When you have time, is it possible to answer to post 47 ?
Try this: First open the daily chart of the pair, thank go through every time frames (4hr, 1hr down to 1 minute) than return to 5 minutes and attach the indicator pls.
See if this solves the problem.
Also does it cause this problem on all the pairs or some pairs??
Happy hunting n good luck...
I am working on several tasks at this moment, apart from my family duties. Not really spare brainpower these days for adding new golden stuff but I will follow the thread and start "feeling" your system (thanks again) most probably after Easter time. So please, let some pips available !!!
As I use a different platform and cannot look at the indicator in action, please would you set out the calculation for D1 Res 0 and D1 Sup 0 using previous day OHLC data and the ATR. What period daily ATR are you using?
The method of calculation that I use is a very simple one actually.
In a day we have 288 of 5 minute bars. In a week we have 1400 of 5 minute bars.
So I calculate the absolute difference of closes of 5 minute bars to find volatility (no logarithms).
For daily calculations the expected levels become Daily open +-volatility * Sqrt(288) * ZScore
For weekly Sqrt(1400) is used..
Hope this helps.. Good luck...
Get an MT4 demo from Tradersway. They have the proper broker time.
Thank you, Gold!
One more question: you said "So I calculate the absolute difference of closes of 5 minute bars to find volatility (no logarithms).".
So the daily volatility is the standard deviation of the 288 m5 bars from previous day ? I mean, you calculate a standard deviation after you calculate the absolute difference between m5 bars, right ?
The differences of 5 minute bars are calculated for a length of 1400 bars (1 week) not 1 day to get a smoother picture.
The algorithm to compute a Z-Score is simple. Start with a list of numbers representing common values for something. Compute the mean of this list. The mean is just a simple average. Then compute the standard deviation of the list of numbers. The standard deviation is the average distance between each number in the list, and the mean of the list. Now take a new number that you want to compare to the list of numbers. Subtract the mean of the list from that number, then divide the result by the standard deviation of the list. The final result will be the Z-Score of the new number compared to the list of numbers.
The source: https://www.trade-ideas.com/glossary/z-score/
And a new question to Gold:
Z-Score is a characteristic of a number compared with a list of numbers. OK, that list is those 288 m5 bars ( for daily ). But which is that number for which we compute the Z-Score ?
So the volatility is multiplied by these numbers in order to arrive at the levels..
You should look up ZScores in wikipedia. They have a deeper explanation with pic samples.
Hope this helps..
A very nice simple system to follow. Thank you, GoldtheHun.
Like the "set and forget", entered 2 entries today, one TP and one still hanging around the entry price.
So if SL is 0.5%, 2 entry per day.
worst case: 1% lost (eg. 2x SL)
Best case: 3% gain (eg. 2x TP)
Appreciate the contribution, GoldtheHun.
Thank you very much for this unique trading approach which has brought up nice ideas and concepts. I made a mistake though and got a loss -- still learning.
Got in again with profit now. Thanks once again.
I would like also to ask if you could adjust this Indicator to work on larger TF's mainly because I really dont trade 5min TF and I believe some others here may have same concerns. Please help.
Thank you, GoldTheHun!
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