STP-Entry Framework Daily V1 – EA MetaTrader 4

Author:

Cheftrader*

Description:

A framework to build and test systems, which use stop-Orders to enter a position. Pending orders and postions are handled based on a daily system. The entry logik (STP-value calculation) can be easily changed in the mqh-file.

Further features:

– risk management, enable/disable trailing stop

– money management, determine positions size depending on account profit

– kill pending orders at a dedicated time (hour)

– close positions after a dedicated duration since opening

– filter methods to be used for optimization (e.g. trade results for different days of the week)

– send significant equity changes via mail

Recommendations:

  • Optimize long and short parameters separatly (e.g. side=-1)
  • Start with a simple idea: e.g. place sell-stop at yesterdays low (sample in mqh-file)
  • Test and optimize with lotsize 0.1, without money- and risk management (maxLot=0.1). Advantage: Payoff in tester is scaled in pips
  • Begin testing with automatic close of position after 1hour or another duration/live time of position (closetimeperiod = 3600)
  • If your entry approach works, skip duration based close of position and optimize risk management parameters (SL, TP, SLslope)
  • Test if your system is stable on dedicated days of the week: E.g. set dayfilter to 1 – only on mondays stp-entry orders are placed.
  • Finally test money management (maxLot, PercentOfProfit)

Alternative:  ZigZagColor - indicator MetaTrader 5
extern double SL           = 8;    // StopLoss in Basepoints: 1/10000 or 100/10000 = 1/100 for JPY
extern double TP           = 20.5; // TakeProfit in Basepoints
extern double SLslope      = 0.8;  // Trailing stop uses only a part [e.g. 0.8] of the reached trade profit.
                                   // If > 1.0 trailing stops are deactivated
extern int side            = -1;   // LONG = 1, SHORT = -1, place orders in both directions: 0
extern int PercentOfProfit = 30;   // Risk [in %] of already reached Profit in Account,
                                   // used to calculate position size
extern double MaxLot       = 10.0; // maximal lot for trading
extern int dayfilter       = 7;    // place pending oders alldays = 7 or only on dayofweek 1 (monday)...5 (friday)

* This EA was inspired by the work of RomanY

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