This is a LINEAR REGRESSION EA that has two channels above and below the regression line. There are three channel lines above and below which are +/-1 standard deviation, +/- 2 standard deviations, +/- 3 standard deviations. The EA makes a trade when crossing one of the lines. (Goes short when crossing downward, goes long when crossing upward). It is important to note that these channels are not horizontal so every day (if using daily), the trailing stop changes. There is no take profit as it is all based on stop/loss. When stop/loss is triggered, a reverse position is immediately entered.
I saw your free regression channel EA program and wanted to contact you about creating a custom version.
Variables I would like to adjust:
- # of days to use for regression (starting with 30)
- # of pips past resistance to buy/sell (maybe need slippage factor too)
- # of pips past support to buy/sell (maybe need slippage factor too)
- Ratio of Buy:Sell (i.e. 2:1 means that buy positions are 2x the size of sell positions)
For this example, I'll assume the variables are:
- days = 30
- # of pips past resistance to buy/sell = 10 pips
- # of pips past support to buy/sell = 10 pips
- Ratio of Buy:Sell 2:1
Basically, I'm looking to use a single linear regression for the past 30 days. Then using the RESIDUALS, I want to chart in channels as indicators. These I'll call upper and lower control limits. I would like 3 control limits above the linear regression line and 3 below. The control limits are +/- 1 standard deviation, +/- 2 standard deviations, +/- 3 standard deviations. So there should be 7 lines in total all parallel to the linear regression line.
Then when trading for a day breaks through a resistance line by 10 pips, I go long 100 units. I stay long until the price falls below a support level by 10 pips. So even if the price continues to go up and breaks through four levels of support, I never sell. Only when it falls back and goes through a support level by 10 pips do I immediately sell all 100 units and short 50 units. I stay short until the trend reverses and I break through another support level by 10 pips.
I have a spreadsheet that I use to manually manage this that I can send. I hope it makes sense. The challenge is that every day, my channels change because the regression line is not horizontal. Also, if for example I'm long and the price goes upward through a control limit, I don't make a trade as I'm still long. But the new control limit that I just went through becomes the new trailing stop. So it is quite dynamic and I can't manually monitor this. Static Trailing stops set upon order execution don't work either because of this dynamic nature.
In the end, I need a fully automated EA that shows the channels in the chart and shows when buys/sells were triggered. I also read your site that says this code will not be shared.
Is this enough to provide a rough quote? By the way, I hired many freelancers for my marketing agency. I typically use Scriptlance (ideadirect) and have great feedback. I always pay promptly and have never disputed a charge.