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-   -   What do people think of this indicator? (https://www.forexfactory.com/showthread.php?t=728225)

truelifeajf Jan 9, 2018 6:00am | Post# 21

Hmm.... good points.

I don't know how my indicator would compare against a simpler one. In the early days I found plenty of indicators that were all much the same... usually working from some kind of overbought or oversold calculation. However, each indicator would vary wildly 10% of the time (or whatever), given certain market conditions. So I guess that occasional difference between indicators is what makes one indicator appeal to someone and not to others. Personal preference.

And so perhaps my indicator is much the same... just like many others, but occasionally, very different.

You are right, I am confident in the calculations and I am reticent to share those calculation, and I know that makes it hard for someone to evaluate. My confidence largely comes from the fact that most of the calculations are done on data not available within MT4 so I have more than price and volume to work with. Given that, I find it quite remarkable that my calculations resulted in such correlation to the price on the chart.

What's your indicator based on?

As for my indicator, I think I'll keep letting my computer post the indicator data to the FTP server so anyone is welcome to play with it, and I'll post my trades here as I make them. I guess the purpose of my post is to see if someone is, on pure faith, willing to trade (demo or otherwise) using the indicator, or at least critically evaluate the trade decisions that I make based on the indicator. I'm really just waiting for the holiday period of be fully over before I trade again.

As a side, I never use stop losses. I simply hedge and I've written code to drop me in and out of partial or full hedges as required. I trade the 1HR timeframe and make only a few trades a week so the spread / commission loss I get from hedging is negligible.

truelifeajf Jan 9, 2018 8:18pm | Post# 22

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My indicator only calculates going back 3 months. Any more than that and it's a lot of processing time.

But I've made it so all data is now uploaded to a MySQL database. This means it'll be a permanent store of data which will in turn go back more than 3 months.

If someone wants to modify the latest indicator (I just realised I can't edit older posts so I can't update the indicator on those posts) to read in CSV data from a URL, or data directly from the MySQL database, feel free.

Latest indicator has:

  1. buy and sell trigger lines. EURUSD swings between about -40 and 40 and so I generally pick 20 as the buy and -20 as the sell. Therefore the indicator looks at the highest and lowest values for the indicator and picks a point half way as the buy and sell line
  2. optionally turn on correlation to see correlation between the indicator and the price on the chart

Plot External Data.mq4


truelifeajf Jan 9, 2018 8:24pm | Post# 23

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Ok, well I hate showing people my trades but I'm putting pride in my pocket and here's a trade I took a few hours ago. As mentioned, I think my biggest problem is setting entry and exits. I generally (and in this case) just set a SL (well, a hedge) below the next support and a TP below the next resistance. My lot sizes are generally

As part of my algorithms I have a retail trader position indicator (scraped from a particular site), which I can start populating into a MySQL database so it slowly builds a historical, hour by hour record of retail positions. Let me know if this is of interest to anyone.
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truelifeajf Jan 9, 2018 8:46pm | Post# 24

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Anyone know why I can no longer edit my posts, even a post made a few minutes ago?

New trade: based on buy signal from indicator. The indicator is giving a fair amount of sell signal which isn't ideal. I prefer it when there's no sell signal and it's all buy signal. But I'm bored.
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truelifeajf Jan 9, 2018 8:49pm | Post# 25

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I've completed the MySQL storage for this indicator.

So .mq4 file needs to be modified to remove "_temp" from the filename. Latest attached.
Plot External Data.mq4

revision Jan 13, 2018 1:22pm | Post# 26

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You can click this one to get it.
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venividivici Jan 13, 2018 1:28pm | Post# 27

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Do people really need indicators? You can easily tell the opportunities just by looking at a clean chart and using risk aversion .

truelifeajf Jan 13, 2018 8:59pm | Post# 28

You can click this one to get it. {image}
Um... kinda irrelevant, but anyway

truelifeajf Jan 13, 2018 9:07pm | Post# 29

{image} Do people really need indicators? You can easily tell the opportunities just by looking at a clean chart and using risk aversion .
I can think of lots of perfectly logical reasons...

  1. to view things that are not on the chart... upcoming news events, volume or any calculations regarding volume, US bond prices, etc
  2. to view calculations that you could work out manually, but an indicator makes it easier... drawing support / resistance levels, identifying price action patterns, etc
  3. to view a summary of calculations that you can't reasonably do in your head unless you're autistic... currency correlations, a weighted calculation between pivot points and support / resistance, etc
  4. because they think there's an indicator that will make them rich

I'm guessing your comment is pointing at those in point (4)


acetrader Jan 15, 2018 7:36am | Post# 30

Hi True, tried to give your indicator a go, but when it loaded on the chart there is nothing there but the name of the indicator.
I'm sure I am missing something. Thank your for you help.

renko4x Jan 18, 2018 6:48am | Post# 31

Good morning truelifeajf, thanks for the additional explanations, it is clearer now how you read the indi. I guess my point is: does your indi perform better than less complex indi? If it does, what do you care what other people think of the indi? if it doesn't, then it is just another line. But not knowing the logic of the indi makes it hard/impossible to really provide an evaluation. And of course, as you already mentioned, the indi is one thing, the trading is another. For ex, here is a simple contrarian PO indi I made quite some time ago. no...
Would you be willing to share the indicator for testing?

renko4x Jan 18, 2018 6:52am | Post# 32

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@truelifeajf

I tried to run bat file with my MT4 ID in it and nothing has been updated. Last data on indicator is from 5th January. How do I update it on hourly basis so I can test it or come up with some ways to use it?

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truelifeajf Jan 24, 2018 10:06am | Post# 33

Sorry, I've been away and not online much.

In order to slowly break down all my calculations into separate indicators, etc, I spent some time re-working all my code.

Anyway, it's now pushing data regularly (every 30 minutes) to the server so it should all be good now.

shiva Jan 25, 2018 10:44am | Post# 34

Hi Truelifeajf, this feels like some great work done herer congrats. I copied all the files in appropriate folders (plotter to data folder/MQL4/Indicators and the csv files to data folder/MQL4/Files/CSV) but keep getting this
"2018.01.25 19:40:55.621 Plot External Data EURUSD,H1: Alert: File CSV/indicator_EURUSD.csv error: 0"
Even the batch files ends with a message "The system cannot find the specified path" eventhough I have made the necessary changes to the .bat file with my data folders ID.

truelifeajf Jan 25, 2018 5:23pm | Post# 35

hmmm, I'm not sure. I just tested and it works for me.

Maybe post your batch file and double confirm you have the local path right?

v2vboni Jan 31, 2018 8:46pm | Post# 36

Hello truelifeajf,

Thank you for this tool...

Is it possible for you to have another version of this plot external data tool of yours wherein it reads data like COT report data?


Thanks.

Kindest regards

truelifeajf Feb 1, 2018 4:30am | Post# 37

I do collect consumer sentiment data but only just recently broke it out into a separate calculation.

I've just changed my code so it outputs the CSV of that sentiment data to the same directory as configured in the BAT file in this thread.

The file format is, for example: sentiment_AUDUSD.csv

The columns are:
timestamp
traders_long
traders_short
lots_long
lots_short
avg_return_long
avg_return_short
avg_entry_long
avg_entry_short
avg_duration_long
avg_duration_short
winning_long
winning_short
losing_long
losing_short

So you simply modify the MQL file to read in all those 15 columns instead of just the 4 columns that are needed for my first indicator.

truelifeajf Feb 3, 2018 6:40am | Post# 38

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I don't know if anyone is listening or whatever, but for my own analysis I said I'd post my trades using my indicator and I haven't really done that. It's because I wanted to open a new $5k account just to test trading with this indicator, which I've now done.

I've attached screen shots from the last week of trading for 7 currencies. Here's my reasoning on each trade

USDJPY: BUY: orange line was in buy for a while. I was just waiting for the price to drop and for that orange line to stay in the buy
USDCAD: 2 x BUY: again, orange line was in buy so I just picked the lowest points I could to enter
EURUSD: 2 x BUY, 1 x SELL: orange line is clearly in sell but after a big dip down and small peak up on the buy line (which lasted about 6 days) I decided to open a buy, and then another. The sell is because, well, the orange line has been in sell all this time so it's just a matter of entering the sell at the highest price possible
EURJPY: orange line in sell. I was waiting for a higher price but kept missing it so opened a sell anyway, which paid off. I closed when the buy line spiked a bit. Given orange line is still in sell position you can see my 2 x open sell trades
EURCHF: 3 x SELL: same story... orange line clearly in sell so just picking the highest points possible to enter. You can see my 2 x current open sell positions
AUDUSD: 2 x SELL: same story, just waiting for high points. The 2nd sell I opened because of a small jump in the sell line
NZDUSD: 3 X SELL: again, orange line bouncing in and out of sell position. Just waiting for high points to enter. 1st and 3rd trades were based on peaks on the sell line

I also have an open BUY on USDCHF as the orange line is strongly in the buy position.

profit this "week" (well, last 10 days) on $5k account: $650

So, not bad I suppose but it's easy to have a 10 day winning streak!

I guess overall I don't worry too much about the peaks and troughs of the orange line. I just wait until the orange line is clearly in a sell or buy and then wait for the best entry point possible. I then look for peaks or troughs in the red / green lines to work out if / when I should exit.

Just because the orange line is in sell, doesn't mean I won't open a buy. If the orange line is in sell, but I see a jump up in the green (buy) line, then I'll tentatively open a buy (smaller lots).
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truelifeajf Feb 3, 2018 6:44am | Post# 39

any "stop" orders you see are because I hedge instead of closing trades at a loss. I have an automated system that opens and closed hedge trades. I lose about 15% of the potential trade profit each time a hedge is opened and closed but I've found for me over the years the money I lose on hedging a trade going in the wrong direction, and then closing that hedge when it seems to be coming back into the direction I want, is better than closing the trade out entirely.

truelifeajf Feb 7, 2018 5:15am | Post# 40

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Myfxbook page set up for this account / trading strategy:

https://www.myfxbook.com/members/tru...canary/2414837

and if people want to see trades I've taken with the indicator as well, let me know. Example attached.
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