5 Minute Butterflies and EPC Revamped


#23

Travis,

So far I have averaged 90-93% accuracy. I haven’t done the math but I am going to guess my average take profit is probably around $22.

Thanks,

Greg


#24

Okay, maybe I am just not paying attention, but I thought you were getting out at the strike price if it went against you, so you would be getting out at around the 50 dollar mark, with the 80% accuracy? and getting around a 20 profit, with a 30 loss? thanks, and sorry for the confusion. Josh


#25

Hi Yoshi, That is correct I am exiting if price hits my entry strike. Your profit and loss will be determined by what the strike was worth when you entered. So if you got in at $75 and exited at $50 then you would have a $25 loss. The 80% accuracy rate is not my rate trading this system. It is if you were to blindly take every single trade. I try not to trade blind and my accuracy rate is over 90%.

Thanks,

Greg


#26

Greg,

Could you explain how your exiting when the price hits your strike? are you manually exiting or are you using the stop trigger method i heard you mention a few days ago in the chat room.

Thank you


#27

Hi Zentrader,

I set the strike trigger for my entry strike price and that is it.

Thanks,

Greg


#28

Greg, you have done some amazing work. I am going to do some work with this as of this week, and thank you so much for all the information, and the help, it is greatly appreciated!! Josh


#29

Greg,

What is the normal cushion your accepting for your strike prices as you mention you like to take the deepest strike price thats ITM. I was scrolling back on replay and analizing how many trades would have been winners and its incredible. Theres some i wasnt sure if its say 5 tics or more you normally like to see below/above the candle. And as Josh said thank you so much for sharing this with us and all your work, your the man!


#30

Zentrader,

I usually don’t look for a certain distance from the high/low of the setup candle. What I am most interested in is the level of volume and the look of the setup candle. I am wanting volume to break my level and I want a really good looking setup candle showing that the volume is really wanting to push the other way.

Thanks,

Greg


#31

Thanks Josh for your response. Good luck and have fun with it!

Thanks,

Greg


#32

Greg, I guess my confusion is on the entry price of strikes available. When your selecting a price is there a certain strike that must be available below/above the entry candle as to not take the trade or take one. Sorry maybe its a binary newbie question.

thanks


#33

Zentrader,

In the beginning you should be looking for the strike that is as far away from the high/low of the setup bar as you can get. Now somethings that you are going to have to consider is the time of day. If you are trading NY morning open you can usually get some value on all five available strike prices. After lunch this begins to dip and gets harder to do. Think of the high/low of the setup bar as a soft support/resistance level. This level does get tested but usually doesn’t get passed. With that being said the further you are from this level the less stressful it will be and the better your chance of getting a winner. Now when I am looking for value in a strike I prefer a $20 profit but sometimes that doesn’t happen. I will not go below $15. This is the only area that I am picky with. You will see that this will a lot of the time determine which strike you are able to get. Hopefully, this answers your questions. If not, keep asking! :smile:

Thanks,

Greg


#34

Okay, I think I have your set up down, except for one thing that has me thrown off a little bit. I can’t seem to get my Volume UP Down Section to look like yours. The problem that i am having, is that the Up volume bars seem to always be in front of my Down volume bars, they are not separated out like your volume bars, and I can’t seem to figure out how to get them separated out. Let me show a pic of it.

If you could show me what I can do differently I would really appreciate it!!

Josh


#35

Hey Josh,

That is weird. Please make sure your expected ranges and expected volume is set to panel 2 and the volume up/down is set to panel 3. Next, make sure your volume up/down is set to a width of 40 on the down volume and up volume. Hopefully, that fixes it.

Thanks,

Greg


#36

You said the line on the volume updown indie will have to be adjusted constantly. Adjusted to what?


#37

Hi Drestew,

If you look off to the right you will see volume levels. I usually keep my line at the very first level it gives. This level is what I usually use to determine if there is enough volume to temporarily turn the market. Now sometimes you will have a few volume spikes and the indie will give you a new level based on those spikes. After the volume spikes, volume will return to its normal levels, however, the indie will still show the high level until is recalculates which can take a few bars. When this happens I will lower my drawn line by half. For instance, if I got a few volume spikes and my lowest level jumps up to 500 I will set my line to around 250. This level will usually be right around where the normal volume is. After a few volume bars the indie will readjust and I will then move my drawn line to this new level. Hopefully this explains it.

Thanks,

Greg


#38

I had the same problem as Yoshi. I reduced my bar width to 20 on Volume Up/Down and it solved the problem.


#39

zooming in and out on your chart will change the overlap of this indicator


#40

Hello gregorious. I notice this thread is older so I hope you get this. I have been killing this in demo, one after another. I went live with it and seem to get beat up. The one’s that have lost end up hitting my SL trigger, but then finish true. Any thoughts on avoiding this. Also, is it ok to use the last bar on a 5 min period for an entry on the next 5 min period if the stars are all lining up? Thank you in advance.

Eamon


#41

Eamon, are you using the stike price as your stop trigger price? usually with binaries that is the stop we suggest, but with 5 min binaries that may be too tight, you may need a littel wider stop, especially if you are constantly seeing them come back and finish ITM


#42

Thanks skeltonmark. I think that will help. I believe a lot had to do with time of day also. My patience needs work. : ) Great strategy.

Eamon