Basically APAMI (Awesome Price Action movement indicator) measures whatever length you want in a concurrent manner (tick-by-tick). By using pass/fail criteria to qualify the price movement, it determines a start point and an end point solely based on price action and the user-defined qualification of measuring the "higher highs" and "lower lows" required in a developing trend. The measuring of the price action automatically dictates the trend direction without any further interpretation or smoothing required. NO REPAINTING.
The default settings are ok for most brokers; the primary setting that most beginners will change is the moveComplete. As your tinker with it more, you'll adjust the retracement qual and ignore distances.
If this sounds confusing, there is a video that explains more how the indicator works to measure the trend. The video actually compliments the whitepaper abstract, which explains more of the technical details of how the algorithm works.
The hardest thing when I first started using this indicator was letting go of the "lagging mindset", where you are trying to predict price movement just to keep up with current momentum. One indicator that clarifies Multiple time frame analysis is also unnecessary, as the price movement is the same across all timeframes.
So I will upload the mt4, mt5 versions of the indicator; quick instructions are included in the zips and the full instruction manual is also finished. I can also answer some basic questions, but the indicator does most of the repetitive work (as all indicators/EA should)
Edit 18 Jan 2016: Update 18 Jan 2016: Apami 3.5 has been released; Please upgrade. Major improvements include:
- Works with mt4 b765+ (b600+ should be ok also)
- can backtest to see how trends would have been formed (need tick data for maximum accuracy, limited to 2 weeks)
- switch to use as an Expert Advisor to help preserve historical moves and overcome other mt4 limitations of indicators
(APAMI does not place any trades)
- simplified inputs tab
- increase accuracy on multiple, same-bar move calculations
- mouseover tooltips show the precise start and end levels for failed and completed moves.
- Whitepaper abstract has been translated into Spanish, Malay, and Chinese. You can email with any translation help or request.
- [Pro] Keep historical moves on chart for study
- [Pro] Longer backtest capability
- [Pro] Remove HUD or implement more advanced HUD
- [Pro] Email / Push / popup alerts when moves are completed
- [Pro] Track Up OR down trends only
- [Pro Plus] Ability to save historical moves to file and recall to chart
- [Pro Plus] breakdown and measurement of volatility across consecutive ticks
- [Pro Plus] volatility-adjusted trend moves based on consecutive ticks over a predefined distance
- [Pro Plus] store historical volatility in csv or display on chart.
- [Pro/Pro Plus] Can be ported to other charting platforms (cTrader, jForex, Multicharts, NinjaTrader, Amibroker, TradingStation etc)
There really is no limit to how APAMI can be used (arbitrage, news, value trading, etc). The previous videos presented it in terms of a form of value trading (cost averaging).
Here is a quick setup video to get you up and running: