I am trying to write some code that will determine whether it is an up day or a down day to initiate a buy or a sell signal. I would like to be able to back test on the 1 hour time frame. The opening bar i like to use is 6 GMT. If price is above the open of the 6 GMT bar i would like to allow buy signals only and if below the 6 GMT bar allow sell signals only.
That would allow me to determine if it is an up/down day. Would it be possible to add another filter eg. up/down week using the same criteria (6 GMT Open on a Monday morning)
Any help greatly appreciated,
I hope i am not posting incorrectly or to the wrong thread. I am very new to easy language (and this site) and every time i googled a "how to in easy language" this forum came up with people very willing to help out with programming queries. So i signed up as a member to get some help programming.
The method i am trying to code for back testing purposes is called DIBS (Daily inside Bar Strategy) It is a fairly simple system and a lot of detail wrote about it on another Forex forum which i will not reference or link too unless i am allowed too.
I will describe the method as best as I can and maybe somebody might help me out with the easy language coding? If i am going about his wrong please let me know as i do not want to offend anybody or the site etiquette, Thanks.
1. If price is higher than the 6 GMT open = Up day = Buys only
2. If price is Lower than the 6 GMT Open = Down day = Sells only.
3. Only trade between the hours of 6 GMT - 1600 GMT
4. If an inside bar is established (1 Hr Time-frame but works across many Diff TF's) Buy/Sell (depending on rules 1 & 2) at the top/bottom + 1 pip of the Inside Bar and place your stop loss at the opposite end of the Inside bar.
5. Set take profit for half your lot size the same distance as your initial risk away from your entry. This in essence gives a free trade when hit.
6. For the remainder use a trailing stop (20 EMA) to try and capture as much of the trend as possible.
Look forward to hearing from some of the experienced programmers who maybe able to help me out,
if you post your code you have written until now, someone might be able to steer you in the right direction. If you are looking for something to write the code for you you might want to post in the Want your EasyLanguage indicator created, free? thread. The access might require an elite membership, though.
The following 2 users say Thank You to ABCTG for this post:
Many thanks for your help. I believe i need to be an Elite member to access that forum. I will upload the code i attempted myself and hopefully somebody might be willing to lend a hand,