I have an EA I have been customizing using the Ichimoku and I feel like I need to get some community help for back testing and such. I was looking for an Ichimoku EA to use as a base and found the one on the earnforex website; the Ichimoku Chinkou Cross. It looked promising as it was very well constructed but doing some testing I found that it wasn't profitable. After studying the code I realized that the way it closed positions was very poor, it almost seemed unfinished so I went in and modified it for better closes.
Specifically I added two more ways to close positions and I also added a 14 period RSI to filter out some of the bad trade setups. First, I added a hard stop loss which calculates a pip value based on a risk percentage that the user inputs. Second, I use the Kijun-Sen to close also. When the closing price crosses the Kijun-Sen it closes the position.
The RSI I added filters out some of the bad setups, it has to be >70 or overbought for long positions and < 30 for short. I have found the trends tend to stay in the overbought and oversold areas for up and down trends respectively.
My backtesting showed promising results right away on the ~/jpy pairs as it should, and testing on demo seems to confirm. My backtesting is limited and it has only been running on a demo for about a month which is why I need some community help in testing this thing, and suggestions of course.
For testing purposes I keep all the settings at default (except for stopLossRisk)and test it over multiple JPY pairs to get a better benchmark on its performance.
Thanks in advance!
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