The Daily Fozzy Method

Quoting warpats

Thx for the sharing. I'm still new to Metatrader, sorry to question it at here, may I know how to combine all the 3 indicator in 1 column, THX.

Quoting accrete

Part of this is something i just posted in another area (the idea of using an RSI+MA as a possible reversal indicator), but it is also applicable to switching your FIBO take-profit lines to dots-per-candle which i like, as I also changed my FIBO lines to dots on my Knife and VWB Daily Take-Profit FIBOs:



...and here is a screen shot of my knife set up w/dots instead of lines at my Take-Profit FIBOs:


Check out this screen shot i took this am (jan 24th) of EUR/USD pair (red lines/arrows are my additions for this example):



Here is what eye-see. I've been using this indicator on my "other" charts for several months. The idea of having an indicator inside bollinger bands was introduced to me while reading John Bollinger's "Bollinger on Bollinger Bands" book. I then added a matching period sma. You can see that the indicator clearly showed the reversal. Seeing the reversal is not a problem w/this setup...KNOWING how FAR the reversal will go? Well that's up to the Lady with the crystal ball ; - )

Here is how you set this up in MT4:

1) Start with a fresh chart of your choice

2) Apply an RSI and set for whatever period you wish (the above is set at 8, i have several FX friends who trade using the 9...i just happen to like FIBO #s )

Here is how you set this up in MT4:


1) Start with a fresh chart of your choice


2) Apply an RSI and set for whatever period you wish (the above is set at 8, i have several FX friends who trade using the 9...i just happen to like FIBO #s )


3) Apply "Bollinger Bands" to the indicator's window (i.e. drag the BB into the RSI indicator window


4) Under "Apply to" set to "First Indicator's Data" other wise the BBs will show up on the chart window.


5) Apply a "Moving Average" and set the Period to same period you have set the RSI, and also do step #4

6) Now before you do anything else, save this as a template...something simple like RSI inside BB's ??

There you have it. I like this indicator for an exit indicator. When the RSI line (Aqua in my example) crosses over the (magenta) SMA i exit a portion of my trade, if not all of it.

OK, NOW IF YOU WANT TO ADD THE DOTS which are drawn at each candle-rsi reading:
I'm doing this in a seperate step because some will not want the dots on the line. Here is my reasoning for having them. I like the visuals that the dots give me in the form of "V"s and upside down "V"s. The dots just define the move for my eye.

If you wish to have them on your RSI follow all the above. THEN, place go to the RSI in the custom indicator folder and click "Modify". First thing to do is a "save as" something like "rsi dots"?? Then "Complile" it and it will show up in the "Custom Indicator" list. Now apply it to the chart by dragging it into the same window as the current RSI. You won't see anything different if you have it set to the same period.

Now you change some code:

Find this area on your code:

//---- indicator line
SetIndexStyle(0,DRAW_LINE);
SetIndexBuffer(0,RSIBuffer);
//---- name for DataWindow and indicator subwindow label

...then change it to read:

//---- indicator line
SetIndexStyle(0,DRAW_ARROW,EMPTY);
SetIndexArrow(0,115);
SetIndexBuffer(0,RSIBuffer);
//---- name for DataWindow and indicator subwindow label

Go ahead and hit "compile" again and the dots should show up on the chart indicator.

Now save that template again and you are set for next time you wish to apply this indicator to another chart.

Hope this helps, have fun tweaking the periods.

================for Knife, look for " //---- indicators " area and change to the following:

//---- indicators
SetIndexStyle(0,DRAW_LINE,STYLE_SOL ID,2);
SetIndexBuffer(0,ExtMapBuffer1);
SetIndexLabel(0,MicroSMA + " MA");
SetIndexStyle(1,DRAW_LINE);
SetIndexBuffer(1,ExtMapBuffer2);
SetIndexLabel(1,MicroFMA + " MA");
SetIndexStyle(2,DRAW_ARROW,EMPTY);
SetIndexArrow(2,115);
SetIndexBuffer(2,ExtMapBuffer3);
SetIndexStyle(3,DRAW_ARROW,EMPTY);
SetIndexArrow(3,115);
SetIndexBuffer(3,ExtMapBuffer4);
SetIndexStyle(4,DRAW_ARROW,EMPTY);
SetIndexArrow(4,115);
SetIndexBuffer(4,ExtMapBuffer5);
SetIndexStyle(5,DRAW_ARROW,EMPTY);
SetIndexArrow(5,115);
SetIndexBuffer(5,ExtMapBuffer6);
// SetIndexStyle(6,DRAW_LINE,STYLE_DOT ,1,Green);

================for Vegas Daily Currency, look for " //---- indicators " area and change to the following:

//---- indicators
SetIndexStyle(0,DRAW_LINE);
SetIndexBuffer(0,ExtMapBuffer1);
SetIndexStyle(1,DRAW_LINE,STYLE_SOL ID,3);
SetIndexBuffer(1,ExtMapBuffer2);
SetIndexStyle(2,DRAW_ARROW,EMPTY);
SetIndexArrow(2,115);
SetIndexBuffer(2,ExtMapBuffer3);
SetIndexStyle(3,DRAW_ARROW,EMPTY);
SetIndexArrow(3,115);
SetIndexBuffer(3,ExtMapBuffer4);
SetIndexStyle(4,DRAW_ARROW,EMPTY);
SetIndexArrow(4,115);
SetIndexBuffer(4,ExtMapBuffer5);
SetIndexStyle(5,DRAW_ARROW,EMPTY);
SetIndexArrow(5,115);
SetIndexBuffer(5,ExtMapBuffer6);
SetIndexStyle(6,DRAW_ARROW,EMPTY);
SetIndexArrow(6,115);
SetIndexBuffer(6,ExtMapBuffer7);
SetIndexStyle(7,DRAW_ARROW,EMPTY);
SetIndexArrow(7,115);
SetIndexBuffer(7,ExtMapBuffer8);
//----

Quoting forextrader81

Thanks for sharing your method. I think I am seeing this differently. I was looking at the daily charts and when RSI crosses MA which is below the middle band to the upside it is a long entry and vice versa for the short. Is that what you meant or is it MA crossing the RSI to the upside? I see the RSI crossing the MA as a long signal. Let me know what you think.

Thanks

Quoting diallist

I'm seeing it the same way you are. (I think)

LONG: RSI crosses above the MA. Cross must be below middle BB.

SHORT: RSI crosses below the MA. Cross must be above middle BB.

Quoting fozzy

Hi diallist,

Yes you are right. My initial description was back to front. Sorry for the confusion.

Quoting fozzy

Hi Guys,Thanks all for the comments about my post.
accrete...Yes it was you who planted the idea and humble apologies for not acknowledging that by name. ....