This script is designed to automate trading based on a specific strategy called the "Triple Screen" system, developed by Alexander Elder. The script is intended to run on a daily chart for a given currency pair. Here's a breakdown of what it does:
1. Setup and Configuration:
- External Variables: The script begins by defining several settings that you can adjust. These include:
- Trade Size (Lots): How much of the currency to trade in each transaction.
- Profit Target (TakeProfit): How many "points" (small price increments) the price needs to move in your favor to automatically close the trade and take profit.
- Stop Loss (Stoploss): How many "points" the price needs to move against you to automatically close the trade and prevent further losses.
- Trailing Stop (TrailingStop): A dynamic stop loss that adjusts as the price moves in your favor, locking in profits.
- Slippage (Slippage): The acceptable difference between the requested price and the actual price the trade is executed at.
- Stop Year (StopYear): A year to stop the script from running automatically.
- Money Management Settings (MM, Leverage, AcctSize): Settings related to how much risk the script takes based on your account size and leverage.
- Williams Percent Range (WilliamsP, WilliamsL, WilliamsH): Parameters for a technical indicator that helps identify overbought and oversold conditions.
- Internal Variables: The script also sets up variables to store information it needs to run, such as:
- Order details (ticket numbers)
- Indicator values (MACD, OSMA, Williams Percent Range)
- Price information (open price, high, low)
- Time-related data (new bar time)
- Flags (First).
2. Core Logic (The start() Function):
The start() function is the heart of the script, executed repeatedly. Here's what it does:
- Trading Volume Calculation: calculates the trading volume based on the account balance.
- Information Display (Comment): A section commented out that displays information about the indicators and trading state for debugging purposes. This section is never used by the script since it�s commented out.
- Order Tracking: The script counts the number of open trades for the specific currency pair it's running on. This helps it avoid opening multiple trades when it shouldn't.
- Indicator Calculation: The script calculates the values of several technical indicators using historical price data:
- MACD (Moving Average Convergence Divergence): Helps identify the direction and strength of a trend.
- OSMA (Moving Average of Oscillator): Measures the difference between the MACD and its signal line, highlighting momentum.
- Williams Percent Range: Measures how overbought or oversold the market is.
- Trend Determination:
- Based on the MACD values, the script determines the overall market direction (upward, downward, or neutral).
- It also determines the direction based on the OSMA indicator.
- Time-Based Execution Restriction: The script defines specific time windows (minutes of the hour) during which it's allowed to place new orders. This is likely to avoid conflicts with other automated strategies or to focus on periods of higher market activity.
- New Bar Detection: The script checks if a new daily bar has formed. This ensures that it only acts on new daily data, rather than reacting to intraday price fluctuations.
3. Trading Decisions:
- Entry Conditions (Opening New Trades): If a new bar has formed and there are no existing trades for the currency pair, the script evaluates the following conditions to place a new order:
- Buy Condition:
- The MACD indicates an upward trend.
- The Williams Percent Range indicates an oversold condition (potential for price to rise).
- The script calculates a potential buy price slightly above the high price of the previous day.
- It checks if this potential buy price is sufficiently above the current ask price (the price you'd pay to buy). This is probably to avoid placing orders too close to the current market price.
- If all conditions are met, the script places a "Buy Stop" order. A buy stop order is an order to buy the currency if the price reaches a certain level above the current price. It also sets a stop loss and a take profit level for this order.
- Sell Condition:
- The MACD indicates a downward trend.
- The Williams Percent Range indicates an overbought condition (potential for price to fall).
- The script calculates a potential sell price slightly below the low price of the previous day.
- It checks if this potential sell price is sufficiently below the current bid price (the price you'd receive if you sell).
- If all conditions are met, the script places a "Sell Stop" order. A sell stop order is an order to sell the currency if the price reaches a certain level below the current price. It also sets a stop loss and a take profit level for this order.
- Buy Condition:
- Order Management (Adjusting Existing Orders):
- Canceling Opposite Orders: If there is already a pending order and the MACD direction changes, the script cancels the pending order.
- Modifying Pending Orders: If there's a pending "Buy Stop" or "Sell Stop" order, the script may adjust the order price based on the previous day's high/low prices and the current ask/bid prices. This is to ensure the orders are still valid and aligned with the current market conditions. It also takes into consideration the 16 points distance for the operation.
- Stop Loss Management (Protecting Profits):
- Trailing Stop: If there are open "Buy" or "Sell" trades, the script implements a trailing stop loss. This means the stop loss level is automatically adjusted upwards (for buy trades) or downwards (for sell trades) as the price moves in your favor. This helps to lock in profits while still allowing the trade to potentially gain further.
In Summary:
The script automates a trading strategy based on technical indicators. It looks for specific conditions based on the MACD and Williams Percent Range to identify potential buying or selling opportunities. It then places pending orders (Buy Stop or Sell Stop) and manages those orders, adjusting them or canceling them based on changing market conditions. Finally, it implements a trailing stop loss to protect profits. It operates only at the timeframe of a single day and at certain hours.
Orders Execution
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TDSGlobal 4
//+------------------------------------------------------------------+
//| TDSGlobal .mq4 |
//| Copyright © 2005 Bob O'Brien / Barcode |
//| http://mak.tradersmind.com |
//+------------------------------------------------------------------+
// Expert based on Alexander Elder's Triple Screen system.
// To be run only on a Daily chart.
//---- External Variables
extern int Lots = 1;
extern int TakeProfit = 999;
extern int Stoploss = 0;
extern int TrailingStop = 10;
extern int Slippage = 5; // Slippage
extern int StopYear = 2005;
extern int MM = 0, Leverage = 1, AcctSize = 10000;
extern int WilliamsP = 24, WilliamsL = -75, WilliamsH = -25;
//----
int BuyEntryOrderTicket = 0, SellEntryOrderTicket = 0, cnt = 0, total = 0;
double MacdCurrent = 0, MacdPrevious = 0, MacdPrevious2 = 0, Direction = 0,
OsMAPrevious = 0, OsMAPrevious2 = 0, OsMADirection = 0;
double newbar = 0, PrevDay = 0, PrevMonth = 0, PrevYear = 0, PrevCurtime = 0;
double PriceOpen = 0; // Price Open
bool First = True;
double TradesThisSymbol = 0;
double WilliamsSell = 0, WilliamsBuy = 0, Williams = 0,NewPrice = 0;
double StartMinute1 = 0, EndMinute1 = 0, StartMinute2 = 0, EndMinute2 = 0,
StartMinute3 = 0, EndMinute3 = 0;
double StartMinute4 = 0, EndMinute4 = 0, StartMinute5 = 0, EndMinute5 = 0,
StartMinute6 = 0, EndMinute6 = 0;
double StartMinute7 = 0, EndMinute7 = 0, DummyField = 0;
double Lotsf = 0;
//+------------------------------------------------------------------+
//| |
//+------------------------------------------------------------------+
int start()
{
Lotsf = MathRound(AccountBalance() / 10000);
/* Comment("TSD for MT4 ver beta 0.2 - DO NOT USE WITH REAL MONEY YET",
"\n",
"\n","Weekly MacdPrevious = ", MacdPrevious, " Weekly OsMAPrevious = ",
OsMAPrevious,
"\n","Weekly MacdPrevious2 = ", MacdPrevious2, " Weekly OsMAPrevious2 = ",
OsMAPrevious2,
"\n","Weekly Direction = ", Direction, " Weekly OsMADirection = ", OsMADirection,
"\n",
"\n","Lotsf = ", Lotsf,
"\n",
"\n","Daily Williams = ", Williams,
"\n","Is Daily Williams Bullish = ", WilliamsSell,
"\n","Is Daily Williams Bearish = ", WilliamsBuy,
"\n",
"\n","Total Orders = ", total,
"\n","Trades this Symbol(",Symbol(), ") = ", TradesThisSymbol,
"\n",
"\n","New Bar Time is ", TimeToStr(newbar),
"\n",
"\n","Daily High[1] = ",High[1],
"\n","Daily High[2] = ",High[2],
"\n","Daily Low[1] = ",Low[1],
"\n","Daily Low[2] = ",Low[2],
"\n",
"\n","Current Ask Price + 16 pips = ",Ask+(16*Point),
"\n","Current Bid Price - 16 pips = ",Bid-(16*Point));*/
total = OrdersTotal();
TradesThisSymbol = 0;
for(cnt = 0; cnt < total; cnt++)
{
OrderSelect(cnt, SELECT_BY_POS, MODE_TRADES);
if(OrderSymbol() == Symbol())
{
TradesThisSymbol++;
} // close for if(OrderSymbol()==Symbol())
} // close for for(cnt=0;cnt<total;cnt++)
MacdPrevious = iMACD(NULL, 1440, 12, 26, 9, PRICE_CLOSE, MODE_MAIN, 1);
MacdPrevious2 = iMACD(NULL, 1440, 12, 26, 9, PRICE_CLOSE, MODE_MAIN, 2);
OsMAPrevious = iOsMA(NULL, 1440, 12, 26, 9, PRICE_CLOSE, 1);
OsMAPrevious2 = iOsMA(NULL, 1440, 12, 26, 9, PRICE_CLOSE, 2);
Williams = iWPR(NULL, 1440, WilliamsP, 1);
WilliamsSell = iWPR(NULL, 1440, 24, 1) > WilliamsL;
WilliamsBuy = iWPR(NULL, 1440, 24, 1) < WilliamsH;
if(MacdPrevious > MacdPrevious2)
Direction = 1;
if(MacdPrevious < MacdPrevious2)
Direction = -1;
if(MacdPrevious == MacdPrevious2)
Direction = 0;
if(OsMAPrevious > OsMAPrevious2)
OsMADirection = 1;
if(OsMAPrevious < OsMAPrevious2)
OsMADirection = -1;
if(OsMAPrevious == OsMAPrevious2)
OsMADirection = 0;
// Select a range of minutes in the day to start trading based on the currency pair.
// This is to stop collisions occurring when 2 or more currencies set orders at the same time.
if(Symbol() == "USDCHF")
{
StartMinute1 = 0;
EndMinute1 = 1;
StartMinute2 = 8;
EndMinute2 = 9;
StartMinute3 = 16;
EndMinute3 = 17;
StartMinute4 = 24;
EndMinute4 = 25;
StartMinute5 = 32;
EndMinute5 = 33;
StartMinute6 = 40;
EndMinute6 = 41;
StartMinute7 = 48;
EndMinute7 = 49;
} // close for if(Symbol() == "USDCHF")
if(Symbol() == "GBPUSD")
{
StartMinute1 = 2;
EndMinute1 = 3;
StartMinute2 = 10;
EndMinute2 = 11;
StartMinute3 = 18;
EndMinute3 = 19;
StartMinute4 = 26;
EndMinute4 = 27;
StartMinute5 = 34;
EndMinute5 = 35;
StartMinute6 = 42;
EndMinute6 = 43;
StartMinute7 = 50;
EndMinute7 = 51;
} // close for if(Symbol() == "GBPUSD")
if(Symbol() == "USDJPY")
{
StartMinute1 = 4;
EndMinute1 = 5;
StartMinute2 = 12;
EndMinute2 = 13;
StartMinute3 = 20;
EndMinute3 = 21;
StartMinute4 = 28;
EndMinute4 = 29;
StartMinute5 = 36;
EndMinute5 = 37;
StartMinute6 = 44;
EndMinute6 = 45;
StartMinute7 = 52;
EndMinute7 = 53;
} //close for if(Symbol() == "USDJPY")
if(Symbol() == "EURUSD")
{
StartMinute1 = 6;
EndMinute1 = 7;
StartMinute2 = 14;
EndMinute2 = 15;
StartMinute3 = 22;
EndMinute3 = 23;
StartMinute4 = 30;
EndMinute4 = 31;
StartMinute5 = 38;
EndMinute5 = 39;
StartMinute6 = 46;
EndMinute6 = 47;
StartMinute7 = 54;
EndMinute7 = 59;
} // close for if(Symbol() == "EURUSD")
if((Minute() >= StartMinute1 && Minute() <= EndMinute1) ||
(Minute() >= StartMinute2 && Minute() <= EndMinute2) ||
(Minute() >= StartMinute3 && Minute() <= EndMinute3) ||
(Minute() >= StartMinute4 && Minute() <= EndMinute4) ||
(Minute() >= StartMinute5 && Minute() <= EndMinute5) ||
(Minute() >= StartMinute6 && Minute() <= EndMinute6) ||
(Minute() >= StartMinute7 && Minute() <= EndMinute7))
{
// dummy statement because MT will not allow me to use a continue statement
DummyField = 0;
} // close for LARGE if statement
else
return(0);
/////////////////////////////////////////////////
// Process the next bar details
/////////////////////////////////////////////////
if(newbar != Time[0])
{
newbar = Time[0];
if(TradesThisSymbol < 1)
{
if(Direction == 1 && WilliamsBuy)
{
// Buy 1 point above high of previous candle
PriceOpen = High[1] + 1 * Point;
// Check if buy price is a least 16 points > Ask
if(PriceOpen > (Ask + 16 * Point))
{
BuyEntryOrderTicket = OrderSend(Symbol(), OP_BUYSTOP, Lotsf, PriceOpen,
Slippage, Low[1] - 1 * Point,
PriceOpen + TakeProfit * Point,
"Buy Entry Order placed at " + CurTime(),
0, 0, Green);
return(0);
} // close for if(PriceOpen > (Ask + 16 * Point))
else
{
NewPrice = Ask + 16 * Point;
BuyEntryOrderTicket = OrderSend(Symbol(), OP_BUYSTOP, Lotsf, NewPrice,
Slippage, Low[1] - 1 * Point,
NewPrice + TakeProfit * Point,
"Buy Entry Order placed at " + CurTime(),
0, 0, Green);
return(0);
} // close for else statement
} // close for if(Direction == 1 && WilliamsBuy)
if(Direction == -1 && WilliamsSell)
{
PriceOpen = Low[1] - 1 * Point;
// Check if buy price is a least 16 points < Bid
if(PriceOpen < (Bid - 16 * Point))
{
SellEntryOrderTicket = OrderSend(Symbol(), OP_SELLSTOP, Lotsf, PriceOpen,
Slippage, High[1] + 1 * Point,
PriceOpen - TakeProfit * Point,
"Sell Entry Order placed at " + CurTime(),
0, 0, Green);
return(0);
} // close for if(PriceOpen < (Bid - 16 * Point))
else
{
NewPrice = Bid - 16 * Point;
SellEntryOrderTicket = OrderSend(Symbol(), OP_SELLSTOP, Lotsf, NewPrice,
Slippage, High[1] + 1 * Point,
NewPrice - TakeProfit * Point,
"Sell Entry Order placed at " + CurTime(),
0, 0, Green);
return(0);
} // close for else statement
} // close for if(Direction == -1 && WilliamsSell)
} //Close of if(TradesThisSymbol < 1)
/////////////////////////////////////////////////
// Pending Order Management
/////////////////////////////////////////////////
if(TradesThisSymbol > 0)
{
total = OrdersTotal();
for(cnt = 0; cnt < total; cnt++)
{
OrderSelect(cnt, SELECT_BY_POS, MODE_TRADES);
if(OrderSymbol() == Symbol() && OrderType() == OP_BUYSTOP)
{
if(Direction == -1)
{
OrderDelete(OrderTicket());
return(0);
} // close for if(Direction == -1)
} // close for if(OrderSymbol()==Symbol() && OrderType()==OP_BUYSTOP)
if(OrderSymbol() == Symbol() && OrderType() == OP_SELLSTOP)
{
if(Direction == 1)
{
OrderDelete(OrderTicket());
return(0);
} //close for if(Direction == 1)
} //close for if(OrderSymbol()==Symbol() && OrderType()==OP_SELLSTOP)
if(OrderSymbol() == Symbol() && OrderType() == OP_BUYSTOP)
{
if(High[1] < High[2])
{
if(High[1] > (Ask + 16 * Point))
{
OrderModify(OrderTicket(), High[1] + 1 * Point, Low[1] - 1 * Point,
OrderTakeProfit(), 0, Cyan);
return(0);
} //close for if(High[1] > (Ask + 16 * Point))
else
{
OrderModify(OrderTicket(), Ask + 16 * Point, Low[1] - 1 * Point,
OrderTakeProfit(), 0, Cyan);
return(0);
} //close for else statement
} //close for if(High[1] < High[2])
} //close for if(OrderSymbol()==Symbol() && OrderType()==OP_BUYSTOP)
if(OrderSymbol() == Symbol() && OrderType() == OP_SELLSTOP)
{
if(Low[1] > Low[2])
{
if(Low[1] < (Bid - 16 * Point))
{
OrderModify(OrderTicket(), Low[1] - 1 * Point, High[1] + 1 * Point,
OrderTakeProfit(), 0, Cyan);
return(0);
} // close for if(Low[1] < (Bid - 16 * Point))
else
{
OrderModify(OrderTicket(), Bid - 16 * Point, High[1] + 1 * Point,
OrderTakeProfit(), 0, Cyan);
return(0);
} //close for else statement
} //close for if(Low[1] > Low[2])
} //close for if(OrderSymbol()==Symbol() && OrderType()==OP_SELLSTOP)
} // close for for(cnt=0;cnt<total;cnt++)
} // close for if(TradesThisSymbol > 0)
} // close for if (newbar != Time[0])
/////////////////////////////////////////////////
// Stop Loss Management
/////////////////////////////////////////////////
if(TradesThisSymbol > 0)
{
total = OrdersTotal();
for(cnt = 0; cnt < total; cnt++)
{
OrderSelect(cnt, SELECT_BY_POS, MODE_TRADES);
if(OrderSymbol() == Symbol() && OrderType() == OP_BUY)
{
if(Ask - OrderOpenPrice() > (TrailingStop * Point))
{
if(OrderStopLoss() < (Ask - TrailingStop * Point))
{
OrderModify(OrderTicket(), OrderOpenPrice(), Ask - TrailingStop * Point,
Ask + TakeProfit * Point, 0, Cyan);
return(0);
} // close for if(OrderStopLoss() < (Ask - TrailingStop * Point))
} // close for if(Ask-OrderOpenPrice() > (TrailingStop * Point))
} // close for if(OrderSymbol()==Symbol() && OrderType()==OP_BUY)
if(OrderSymbol() == Symbol() && OrderType() == OP_SELL)
{
if(OrderOpenPrice() - Bid > (TrailingStop * Point))
{
if(OrderStopLoss() > (Bid + TrailingStop * Point))
{
OrderModify(OrderTicket(), OrderOpenPrice(), Bid + TrailingStop * Point,
Bid - TakeProfit * Point, 0, Cyan);
return(0);
} // close for if(OrderStopLoss() > (Bid + TrailingStop * Point))
} // close for if(OrderOpenPrice() - Bid > (TrailingStop * Point))
} // close for if(OrderSymbol()==Symbol() && OrderType()==OP_SELL)
} // close for for(cnt=0;cnt<total;cnt++)
} // close for if(TradesThisSymbol > 0)
//----
return(0);
} // close for start
//+------------------------------------------------------------------+
Profitability Reports
GBP/AUD
Jan 2025 - Jul 2025
1.04
Total Trades
187
Won Trades
37
Lost trades
150
Win Rate
19.79 %
Expected payoff
6.10
Gross Profit
29318.29
Gross Loss
-28177.89
Total Net Profit
1140.40
-100%
-50%
0%
50%
100%
EUR/USD
Jan 2025 - Jul 2025
0.82
Total Trades
114
Won Trades
15
Lost trades
99
Win Rate
13.16 %
Expected payoff
-30.44
Gross Profit
16005.00
Gross Loss
-19475.00
Total Net Profit
-3470.00
-100%
-50%
0%
50%
100%
AUD/USD
Jan 2025 - Jul 2025
0.67
Total Trades
118
Won Trades
8
Lost trades
110
Win Rate
6.78 %
Expected payoff
-38.23
Gross Profit
9208.00
Gross Loss
-13719.00
Total Net Profit
-4511.00
-100%
-50%
0%
50%
100%
USD/CAD
Oct 2024 - Jan 2025
0.88
Total Trades
27
Won Trades
3
Lost trades
24
Win Rate
11.11 %
Expected payoff
-11.70
Gross Profit
2406.14
Gross Loss
-2722.03
Total Net Profit
-315.89
-100%
-50%
0%
50%
100%
NZD/USD
Oct 2024 - Jan 2025
0.87
Total Trades
25
Won Trades
3
Lost trades
22
Win Rate
12.00 %
Expected payoff
-13.56
Gross Profit
2200.00
Gross Loss
-2539.00
Total Net Profit
-339.00
-100%
-50%
0%
50%
100%
GBP/USD
Oct 2024 - Jan 2025
1.14
Total Trades
42
Won Trades
7
Lost trades
35
Win Rate
16.67 %
Expected payoff
21.60
Gross Profit
7625.00
Gross Loss
-6718.00
Total Net Profit
907.00
-100%
-50%
0%
50%
100%
AUD/USD
Oct 2024 - Jan 2025
0.70
Total Trades
32
Won Trades
0
Lost trades
0
Win Rate
0.00 %
Expected payoff
-33.00
Gross Profit
2466.00
Gross Loss
-3522.00
Total Net Profit
-1056.00
-100%
-50%
0%
50%
100%
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