester Journal tab you should also see a message stating that the software is registered



    4. That should be it! Please refer to separate instructions on how to use the software (which will be posted as a separate blog entry).


    Troubleshooting
    If you have any problems with any part of this installation then one useful tip is to look at the Journal tab of ForexTester where helpful information is printed out. There you should see any error messages appear when ForexTester tries to load up the EOE dlls. Various messages about the registration status of the software are also printed out here.

    Having checked in the Journal tab then next step would be to get in touch with Snapdragon Systems at info@snapdragonsystems.com