Jeslyn MT5
- Indicators
- Justine Kelechi Ekweh
- Version: 1.0
- Activations: 6
This is a multi-purpose system that suits both Binary options, and Forex. Manual traders can use this either as a scalping system or a strategy to get into very strong momentum, or it can be automated for forex trading with Universal EAs.
Jeslyn is a strategy based on years of research and focuses on a particular price action strategy. It might look like a simple arrow indicator, but it has sophisticated and logical algorithms. It doesn't draw its calculations from other indicators, it only bases its calculations on price action. I found a way to interpret trends, their differences with momentum, the relationship between divergence and volume spread analysis. there are mini Supply and Demand zones where positions are filled in a momentum, these are the places we would like to be when they start. Also they say we can't get real volume in Metatrader, well, I found a way to get it and manipulate it with price momentum. Volume, momentum, and divergence are the secret sauce to this cooked meal.
I wanted a strategy that could stand the test of time and all market conditions, I found this earliar during my newbie days but didn't understand why they happened so beautifully at times but failed woefully other times, so I left other strategies and concentrated on this, it has stood the test of time (6 years and counting) though not all market conditions can be traded which I didn't understand then, once I came to terms with that I started working towards the appropriate market conditions, which now makes full sense. We only have a signal when the market is ripe, even though it makes the signals rare, but at least we have a higher accuracy of winning those trades. Of course, there would be losses, but the key is having more wins than losses. for example we can have a TP and SL of 10:7, so even when we are at 50 percent or 60 percent, we are still making money, please watch the videos provided on youtube to see the forex back test. We do not want a strategy that wins 80 percent Last week and loses 100 percent this week and the next. All I care about is stability.
What we should care about is stability and gradual earnings as a business model, that is my motivation, "stability". I have not come across three consecutive losses per currency pair for either the M1 or M5 timeframes.
For the M1 and M5, you get a combined average of 10 or more signals with the major pairs per week. For some people that's not rare like I might have suggested.
Do not be confused by those who say the M1 timeframe is too noisy to trade, the M5 isn't more accurate than the M1 in any case(well, in this system). I have sieved out those noises in M1, this has made our signals rare. However, you can control how much of the noise you want out or in. More noise, more signals albeit less accuracy. Less noise, fewer signals but more accuracy. It has a default setting of 9 and the other 2.2. Reduce the numbers for more signals or increase the numbers for more accuracy.
This system isn't meant to be aggressive and spontaneous, it's meant to be logical with strict rules on market conditions that when met generate signals. Therefore, no need for big accounts or capital, even a $100 can build on it gradually with stable growth as long as they use a lot size not risking more than three or five percent of their equity. This is a less-risky system if you know what to do with it or just use a universal EA.
There is of course no chance of repainting or recalculation. Once the price closes, the arrows remain there forever! This is because prices don't lie. It will only recalculate if ticks recalculate but they don't, so no chance! To save resources, I reduced the look-back arrows to 5000 bars back only, if you would want to check the history.
Stick strictly to the recommended trading time, which is from GMT+0 1AM - 5PM UK time.
Avoid 20 minutes before and after high-impact news.
I noticed a little lesser accuracy with the CAD crosses, though not significant enough, I just thought I should share, especially for CADCHF, and AUDCAD. Fewer signals also for EURGBP.
For binary options traders, use at your own discretion, though it suits options trading, deciding the number of candle expiry is entirely up to you
For forex manual traders, learn to develop a money management system, it's up to you to use it as a scalping system or a strategy to get into the market. and understand how to use an ATR to calculate your lot size, take profit and stop loss. This is very important. For example, the GBPJPY pair is usually more liquid and volatile than the AUDCAD pair. It would be a crime to use the same lot size, take profit or stop loss. If you use a fixed lot size 0.13, fixed TP, and SL for AUDCAD, you need to reduce that lot size if you get a signal for GBPJPY or your SL is getting hit before your trade is even settled.
Note: There are rare times when the AUDCAD might surpass the GBPJPY in liquidity and volatility and you might make the mistake of using the same lot size you previously used on the pair and you get hit by your SL before the trade starts moving in your direction , just because it did a little insignificant reversal. This is where the use of your ATR becomes very important, get a money management script or indicator if you find this topic hard. The ATR will help you decide if you should increase your lot size or decrease it.
For example,
EURUSD ATR for 20 candles = 2 pips, I use 0.13 lot size.
EURUSD ATR increases to =3.2pips, I reduce lot size to 0.12
EURUSD ATR decreases to =1.0, I increase to 0.15 or 0.16
EURUSD ATR increases to =6.5, and I decreases to 0.08.
This is an example of how to increase and decrease your lot size according to your ATR and it doesn't matter the currency pair.
Expert Advisors (EA): get yourself a universal EA and just put in this special indicator if you don't want the troubles of emotions, lot size calculations, and sitting on your computer all day long. Make sure it filters out news events.
If you want me to make the EA for you inbuilt with the indicator, news filters, ATR lot sizing, and trading time filters, then you'll have to order for a premium which would be built and published on request.
Finally, I left this as an indicator and not EA because I wanted all types of traders to key into this. It is a multipurpose system.
Only 20 copies of this will be sold and taken off the market. We don't want to be targeted by the money-makers, do we? The lesser crowd, and less focus.
credit to CyberZingFx universal demo EA and luks EA for the youtube tests
Update: The algorithm used for the MT4 coding didn't work for The MT5 version and required tweaking, it was exhaustive but helped me improve the code to work on all Timeframes, more accuracy in M1 compared to the MT4 version. Indicator now prints signals for every time frame.
Note: how I trade manually, I don't trade the first signal, I wait for another signal within the next 15-70 candles after the first signal. Notice how others work if the first works? Forex moves in patterns.
MT5 version works very well on Deriv synthetic indexes, see screen-shorts for clarity.
Green pips all us all. Success and good luck!
