MIDAS Indicator by Dr. Paul Levine
I am beginner trader (only 6 months old) and this is my first shot at writing an indicator. I think I managed to write a full indicator of MIDAS system of Dr. Paul Levine(RIP).
If you havent heard MIDAS system you can read the articles in this e-book. (Attached at here)
So here it is..
-MIDAS indicator with Support and Resistance lines...
-You can specify the exact start date.(not just last xxx bars)
-You can shift S/R lines with specified amount (Greed factor as it is told in articles)
-Topfinder algorithm.(I think this is the first one ever programmed for MT4)
As this is my first indicator please feel free to send me any comments, bugs, ideas..
Update: Updated VWAP-only version with extra MIDAS lines using Highs and Lows which can be used for support and resistance lines separately.
thanks for the indicator, I wish it was in afl instead of mq4. But don`t you need VOLUME data - where do you get it?
Check your PM
H English (IPA: /eɪtʃ/ )
Hey mrwigs your replt totally confused me lol
Is this an indi or an EA?
To answer some questions.
This is an indicator.Actually I can say multi-indicator. This is not an EA.
Yes you need volume data to calculate all these. And I use tick volume data which is available through your forex broker. It is what you can get
See 3 parts articles in S&C (Technical Analysis of Stocks and Commodities).
There used to be a Win98 program available (30days demo only - extendable via timeKill progs) Unfortunately I never got hold of its latest incarnation (Winmidas 4.0) - any hints appreciated.
i think its more or less the same with MA crosing or Fibonacci.. if not then I might consider to use them since this is a derivation from others indicators...
Simple and effective- the only probleam is how u trade it.. it can be an excellent indi but is one lack dicipline, then they will not get consistence result
Yes this is definitely a system to be exact. ( But I tried my best to squueze all system in to one indicator. That was what I meant) And I can say this thing is really working. Because of my full time job i cant find enough time to really work on applying this on forex.(yet) But i m using this on stock exchange also and it really works. You dont need to have WinMidas to use this system. ( I have the old version extended using time killers but to be able to use it u need to write some scripts to convert metastock data to csv files which winmidas accepts unless u have stock data in Winmidas csv format. I have already done that conversion scripts also. But in the end i didnt use it at all) I think there is another commercial charting program which uses MIDAS system but it was very expensive. And I didnt see any other WinMidas version.
Ok what this system is:
This is !!!NOT!!! an automatic system. Maybe this is what makes it powerful. You have to give the system the starting point by hand where the underlying psychology has changed.
And if we put the TopFinder/BottomFinder apart then we see the VWAP is what this system is all about.Just start a VWAP from an important bottom or top then you will have a good solid dynamic support & resistance line.
Try for yourself. You can easily find free metastock formula for VWAP on the internet. In a stock chart start a VWAP from an important bottom and wait for price to drop down to that level. You will see most of the time it will snap back from that VWAP. And you can have good value from that.
And for forex....I need to spend more and more time for that. But for short I can say it also works for forex but methodology should be improved.
I am a fan of Midas and I'm using it in stock market. It is one of the best indicator i ever see. Thank you for your great effort here for putting such great indicator into mt4.
Can you pls explain the settings when using the indicator?
I mean ie what is ShowVwap? ShowTopFinder? TopFinderVolumeNumBars etc?
Again, thank you.
MIDAS indicator for MQL5
Does this MIDAS indicator work for Metatrader 5 ?
If not does anyone have info on a working indicator in MQL5
MIDAS indicator for JFoex (Dukascopy)
Hi - does anyone know of a MIDAS indicator for JForex (Dukascopy)?
I am interesting in this thread,does anybody has this indicator with afl,thanks in advance.
Hi! Akif can you please post the ebook link again, it's not working.
it could be easier to use this indi if you could set Vertical-lines as start-date.
So there is no Need to adjust the indi every time I have to set an other start date by typing.
Instead the Trader just Change the Vertical-lines manually (this should help to save some screeening-time)
Is this possible?
nice indicator...any update ???
I am attaching a new version which draws MIDAS Channels.
Middle line is the same with the old indicator.
Upper and lower lines uses Highs and Lows.
And you can drag carrier line wherever you want
is it possible to use this Indi as multiple (Setting 2 or more time the Indi to a Chart with different Staring Points with VL/Settings)?
Thanks for an info.Regards Zack
Does this indicator repaint?
also, do we need to let it run for a period of time to "build" itself since it uses tick volume data?
You can use any number of instance of this indicator on the same chart. Each added indicator has its own drag line which are named consecutively.
It doesnt repaint and there is no build-up stage.
Last Levine`s words about this indi: its very interesting indicator but I still don`t understand how to use it. Its nice indi for trending period but when condition of market change it became more complicated.
Is this your latest version to date?
I wonder if the Topfinder/Bottomfinder could be made as an EA as well.
Yes it is the latest and probably the last one because actually its logic is very simple and I wouldnt want to complicate it further by adding other stuff.
This is really what is needed for MIDAS imo.
Brazilian market works with mt5 only, so I'm trying to convert the Midas Channel and Market Statistics made by akift. The problem is that I'm a beginner programer not acquinted with any of these two languages. So if someone have already done this and could share any informations.
Hi Akif from CN
i really like this indicator and i use it too, but this indicator is not appropriate for everyone.
different arithmetics cause different results
there are some pics of one specie which i am trading with
Pic1(purchased software that i am using, MIDAS with true range)
Pic2(software that i am using)
Pic3(MT4, your indicator)
Finding shows they have different result, do you know why? sometime i dont know which i should follow.
I AM MAYSOON WRITING ON BEHAF OF SAMER MY BROTHER, HE IS STILL IN HOSPITAL, BUT FOR THIS THREAD, HERE IS SOMETHING TO THINK OF IT ;
MIDAS IS A GOOD INDICATOR IF IT IS CHANGED TO BE ON SEPERATE CHART
As far as i know, what i have to say is that choosing the right strart point is the only way for us to learn to use MIDAS correctly. like your pic ,is that midas indicator? if the vaule of market is crossing the basic Midas line up and down ,it shows that you chose a wrong start point (thats what im thinking).
MIDAS is very impressive , what i learned from MIDAS is :
【Time in market is like parabola, which means numbers of time lines have a certain collision point , that wont be changed regardless of the changing of value;】
if you know how to use midas correctly, other indicators like MACD, Fibonacci, all of them are redundant.
What is the second software you use? Looks good!
Is there anyway to keep the Channel version form resetting every time you switch time frames ?
And I noticed this guy Carl Gustav has commercialized your idea. I've seen the Market statistics profile that you have bulit with vwap and std bands. Have you given any thought to possibly making the bands a fixed ATR percentage mirror of the VWAP itself ? I think it could possibly work better than regular Standard deviation.
I understand if you are still not willing to make any complicated additions to the indicator. Simple is better in most cases. But , most definitely please let me know if there is anyone to fix the resetting when switching time frames.
ATR bands can be possible but I can assure it wont be holy grail either.
But it is really a simple implementation, I will try to update it when I have time .
Switching timeframes resets can be avoided by tracking the start time.
I mean, it can be done but it takes time which I dont have now.
Sorry for sounding not cooperative but right now I am away from trading.
Commercializing the MIDAS...
First of all, this is not my idea. It was Paul Levine's. This was just my code implementing the idea.
So even if I did not post my indicator, he would probably manage to code it by himself too.
But by looking at the variable names of his indicator, looks like he used quite some bit of my code
Well, good for him.
This is a commercial world and I am not planning to fight for it.
I shouldn't have post the source code in the first place if I need to complain.
And recently I am posting my indicators only in binary format.
Anyway I am away from trading for the time being.
I will try to look if I ever come back.
And I am well aware that the search for the Market's Holy Grail is pretty much an individual's capacity for analyzing the charts in general. MAny people can't seem to catch that drift though. Nobody wants to work for it. lol
And when it comes to adding the ATR feature , it is more of a curiosity than a necessity.
That is a shame you are away from trading right now. I hope you have not been defeated in your pursuit for trading success. Maybe we can chat a bit about analysis if that is the case.
Many thanks again , I hope life is well.
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