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.




Akif,

High Akift,

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?

Thanks

Forex37

Hey Forex37,

Check your PM
H English (IPA: /eɪtʃ/ )

Abbreviation

1. (baseball) Hits, the number of hits by a given batter in a given season.
2. (British) A grade of pencil with lead that makes lighter marks than a pencil grade HB but darker marks than a pencil of grade 2H; a pencil with hard lead.

Noun

1. (slang) A street term for heroin.

Hey mrwigs your replt totally confused me lol

Is this an indi or an EA?

Uh, not really sure what happened there and I don't seem to be able to edit it.

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

Akif,

Well actually its more than that: Its a system in its own right ( just like Bill Williams ChaosII, Ichimoku or PnF are) with its own indicators, charting ( volume-oriented - not time scale), interpretation and underlying philosophies.

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.

Regards

Forex37

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

You`ve studied the pdf???

Regards

Forex37

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.

Akif,

Hi Akift,

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.

W

Hi everyone,

Does this MIDAS indicator work for Metatrader 5 ?
If not does anyone have info on a working indicator in MQL5

Best regards
From Denmark

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.
Thanks.

Here it is: Download
Or better: I attached the pdf to this post.

Akif,

one note:
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?
Reg.Zack

nice indicator...any update ???

thanks

Hi Zack,

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
Enjoy.


Akif,