(The older version still works fine when used in a single currency pair and no other orders are outstanding in other currency pairs.)
This EA is an enhanced version of the original RUBBERBANDS EA. Just like RUBBERBANDS EA, it works in any timeframe for any currency pair, including gold and silver. Its logic, again, is based on the fact that any price movement may accompany rebound ("Delapsus Resurgam") and the maxim of "Sell high, buy low".
It opens orders in both directions (BUY & SELL) at a time initially, then opens an additional SELL order everytime the price goes up by multiples of "pipstep" above the initial SELL order, and opens an additional BUY order everytime the price goes down by multiples of "pipstep" below the initial BUY order.
It closes all the outstanding orders when the specified profit "sessionTP" (in dollars) is reached, which functions as TAKEPROFIT, or, if set so ("use_sessionSL"==true), when the specified loss "sessionSL" (in dollars) is reached, which functions as STOPLOSS.
The opening of the initilal orders through the closure of all outstanding orders constitutes one "session".
The external variable "maxcount" limits the number of orders per session.
Use Strategy Tester to see how this EA performs.
Preferred currency pairs are four major pairs: EUR/USD, GBP/USD, USD/JPY, and USD/CHF. To avoid big drawdowns, smaller "sessionTP" may help.
External variables are:
Lots = 0.02 (number of lots for each order)
maxcount = 10 (maximum number of orders allowed in one session)
pipstep = 50 (pip distance to place additional BUY or SELL orders)
quiescenow = false (if true, quiesces this EA when the current session ends)
donow = false (if true, opens orders immediately)
stopnow = false (if true, stops this EA)
closenow = false (if true, closes all outstanding orders)
use_sessionTP = true (don't change this)
sessionTP = 1000 (profit in dollars per lot to close all outstanding orders; functions as TAKEPROFIT)
sessionSL = 300 (loss in dollars per lot to close all outstanding orders; functions as STOPLOSS)
The following three external variables are for restarting this EA after, say, the weekend, when there are outstanding orders. "inmax" and "imin" are displayed as "GLBmax" and "GLBmin" on the chart.
I’m a new comer to the ForEx, but have used computers for over 30 years and have done a little bit of programming along the way.I have read your description of your RubberBands EA and understand how and why it works and think it is a good approach as well.From the little bit I have learned this is a type of Martingale system like PipMaker though I may be mistaken about it being an apt description of your approach.
They both are great profit makers, but their downfall is that the losing trades don’t get canceled out EARLY.A tight Stop Loss on the losing trade of hedging pairs makes it very profitable.I also have a great little commercial utility from PipBoxer.Com that is a 2 stage Trailing Stop Loss (PBTS) that helps these systems and is very reasonably priced.It works with your RubberBands AE but unfortunately not with PipMaker.
When I use these programs more in a Scalping mode, which they are great for as they recognize and place a lot of trades very quickly (when your AE is in ‘Safety Mode’) and manually close out the losing trade very early as soon it is clear which of the trades is definitely losing money and the other one of the pair is making money both of these approaches are VERY profitable.
I have no experience programming MT4 and I don’t know if personal circumstances will permit me to undertake programming in this area.At this stage if I am going to do it I will wait till MT5 comes out very soon.
I appeal to you as well as other programmers to put an adjustable Stop Loss and preferably a Trailing Stop Loss as well onto both your RubberBands AND PipMaker and these systems will be GREAT and VERY profitable EAs.
Thanks for sharing.(8 >)Prosperous Trading(< 8)
DougRH
What settings and which revision do you prefer when using the PBTS and Rubberbands as a scalper?
I have a new Idea, but i dont know how to code it:
If we have a hedged Situation (f.e.: 10 Buy and 10 Sell) and the profit reached a minium of a specific level---> close all order
Is someone able to code that?
UPDATE:
I have a first idea but it doenst work fine. The EA opens a hedget
Position at the beginning, so i tried to define that the EA only closes
all Positions if there were more than 5 Sell and Buy orders.
BUT: The EA closes at the beginning about 10x the first hedget
Position and after that he clothes nothing even if its hedget and we
have more than 5 Sell/5 Buy. Does someone know how to solve this?
CODE:
int BuyCnt = 0;
int SellCnt = 0;
int abo = OrdersTotal();
for (int i=0; i < abo; i++)
{
if (!OrderSelect(i, SELECT_BY_POS, MODE_TRADES)) continue;
I’m a new comer to the ForEx, but have used computers for over 30 years and have done a little bit of programming along the way.I have read your description of your RubberBands EA and understand how and why it works and think it is a good approach as well.From the little bit I have learned this is a type of Martingale system like PipMaker though I may be mistaken about it being an apt description of your approach.
They both are great profit makers, but their downfall is that the losing trades don’t get canceled out EARLY.A tight Stop Loss on the losing trade of hedging pairs makes it very profitable.I also have a great little commercial utility from PipBoxer.Com that is a 2 stage Trailing Stop Loss (PBTS) that helps these systems and is very reasonably priced.It works with your RubberBands AE but unfortunately not with PipMaker.
When I use these programs more in a Scalping mode, which they are great for as they recognize and place a lot of trades very quickly (when your AE is in ‘Safety Mode’) and manually close out the losing trade very early as soon it is clear which of the trades is definitely losing money and the other one of the pair is making money both of these approaches are VERY profitable.
I have no experience programming MT4 and I don’t know if personal circumstances will permit me to undertake programming in this area.At this stage if I am going to do it I will wait till MT5 comes out very soon.
I appeal to you as well as other programmers to put an adjustable Stop Loss and preferably a Trailing Stop Loss as well onto both your RubberBands AND PipMaker and these systems will be GREAT and VERY profitable EAs.
Expert Advisors 
