Raghee Horner Grab Candles Strategy

• 03/23/2023 at 2:45 PM #211989
  Edoardo

  Hi Guys,

  I was thinking to build a strategy, but indeed I do not have knowledge with programming language. Could someone helps me in creating a strategy by using this indicator:

  https://www.prorealcode.com/prorealtime-indicators/raghee-horner-grab-candles/

  I think it’s better than the Heikin-Ashi bars, which may not provide a clear indication of a sideways market.

  The strategy is as follows:

  1. Trend identification: The colour of the bars helps to identify the current trend. Green bars suggest an uptrend, red bars suggest a downtrend, and blue bars suggest a sideways market.
  2. Entry signal: For long trades, wait for the first green bar after a series of red bars to confirm the start of an uptrend. For short trades, wait for the first red bar after a series of green bars to confirm the start of a downtrend. No trades are taken when the bars are blue as it suggests a sideways market with no clear direction. Maybe it could be added a further variable: the ADX values should be above 20 or better 25 indicating a strong trend.
  3. Stop-loss placement and Take-profit target: Use a trailing stop-loss to ride the trend until it shows signs of reversal.

  Many thanks and sorry if I asked a trivial or already discussed question.

  ciao

  Edo

  

  Edoardo

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  03/23/2023 at 4:21 PM #211995
  JS

  Hi @Edo,

  Maybe a starting point…

  Raghee Horner Grab System

  DefParam CumulateOrders = False Once EMAPeriod = 26 Once ADXPeriod = 6 Once TStart = 20 //Trailing Start Once TStep = 2 //Trailing Step a=exponentialaverage [EMAPeriod] (high) //Upper Grab b=exponentialaverage [EMAPeriod] (low) //Lower Grab c=ADX[ADXPeriod] //Average Directional Index If Close > a and Close[1] < a and c > 25 then //Start UpTrend and ADX>25 Buy 1 contract at Market EndIf if Close < b and Close[1] > b and c > 25 then //Start DownTrend and ADX>25 SellShort 1 contract at Market EndIf //************************************************************************ //trailing stop function trailingstart = TStart //trailing will start @trailinstart points profit trailingstep = TStep //trailing step to move the "stoploss" //reset the stoploss value IF NOT ONMARKET THEN newSL=0 ENDIF //manage long positions IF LONGONMARKET THEN //first move (breakeven) IF newSL=0 AND close-tradeprice(1)>=trailingstart*pipsize THEN newSL = tradeprice(1)+trailingstep*pipsize ENDIF //next moves IF newSL>0 AND close-newSL>=trailingstep*pipsize THEN newSL = newSL+trailingstep*pipsize ENDIF ENDIF //manage short positions IF SHORTONMARKET THEN //first move (breakeven) IF newSL=0 AND tradeprice(1)-close>=trailingstart*pipsize THEN newSL = tradeprice(1)-trailingstep*pipsize ENDIF //next moves IF newSL>0 AND newSL-close>=trailingstep*pipsize THEN newSL = newSL-trailingstep*pipsize ENDIF ENDIF //stop order to exit the positions IF newSL>0 THEN SELL AT newSL STOP EXITSHORT AT newSL STOP ENDIF //************************************************************************

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  DefParam CumulateOrders = False   Once EMAPeriod = 26 Once ADXPeriod = 6 Once TStart = 20 //Trailing Start Once TStep = 2 //Trailing Step   a=exponentialaverage [EMAPeriod] (high) //Upper Grab b=exponentialaverage [EMAPeriod] (low) //Lower Grab c=ADX[ADXPeriod] //Average Directional Index If Close > a and Close[1] < a and c > 25 then //Start UpTrend and ADX>25 Buy 1 contract at Market EndIf if Close < b and Close[1] > b and c > 25 then //Start DownTrend and ADX>25 SellShort 1 contract at Market EndIf   //************************************************************************ //trailing stop function trailingstart = TStart //trailing will start @trailinstart points profit trailingstep = TStep //trailing step to move the "stoploss"   //reset the stoploss value IF NOT ONMARKET THEN newSL=0 ENDIF   //manage long positions IF LONGONMARKET THEN //first move (breakeven) IF newSL=0 AND close-tradeprice(1)>=trailingstart*pipsize THEN newSL = tradeprice(1)+trailingstep*pipsize ENDIF //next moves IF newSL>0 AND close-newSL>=trailingstep*pipsize THEN newSL = newSL+trailingstep*pipsize ENDIF ENDIF   //manage short positions IF SHORTONMARKET THEN //first move (breakeven) IF newSL=0 AND tradeprice(1)-close>=trailingstart*pipsize THEN newSL = tradeprice(1)-trailingstep*pipsize ENDIF //next moves IF newSL>0 AND newSL-close>=trailingstep*pipsize THEN newSL = newSL-trailingstep*pipsize ENDIF ENDIF   //stop order to exit the positions IF newSL>0 THEN SELL AT newSL STOP EXITSHORT AT newSL STOP ENDIF //************************************************************************

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  JS

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  03/23/2023 at 4:28 PM #211997
  Edoardo

  Thank you very much JS! You were as fast as lightning! I will test it, it looks promising 🙂

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  JS

  

  Edoardo

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