Automated scalping system based on Williams Fractals or Quadratic Semaphores
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Dear experts,
I am super convinced, that the trade entry based on above strategies/indicators is the best entry you can make, because you always enter at the point of lowest risk when price has reached maximum or minimum.
You could even trade from fractal to fractal (knowing that the plot is delayed), but if you combine the entry with a trend-following instrument like PSAR or a short termed TEMA, you even can exit at the next countertrend fractal (see screen shot attached).
Here you see, that the quadratic semaphore signals (green and red dots) provide almost the same signals as the Wlliams fractals (ellipses). However, these signals appear more often also in between the absolute lows and highs.
Therefore you can maybe choose the strategy which is easier to implement?
Would that be possible to put the following indicators into an automated scalping system?
It would be great if you could give some advice how to code the order entry conditions, since I am not skilled enough (but still learning).
At least I would be very helpful, if you could tell me how to define indicator-based alerts (acoustic signals), so I can manually execute the signals without the need to monitor the chart all the day.
Indicators:
Williams’ Highs and Lows
https://www.prorealcode.com/prorealtime-indicators/williams-highs-lows/
and
https://www.prorealcode.com/topic/williams-indicator/
with sample code?
Quadratic Semaphore
https://www.prorealcode.com/prorealtime-indicators/quadratic-semaphore/
Here is the strategy snap shot:
Type: countertrend scalping system
Time Frame: 5 min and 15 min
Entry
When an ellipse is plotted
Exit
When an ellipse is plotted for the opposite direction (trading from ellipse to ellipse).
Condition: skip countertrend signal, if trend indicator (e.g. PSAR, MACD, True Strenght) or a trend line like SMA20 or TEMA still goes in the direction you opened the trade for (trade management).
Stop Loss
Initial stop: 10 points
Re-Entry based on Entry conditions
Order Size: one contract (cfd) for the beginning.
Goal:
20 to 50 points per day in DAX, Dow Jones or Nasdaq.
Further conditions
-Number of trades should be limited to 7 to avoid overtrading and limit trading costs.
-no trade filter, e.g. ADX(10) > 12
-trading hours 8 a.m. to 10 p.m.
-no take profit, since the target is the next ellipse signal
Thanks in advance for any support!
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