Price Action System/Indicator

Hey guys, after reading this forum for a long time and obtaining so much value I thought it was only fair that for my first post I would give some value back to the community.

My preferred trading style is price action/candle stick patterns as it makes the most sense to me. I’ve read pretty much all of Steve Nison’s content. I then came across Walter Peters book the Naked Forex and was instantly hooked. His rules were clear which made it easy to identify certain patterns. My problem was is that I would have to sit there and check each bar if the criteria had been met. There had to be another way?

With all my knowledge on candlestick patterns I have started my quest on creating an all in one price action indicator for MT4. I am no coder so have hired someone to do this for me. I am happy to say that I would like share version 1.0 with the community. I decided to give the indicator a name One Glance Trader (OGT) Price Action indicator. I came up with the name OGT because you can visually see any opportunities instantly!

What is included in version 1.0

This version only contains one pattern which is the pin bar/kangaroo tail (as Walter puts it). I have had coded the rules from his book and YouTube videos. Here are the rules applied:

1) Open and close are inside the previous candle

Self-explanatory hard coded in indicator

2) Open and close are in the bottom third (bearish)/ top third (bullish) of the candle's range

Self-explanatory hard coded in indicator

3) Decent amount of "room to the left"

Walter talks about pin bars forming at a price where price has not been for a very long time, creating a better indication of a reversal. To apply this in the indicator it checks if the top/bottom of the rejection wick has been where price has not been for a long time. You can set the amount of the wick (in %) and it will tell you how many bars ago price was (see image below for example).

4) Candle range greater than the previous 4 candles

Self-explanatory, you can set the number of previous candles to check.



As you can see from the image above, the above pin bar formed meets all the rules. This is EUR/USD Daily chart. The Pin bar was formed on April 3rd 2017. The number (212) means that the top 25% of the rejection wick has not been at that price for the last 212 bars (212 days). The number is in red to represent a sell signal. As you can see there was a circa 450 pip selloff.

I would not use this indicator as a standalone indicator. Use other indicators/PA for confluence.

I have created a video that goes into the settings in much more detail and how to use it properly.

I am looking for your feedback to improve the indicator and also what patterns you want to see in the upcoming versions.

-------------------Downloads & Tutorials-------------------

Latest version will include all patterns from prior versions. Please watch all previous tutorial videos as new version tutorials only over the new features.

OGT Price Action Indicator v1.3 (Tutorial covers displaying signals that are only with the trend)





OGT Price Action Indicator v1.2 (Tutorial covers the inside bar and marubozu)





OGT Price Action Indicator v1.1 (Tutorial covers the engulfing and doji)





OGT Price Action Indicator v1.0 (Tutorial covers the pin bar)





Enjoy
Zoheb.

Looks good. Thank you

Booked..!

It looks interesting. Thank you.
Tell me please, does your indicator redraw or not?

Inside bar setups at support/ resistance

Sorry, meant engulfing bars in last post

Nice job zoheb - well presented and very clear. Look forward to seeing it developed further.

This looks great! You explained everything perfectly. Thanks a bunch, and I look forward to trying this out in my trading.

Thanks mate.

Appreciate you joining the ride!

If I have understood your question correctly the indicator does not redraw as all conditions will be met on the close of the candle.

Hope it helps. Please provide your feedback.

Thanks for the input. It is on the list for the upcoming versions

Thanks for the kind words. Yes, I have ideas for version 1.1. Love to hear yours and the community's thoughts.

Thanks buddy, I thought a video would be a lot easier. Please let me know your feedback.

is there any mt4 coder here ready to work for free plz pm me , for the ea coding of a system as shown in my explorer

thanks

Zoheb01,

You have coded a good indicator. But you have put too many conditions for it. As a real trader, I find it confusing.

What is your objective?

Do you want to code and sell MT4 EA? Not a good idea based on existing price of $10-$20 an EA can be bought on mql5 site.
Ff is full of such code hunters who repackage the indicators and try to sell. Have no idea of the real market out there.

Do you want to code to learn trading? Excellent idea.

Do you want to improve coding for trading? Excellent idea. If I am not mistaken you fall in this category.

Do you want to get test results so that you can fine-tune your EA? No chance. FF is full of underfunded day dreamers of fantasy game player who like sexy indicators.

Do you think you are creating some kind of holy grail or a secret trading method that you don't want to share .mql file. If you do it, may be at least a couple of
experienced traders and coders can guide you.

I have put forward my trading journey here:

https://www.forexfactory.com/showthread.php?t=705586

There are only four elements to algo trading:

Direction, Trailing point (lock profit or minimise loss), Stop Loss, Take profit.

Study historical data (History Centre F2 download), for back-testing it for spotting pattern, or use Excel Macros or to analyse historical data downloaded from the and find occurrences of the pattern and then figure out if a robot can decide on buying or selling based on your pattern conditions. No manual input

Trailing Point: This is the heart of risk management. Go for a broker who gives 5-digit points currency quotes. Study spreads and slippages interaction and choose high jumping symbols so that you can instantly lock with trailing point and hope the high jumpers keep flying until they hit your TP or where ever your trailing point (lock profit) takes you. No manual Input

your high jumping symbols journey could be any:

1. Jump a few points and immediately revert. Lock Profits to break even or make small profit. Expect it to happen 29 times.
2. Jump a few points and not revert immediately until some destination is reached. Lock profit and Expect it to happen 1 time after 29 tries.
3. Jump but not touch trailing point trigger, revert and slip back quite a lot. Are you scared? Underfunded? Use tight stop loss to call it a day.
4. Jump but not touch trailing point trigger, reverts and dives big, recovers and resumes journey to TP destination. Use bounce back and then resume journey to destination. Figure out how to bear with this Drawdown by using deep pip pockets.

Stop Loss:
Use your drawdown pattern study to assess probable Stop Loss figure and let the EA make the decision. No manual inputting.

Take Profit:
You have given so many jobs to EA. Please don't make the EA get tired. You manually input how much profit you want after making a ADR or Range Volatility study by making an indicator which can study history and give you some idea of realistic profit you should be expecting based on Timeframe you are trading. Manual inputting

hi are you an mt4 coder here ready to work for free plz pm me , for the ea
coding of a system very profitable and good for account management as shown
in my explorer
thanks

What system?

Thanks simnz. My objective is very simple...to create an all in price action indicator with the best candlestick formation patterns. I could create this without any input however, there are many good traders, people on this forum that can contribute ideas and feedback. I also want to provide value to people and share what I have created.

Can this be converted into an EA? Of course, but I'm not thinking about that at the moment. I want to make the best indicator as possible that will help me and others who trade price action.

Good luck on your journey!

can u talk on skype , so i can send u the system, i cannot send via ff in the next 24hrs

secondly i would like to have the mql4 version of it also

thank u in advance
my skype is swingdroid