Here is a method that is amazingly profitable but I have not been able to get on the meta trader 4 as a program.
I saw it on the omega software for trading. See the picture!
To pin point (and I mean to the exact price) a reversal ie top or bottom, there is a method called RSI charting.
If we can chart the RSI (ie as bars NOT lines) just like the price chart and draw our support and resistance lines on the RSI chart we can very accurately predict the exact reversal point by matching the RSI level to a price that would occur on the RSI chart.
I know that this is being done and I ve seen it my self and it is bloody amazing. But there is no coding for it on MT.
Can any one code this. What we want is to see under the price chart the RSI as a chart just like the price and be able to see the RSI levels that correspond to the high low and close of the price bar so we can chart the RSI chart instead of the price chart.
This allows you to place very tight stops with great accuracy. If any one can program this on the MT we might be able to do very powerful analysis based on support and resistance.
thanks
I saw it on the omega software for trading. See the picture!
To pin point (and I mean to the exact price) a reversal ie top or bottom, there is a method called RSI charting.
If we can chart the RSI (ie as bars NOT lines) just like the price chart and draw our support and resistance lines on the RSI chart we can very accurately predict the exact reversal point by matching the RSI level to a price that would occur on the RSI chart.
I know that this is being done and I ve seen it my self and it is bloody amazing. But there is no coding for it on MT.
Can any one code this. What we want is to see under the price chart the RSI as a chart just like the price and be able to see the RSI levels that correspond to the high low and close of the price bar so we can chart the RSI chart instead of the price chart.
This allows you to place very tight stops with great accuracy. If any one can program this on the MT we might be able to do very powerful analysis based on support and resistance.
thanks