Manually tested on:
Symbol: EURUSD
Timeframe: 1 day

Chart setup:
Load the graph
Add 10day simple moving average (open or close prices)
Copy that average +2% and -2%
You now have a channel.

Example: (shorting)
When the intraday price moves over the +2% line go short.
Close trade if price drops 30 pips below the +2% line.
If the 30 pips are not made on that day hold the position and sell again on the next day if price is above the newly calculated +2%
Repeat as many times as needed. I never needed more than 5 bars.
On day 2 and onward calculate the average of the +2% lines and substract 30 pips from that as a target.

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I only paper traded this system and it looks *very* solid.
Unfortunately my programming skills are very limited.
I can manage to calculate the +2% -2% lines; but programming trades or checking if the trade needs to be held until the next day is beyound my skills :(
Maybe someone can help with that?

In many cases profits would be much larger if some sort of trailing stop system could be applied.

I hope you are patient :D

I will try to create the expert at some point if nobody else does it in the meantime.

Patrick :mrgreen:

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My Site

Channel

prd1:=Input("MA periods",1,100,10);
ma1:=Input("MA Type 1-EMA 2-SMA",1,2,1);
shift:=Input("Channel width %",0,100,2)/100;

x:=if(ma1=1,mov(C,prd1,e),mov(C,prd1,s));
UL:=x+(x*shift);
LL:=x-(x*shift);

x;
UL;
LL;



In the explorer
Filter
C>FmlVar("Channel",UL)

will return those stocks where the Close price has escaped out the top of the channel.

Modify as you like. Any problems, just shout.


Hope this helps.

wabbit :D

P.S. UNTESTED CODE written off the cuff - with she-who-must-be-obeyed nagging me over my shoulder.

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"The question of whether a computer can think is no more interesting than the question of whether a submarine can swim."
Edsgar W. Dijkstra

 

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