The MondoFX indicator, is an indicator that is able to load/unload an EA from a chart based on a set of “environmental” variables.
We know well that sometimes EA don’t work well simply because they are not well filtered. Filtering can greatly improve EAs performances because it’ll let them trade only when the market is in the best conditions for their strategy to work.
MondoFX is made to add that kind of filtering to any EA.
[note class=”info”]The indicator is still under development and testing but will soon be available with some pre-defined setting for well known commercial EAs.[/note]
Here is the list of the settings of the EA, just to give you an idea of the environmental variables that the indicator is able to use to decide if it’s the right time to load/unload the EA from the chart.
GENERAL OPTIONs
Those are the settings related to the general behaviour of the EA.
EAName = “”
name of the EA that has to be loaded/unloaded from the chart
check_open_orders = true;
if set to true the EA will wait for the open orders to be closed before unloading the EA.
use_ea_MN = false;
if set to false and “check_open_orders” set to true, the indicator will wait for all the orders in the currency pair of the chart it is applied to to be closed. If set to true, it’ll wait only for those with the “magic number” set in the following option.
ea_MN = 0;
is the EA magic number
use_ea_comment = false;
if set to false and “check_open_orders” set to true, the indicator will wait for all the orders in the currency pair of the chart it is applied to to be closed. If set to true, it’ll wait only for those with the “comment” set in the following option.
ea_comment = “”;
TIME FILTERs
Those are the settings use to filter EAs running by time of the day or day of the week
start_end_time = false;
start_hour =0;
start_minute =0;
end_hour =0;
end_minute =0;
day_of_the_week = false;
monday = true;
tuesday = true;
wednesday = true;
thursday = true;
friday = true;
saturday = true;
sunday = true;
VOLATILITY FILTERs
Those are the settings to filter the EA running based on the volatility of the pair. It can use ADX, Standard Deviation or ATR indicators to do so
ADX = false;
ADX_period = 14;
ADX_timeframe = 0;
ADX_operator = 0; // 0 = EQUAL, 1 = GREATER, -1 = SMALLER
ADX_value = 0;
standard_deviation = false;
standard_deviation_period = 14;
standard_deviation_timeframe = 0;
standard_deviation_operator = 0; // 0 = EQUAL, 1 = GREATER, -1 = SMALLER
standard_deviation_value = 0;
ATR = false;
ATR_period = 14;
ATR_timeframe = 0;
ATR_operator = 0; // 0 = EQUAL, 1 = GREATER, -1 = SMALLER
ATR_value = 0;
RANGE FILTERs
Those are the settings to filter the EA running based on the price range of the pair. It can use the calculation of the daily range, Williams %R indicator or the range of the last N bars
average_daily_range = false;
average_daily_range_period = 5; // in days
average_daily_range_operator = 0; // 0 = EQUAL, 1 = GREATER, -1 = SMALLER
average_daily_range_value = 0;
williams_percent_r = false;
williams_percent_r_period = 14;
williams_percent_r_timeframe = 0;
williams_percent_r_operator = 0; // 0 = EQUAL, 1 = GREATER, -1 = SMALLER
williams_percent_r_value = 0;
last_bars_range = false;
last_bars_range_period = 14;
last_bars_range_timeframe = 0;
last_bars_range_operator = 0; // 0 = EQUAL, 1 = GREATER, -1 = SMALLER
last_bars_range_value = 0;
BROKER FILTERs
This filter let you filter the EA running based on broker filters in particular based on the spread of the pair the EA will be using
spread = false;
spread_operator = 0; // 0 = EQUAL, 1 = GREATER, -1 = SMALLER
spread_value = 0;
CORRELATION FILTERs
With the correlation filter you can let the EA run only when the pair it’ll be trading is correlated (positively or negatively) or not correlated, to another pair
correlation = false;
correlation_pair = “”;
correlation_period = 14;
correlation_timeframe = 0;
correlation_operator = 0; // 0 = EQUAL, 1 = GREATER, -1 = SMALLER
correlation_value = 0;
VOLUME FILTERs
This filter let you decide if the EA will run only if the volume of that pair is above/below a certain value
volume = false;
volume_operator = 0; // 0 = EQUAL, 1 = GREATER, -1 = SMALLER
volume_value = 0;
MOMENTUM FILTERs
This will add momentum filtering to the EA running based on momentum and/or OsMA indicators
momentum = false;
momentum_period = 14;
momentum_timeframe = 0;
momentum_operator = 0; // 0 = EQUAL, 1 = GREATER, -1 = SMALLER
momentum_value = 0;
OsMA = false;
OsMA_period = 14;
OsMA_timeframe = 0;
OsMA_operator = 0; // 0 = EQUAL, 1 = GREATER, -1 = SMALLER
OsMA_value = 0;
PRICE FILTERs
With this filter you can have the EA running only when the price will come above/below a certain level
price_level = false;
price_level_operator = 0; // 0 = EQUAL, 1 = GREATER, -1 = SMALLER
price_level_value = 0;
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Hi Andrea,
I trully believe that MondoFx could be inside the Crescendo mql4 code.
It would make Crescendo much, much better.
Just an idea.
Ciao.
Hotwheelson
Hello.
What is your estimate time to release this MondoFx?
Have no idea 😀 …just kidding but for now I can't give you any estimate as I'm working on many things and I still have to understand how much people is interested in it. Actually I'm using a sort of beta version of it for myself that seems to be quite stable even if requires more work to be ready.
Andrea I am interested in it..I think Crecendo would benifit from it..as well…
Andrea,
You can add my interest in MondoFX to the tally!
Thanks in advance,
knickalls
It's interesting!!!!!!Thanks !
Hi Andrea,
Don't you think that it would be of interest to implement a mechanism to link MondoFx to news filtering by currency ?
I don't know if there is already some kind of news broadcasting service giving the high impact news for the day that could by linked to an ea.
What do you think about the idea ?
It could even be maintaned ( data entry in the db) by a team of pimpers willing to collaborate or even by copying automatically public news calendars that exist on the web.
By example, last week showed a big sell on GBP/USD due to bad news.
I would be more confident if some eas could avoid trading during news …
Something like :
High Impact News Filters
filterHigImpactNewsForGbp = true;
stopTradingThiscurrencyPair = GPBUSD
stopTradingThiscurrencyPair = GPBJPY
stopMinutesBeforeRelease = 30
reloadMinutesAfterRelease = 60
Bruno
Already working on that 😉
Thanks!
Andrea
I would be interested with this in time when I have more ea's running, though I can see that this could get quit complex and a lot of new skill that could pay off big time in the end.
I rely like the idea of equity curve trading also and put this all together in a portfolio would be
good. Thanks to you things for me are starting to look up.
My biggest problem is trying to fund on a very small budget. Trying to move forward can be financially painful yet I will over come I tell myself just need to relax and stay focused and enjoy the ride.
Todd
My main difficulty when I started trading Forex was to understand the whole picture. Platforms, indicators, EAs… all claiming to be incredibly profitable. Finding a good "guide" is not easy. Give yourself time and not hurry. Think of this period as an "investment" in your future as it'll take a little time before being consistently profitable.
But the blog is here to help you in that. So with time, patience and study you'll be very profitable as I can assure you that "it can be done!"
Andrea
Thanks for the support. I am glad that you are in my corner. I lost a lot of money to those other great systems, ea's, manuel trading systems and don't forget the stock market char lets.
I tell myself that by loosing all my trading capital that took years to get that it was an investment for better things to come. And I am know very leery of every system and any advise that I get. When I was about to through in the towel on investing in the markets I just happened to look at an e-mail about Crescendo. Could there rely be a honest person out there I asked my self? Well I followed along for a month and saved up the cash and decided to join the family. I am glad did.
Crescendo, Growth Bot are the ones I have from your advise. I am confident that I am off to a good start again. Know I just have to play it smart and scrape up some money so they can work for me. And if another system that you recommend comes along with the balance for me I will consider it.
Pimp On
Todd
Hi Andrea and all: I to am interested in this product. The concept of having multiple EAs running on one chart and turning them on and off based on various parameters shoulds like a way to really make that equity cure grow more consistently,
Hi,
I had to put on hold the development of MondoFX. I have a version that works the problem is that with MT4 updates some of the features stopped working and so I should update the indicator as well but don’t have much time to work on it as I’m focusing more on developing and testing new strategies. It’s not a dead project but simply on hold. Probably I’ll need to code something outside MT4 to make it work consistently.
this is to correct my email address on my previous submission. Sorry FAT FINGERS strikes again!!
What happened to this amazing MondoFX idea!
Ciao Wessam,
well the original idea depend on a tecnical “hack” that was using interrupt.
Unfortunately this things strongly depends on the MT4 build and so it’s not stable and working on all versions.
But we are already working on an alternative way to implement it that is more stable and reliable and not depending on hacks but on regular MT4 features 😉
As soon as we have something we’ll write more about it and we’ll be happy to release it.