Price Action Lab has a user friendly interface for its
search, scan and p-Indicator functions. The objective of the example is to setup a search for ES futures price patterns using an in_sample data file from 09/1997 to 12/2007. The profit target will be 10 points and the
stop-loss 15 points. The minimum profit factor will be set to 1.5.The first setup involves creating and saving a file with the profit-target and stop-loss values:
The next step involves setting up a new workspace and selecting the data file, the file just created with the profit target and stop-loss and specifying the
remaining parameters for the search, like the profit factor, the minimum win rate, the minimum number of trades and the maximum number of consecutive losers.
The search workspace can be saved for future use. The search starts after clicking on the Run button: These are the results obtained:
Price Action Lab found 45 patterns that all fulfill the user-defined criteria. In this example, pseudo code for the first three patterns is generated by clicking on
Generate Model Logic (full code not shown in this example):
Next, this is an example of EasyLanguage code generation for the same three patterns. PAL can also generate Metastock, Wealth-Lab 4, Amibroker, NinjaTrader and MetaTrader code:
The patterns can be tested in out_of_sample, as demonstrated
