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-   -   MM (Money Maker) Detective Indicator (https://www.forexfactory.com/showthread.php?t=911239)

TheJube Apr 22, 2019 6:13pm | Post# 41

As i said, it loaded fine

I think the lines that are taken out by the future price should disappear, since they are no longer relevant, or at least an option to have that on the chart.

Greetz,

TheJube.

4fxonly Apr 22, 2019 6:24pm | Post# 42

{quote} @4fxonly -- and why shouldn't they still be alive? Those purple lines are still higher than any prices that follow the TOPS where they originated. {quote} @4fxonly -- correct -- George probably wouldn't be interested in the TOPS and BOTTOMS that were already taken out. However, since it is easy to see which lines are still alive (by glancing to the right-hand-side of the chart) and since the chart already shows hundreds of historical bars and it really, really is valuable to learn from previous price action (in a visual way) to pick-up new...
I have replied to the first question in my post before this one, as for the rest don't forget that we are using multiple TFs and some targets not appearing in the chart anymore are still marked by the lines that are extending to the right. Then if the purpose of your indi is mainly to show the past action and how the targets on that one TF behaved yesterday or weeks ago, I'm sorry but that's no use for me at the current moment that I'm trading. Again I use multiple charts for my analysis and I thought your indi could save some time from drawing the lines manually. If it's not precise and still gives me targets no longer relevant for me, thanks for your effort and for sharing, but I will have to carry on using my hands.

P.S. - While I was typing this reply, I saw that you are willing to dig into the problem so let me say that I really appreciate it.

4fxonly Apr 22, 2019 6:32pm | Post# 43

At the cost of sounding boring, I want to make clear something very important. We are not trading S/R here, let's not forget that! The whole theory takes a step beyond that level... The past action that has been taken out is no longer relevant for our trading, but the targets that are still alive (again, let's not forget the higher TFs charts) are those that we should point our attention to.

robots4me Apr 22, 2019 6:45pm | Post# 44

P.S. - While I was typing this reply, I saw that you are willing to dig into the problem so let me say that I really appreciate it.
@4fxonly -- so, sir, I owe you a big apology -- there was a bug. While I was getting more and more annoyed, you maintained your composure and persisted. You are a better man than me. I've uploaded another version that fixes the problem -- the link is in post #1.

The bug was this... In the code I was trying to be clever and efficient. I made the assumption that only Bearish candles could take out TOPS and only Bullish candles could take out BOTTOMS. While that generally is the case, it doesn't always hold -- as you've pointed out.

I'm older and, thanks to you, wiser. @4fxonly -- again, my apologies. And thanks for pointing out the bug.

4fxonly Apr 22, 2019 7:08pm | Post# 45

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{quote} @4fxonly -- so, sir, I owe you a big apology -- there was a bug. While I was getting more and more annoyed, you maintained your composure and persisted. You are a better man than me. I've uploaded another version that fixes the problem -- the link is in post #1. The bug was this... In the code I was trying to be clever and efficient. I made the assumption that only Bearish candles could take out TOPS and only Bullish candles could take out BOTTOMS. While that generally is the case, it doesn't always hold -- as you've pointed out. I'm older...
No problem. I'm glad we're singing off the same hymn sheet now LOL It's good to always keep an open mind. If I didn't I would have never given George a chance to explain his vision to me and I would have never known what I would have missed. As you too spoke to him, you know what I mean.
The new version seems to work fine. Thank you very much. Still improvable, though, if you don't mind my suggestions. Beside my stubborn request about deleting the old lines that have been taken out (by the way: would that not make the indi lighter as well? Just wondering...), if you look at this other picture, I marked a couple of levels that also appear to be relevant. Basically, to get lines off them you would need fractals created by 3 bars instead of 5. Do you think it's something implementable as a further option? Thanks.
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SunnyCoast Apr 22, 2019 7:13pm | Post# 46

{quote} @4fxonly -- so, sir, I owe you a big apology -- there was a bug. While I was getting more and more annoyed, you maintained your composure and persisted. You are a better man than me. I've uploaded another version that fixes the problem -- the link is in post #1. The bug was this... In the code I was trying to be clever and efficient. I made the assumption that only Bearish candles could take out TOPS and only Bullish candles could take out BOTTOMS. While that generally is the case, it doesn't always hold -- as you've pointed out. I'm older...
I'm not sure why, but I love posts like this.

I've enjoyed reading what you are doing here and it must be wonderful to have the skills you all have to code info into an indicator.

Great stuff.

robots4me Apr 22, 2019 8:49pm | Post# 47

At the cost of sounding boring, I want to make clear something very important. We are not trading S/R here, let's not forget that! The whole theory takes a step beyond that level... The past action that has been taken out is no longer relevant for our trading, but the targets that are still alive (again, let's not forget the higher TFs charts) are those that we should point our attention to.
@4fxonly -- I'm curious how you coordinate higher and lower TFs. Could you create an image or two that shows what you look for or how it influences whether or not to take a trade or pass on it? Do you simply check whether the same purple and blue lines are still "alive" in multiple time frames?

robots4me Apr 23, 2019 2:55am | Post# 48

Is it possible to have the indicator accept changes to the colours?
@grenell -- you weren't alone in requesting the indicator accept changes to colors. The link in post #1 will download an updated version of the indicator that will allow you to change the colors.

4fxonly Apr 23, 2019 3:37am | Post# 49

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{quote} @4fxonly -- I'm curious how you coordinate higher and lower TFs. Could you create an image or two that shows what you look for or how it influences whether or not to take a trade or pass on it? Do you simply check whether the same purple and blue lines are still "alive" in multiple time frames?
Hello. You just pointed out something essential that I completely forgot to mention in my previous posts, as my attention was driven by trying to improve the displaying of the lines. Unforgivable of me... LOL
By reading your first post again, I better realise now that the aim of your indicator was to show the lifetime of the past lines, but as I said, in order to take new trades, that "lifetime" is not relevant anymore unless they're still alive. If you have a look at the picture, extracted from Bahaalden's pdf (page 121) you will understand George's thought.
So what I'm about to suggest here is literally going to hijack your purpose. I hope you will forgive me for that.
The way we should draw the lines is as follows: we start with a daily chart and mark the targets, then we save it as daily. Now we change the TF to 4H, we draw our new lines and save that chart as 4h. Now we change the TF to H1, mark the new lines again and save it as H1. Now we change to m15, mark the new lines and save the chart as M15. That's all. Of course most lines will match on different TFs.
So what I'm asking you is: would you be able to make an MTF indi with the option to differentiate the format settings and also the ESSENTIAL capability to delete the old lines already taken out? I don't even know if that's possible but my coding knowledge basically equals zero, so I'm not entitled to give any opinion in that regard. I hope I was clear and I thank you in advance in case you are willing to address your efforts in that direction.

EDIT: I suppose this late request makes it even more important to delete the old lines, as probably the indi would get very heavy on memory if we keep all that clutter that we don't use on the chart, bearing also in mind that George uses 5000 bars on each chart.

EDIT 2: ...and just to make it harder... How about deleting multiple lines that match and keeping only the one from the oldest TF (as it would be more relevant) in order to make the indi lighter? Probably impossible! LOL
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robots4me Apr 23, 2019 5:24am | Post# 50

So what I'm going to suggest here is literally going to hijack your purpose. I hope you will forgive me for that.
@4fxonly -- no need to ask for forgiveness. I'm onboard for most suggestions. For the current indicator I'm adding the option to only show "alive" lines and also an option for how many bars are used for each fractal point.

Let me digest your comments about multiple time frames. If it fits within the current indicator I'll add it there. And, if not, then I'll create a new indicator. I don't think it will be hard -- but it may take a few iterations to get the correct behavior. As I mentioned in post #1 -- I never fully understood @George's methodology -- but I did appreciate the way he looked at the data. I never made the effort to mark-up charts the way he described -- it was just to manually intensive for me. Also, I like trading many pairs and I wasn't about to mark-up charts for 28 different symbols. That's what set me down the path of creating an indicator to do it.

In your comment above you mention keeping lines only from the "oldest" TF. If we are using D1, H4, H1 and M15 charts -- which is the "oldest" TF? Do you mean "highest" TF?

4fxonly Apr 23, 2019 6:00am | Post# 51

{quote} @4fxonly -- no need to ask for forgiveness. I'm onboard for most suggestions. For the current indicator I'm adding the option to only show "alive" lines and also an option for how many bars are used for each fractal point. Let me digest your comments about multiple time frames. If it fits within the current indicator I'll add it there. And, if not, then I'll create a new indicator. I don't think it will be hard -- but it may take a few iterations to get the correct behavior. As I mentioned in post #1 -- I never fully understood @George's...
Yes, pardon my bad wording, I meant the highest TF that matches one or more smaller ones. And yes probably, as you said, a better option would be to create a new indi. You sound like and have shown you have a high level of coding knowledge, so I feel you're the right person for the task.

robots4me Apr 23, 2019 6:13am | Post# 52

You sound like and have shown you have a high level of coding knowledge
@4fxonly -- in other words, I get appropriately annoyed whenever someone suggests there might be a bug...

4fxonly Apr 23, 2019 6:16am | Post# 53

{quote} @4fxonly -- in other words, I get appropriately annoyed whenever someone suggests there might be a bug...
Pardon my wording again then. I never meant to upset you

robots4me Apr 23, 2019 6:31am | Post# 54

Pardon my wording again then. I never meant to upset you
@4fxonly -- no pardoning necessary. Forums, email, blogs are great -- but without facial expressions and voice intonations there is always the risk of things getting lost in translation. I got what you meant and chuckled inside. My dry, self-deprecating sense of humor doesn't play well in a text-based communication medium (like FF) -- which is my fault. You've more than earned your respect from me -- so, at this point, you would have to effort pretty hard to offend me.

I like your idea of a MTF indicator -- it shouldn't be too hard. And I'll look for some help in making sure I get it right.

SwingMan Apr 23, 2019 6:42am | Post# 55

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Hi @robots4me,
here is a small contribution from me (change of an existing indicator).
I do not want to disturb your work, but maybe someone wants to play with the programming on a similar indicator.
(I think there may be a problem with the last bar and my programming is not quite right).
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smFractalLevels_v1.mq4

robots4me Apr 23, 2019 6:57am | Post# 56

here is a small contribution from me (change of an existing indicator).
I do not want to disturb your work, but maybe someone wants to play with the programming on a similar indicator.
@SwingMan -- this is great -- thanks very much. I briefly compared the results of the two indicators and they are nearly identical -- which is reassuring.

I'm generally not inclined to share source code -- so, your contribution is both gracious and welcomed. If others are interested in jumping in and extending this idea of charting TOP and BOTTOM lifetimes, then your source code is an excellent place to start.

4fxonly Apr 23, 2019 7:01am | Post# 57

Hi @robots4me, here is a small contribution from me (change of an existing indicator). I do not want to disturb your work, but maybe someone wants to play with the programming on a similar indicator. (I think there may be a problem with the last bar and my programming is not quite right). {image} {file}
Hi SwingMan. The looks of your indi just reminded me of a feature present on robots4me's indicator as well and pretty much useless (bearing in mind George's teachings once again): the fractal arrows. There is no need for them at all, even as an option. Just clutter overloading both the indi and the chart...
So, robots4me, if would indulge me and get rid of it in your next version, that would be a plus.

robots4me Apr 23, 2019 7:13am | Post# 58

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I think the lines that are taken out by the future price should disappear, since they are no longer relevant, or at least an option to have that on the chart.
I think the lines that are taken out by the future price should disappear, since they are no longer relevant, or at least an option to have that on the chart.
@TheJube, @4fxonly -- I've come around to accepting this is a good option -- see below...


Basically, to get lines off them you would need fractals created by 3 bars instead of 5. Do you think it's something implementable as a further option
@4fxonly -- this was a nice idea and easy to implement. The more bars used to create each fractal point results in fewer TOPS and BOTTOMS, but those that are created seem to persist for a longer period of time. I've added the option to control how many bars are used to create each fractal point -- see below...

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The setting 'Display Mode' has two options -- "Alive only" and "Alive and dead". I hope no one is offended that this isn't PC (politically correct). I like referring to "lifetimes" of TOP and BOTTOM lines, but perhaps there are better terms for "alive" and "dead".

The settings 'Midbar plus LeftBars' and 'Midbar plus RightBars' control how fractal points are computed. Fractals are typically computed using an odd number of bars -- e.g. 3, 5, 7 etc. The more bars required to compute a fractal results in fewer fractal points -- but the ones that do get created may survive longer. The Fractal indicator that comes with MT4 uses 5 bars -- a midbar plus 2 bars to the left and 2 bars to the right (for a total of 5). If you wish to employ 3-bar fractals, then specify '1' for both 'Midbar plus LeftBars' and 'Midbar plus Rightbars'. The new settings control the number of LeftBars and RightBars. Since a MidBar is always used, then the total bars is LeftBars + RightBars + 1 (for the MidBar).

4fxonly Apr 23, 2019 7:34am | Post# 59

{quote} {quote} @TheJube, @4fxonly -- I've come around to accepting this is a good option -- see below... {quote} @4fxonly -- this was a nice idea and easy to implement. The more bars used to create each fractal point results in fewer TOPS and BOTTOMS, but those that are created seem to persist for a longer period of time. I've added the option to control how many bars are used to create each fractal point -- see below... {image} The setting 'Display Mode' has two options -- "Alive only" and "Alive and dead". I hope no one is offended that this...
Wow, that was quick! It looks nice the way it is. Thank you very much. It does seem a bit heavy memory-wise by using 5000 bars though. Would that be due to the fact that the dead lines are still present as an option? I fear the MTF option will make things worse. I hope I'm wrong...

SwingMan Apr 23, 2019 7:44am | Post# 60

A short explanation to my posted indicator.

If you calculate the fractals with 1-bar left and right , you have Trident fractals Level-1 (lower highs).

Next, for Level-2, consider the fractals which have left and right lower fractals of Level-1.

For Level-3 the same, with lower fractals of Level-2.

One can analyze and find that in many cases it is better to consider these fractal Levels(2/3) than fractals in upper time frames.


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