Pair Strength Analyzer indicator

Subs. Thanks and
Regads

Anyone knows why Plot Crosstab shows me the same graph no matter what timeframe I look at?
Could it be that data in the csv file has not yet been updated?
If I choose to use more than one Pair Strength Analyzer indicator on chart, is there a feature to add "Title" to it?
Currently I want to use one for Month, week, h4, h1 etc but its hard to figure out which is which?

Also something that FF should introduce is a donation feature so that we can donate bitcoins or real money to developers who kindly shares their hard work...food for thoughts =)

Greetings to all and especially Hanover,

I am trying to figure out all settings, even though I have read the pdf I dont really understand it all =(
What I am trying to achieve is have one indicator for month, week, h4, and h1.
But I have seen Hanover combining MN,W1 and h4,h1 in PeriodsForRegr? When combing do we get an average then of the 2?
Also when to use RescaleUsingAtr? By default it is set to 100,+0 but if my PeriodForRegr is set to MN then this value is way wrong?
What would a correct value be if PeriodsForRegr is forexample MN? Or w1? or h4?

Cheers to all

Plot Crosstab is an experimental feature that attempts to plot the historical values that were calculated by PSA, and might not be very useful. If you want historical strength values plotted as a continuous line, there are better indicators to achieve this. I use my own Recent Strength indicator, but it is a bit tricky to set it up correctly; there are many links to other strength indicators in the text in green typeface here.

Beyond the instruction PDF, there are explanatory notes on LengthsForRegr, PeriodsForRegr, WeightsForRegr and RescaleUsingATR variously here, here, here, here and here. I have used H4, W1 and D1 as PeriodsForRegr, but not monthly, as my broker's MT4 monthly candle history is not extensive enough. If the notes in those linked posts don't answer your questions please let me know, and I will try to explain it better.

hellow hanover

i am following your pair analyzer thread...but i am cant's find great setting indicator pls you can help me.?
i find to 15 min chart trading h4 trend focus...can you share with me great indicator inputs?

From post #1: I'm a programmer, not a pro trader. However, since you've asked me a question, then FWIW, my opinion is this:

There are no magic settings that deliver a better result than any others. PSA, like all other indicators, is merely a tool. It will tell you which pairs are currently 'trending' most steeply on any given timeframe(s). You, the trader, must then decide whether this means that the move is more likely to continue, or whether the pair(s) are overbought or oversold, and hence a reversal is imminent.

If you're a 'discretionary' trader, you might use a combo of other indicators, S/R, candle types, FA, whatever, to tell you this; or you might simply watch the price flow and use your own judgement, and possibly some judicious trade management, that comes from several years of experience.

Whereas if you're a more 'mechanical' trader, you'll likely have some comprehensively tested statistics which have, in the past, delivered an outcome that wins more than it loses, over time, and which you assume is robust enough to approximately repeat itself in the future.

There is no free lunch, no easy solution that will deliver a guaranteed result; markets are dynamic, driven by a mix of anonymous participants with different agendas, who are continually reacting to new information that can't be known in advance by the retail trader. Without proficiency, trading is a negative expectancy game; if it was easy, we would all be millionaires. As pro trader Tom Dante says, you must choose your battles carefully, and you're building a career on the value of your best guess.

Update PSA label pair v1.ex4

Thanks a lot !

Firstly, I'm a programmer, not a pro trader; I run a couple of small accounts and trade only as an occasional hobby. FWIW I use the PSA indicator like this. But IMHO the accuracy of the settings isn't important, it's merely giving a rough idea of where sentiment is. I could just as easily use a composite of H4,D1,W1; it wouldn't necessarily deliver superior or worse analysis. Whereas if (for example) you were an intraday trader, trying to catch the institutional moves during the London session, you might choose something like a composite of M1,M5,M15.

The PSA indicator simply is what it is; it performs the calculations as explained here. Some more of my thoughts here and here, and about strength indicators in general here.

Being able to display a composite value representing sentiment across multiple periods and timeframes is (arguably) both a benefit and a drawback. A benefit because it can give a more comprehensive picture that's not biased toward a single horizon; a drawback because it creates a potentially bewildering number of options that can lead to 'analysis paralysis'. Another thing to keep in mind is that, for example, because a H4 chart has 6 candles for every D1 candle, then a 6x20=120 period regression line on a H4 will generate a similar sloped line to a 20 period regression on a D1. The same logic applies for any TF. So you could use just one TF (PeriodsForRegr), but with more entries in LengthsForRegr to compensate. Whichever is more clearly understandable for you.

As another example, here is another one of a million possible uses for the PSA, that I've recently started experimenting with. The EURAUD,M15 chart in the screenshot shows the settings I chose, heavily weighted across H1/H4 to quickly pick up growing sentiment across those TFs. The goal is to trade the two or three steepest trending pairs at the top of the PSA-generated list. Then the 'M15 channel' indicator is used to enter at pullbacks to the central channel lines (you can adjust the MAperiod setting to approximately fit the steepness of the trend). The outer line of the channel is used as a protective SL (adjust the ChannelADRs setting to give a tighter or wider SL). For a profit exit, you could trail the SL using this channel boundary, and/or simply exit and start trading other pairs when a pair starts falling down the PSA's list, which suggests that sentiment is waning. You could also try pyramiding multiple entries every time price returns to the central channel, adding a further buy at each green arrow, for as long PSA shows that sentiment for that pair is persisting; or you could diversify by trading multiple pairs near the top of the PSA list. Or if you are more conservative, you could still enter on pullbacks to the central channel (which is merely your specified MA, determined by MAperiod and MAmode of the High and Low prices respectively), but instead exit when price closes beyond the outer boundary (which is ChannelADRs pips outside the inner channel).

I'm nowhere near finalizing this process for myself; at this point I'm simply offering it as a possible starting point that anybody might like to investigate further for themselves (the indicators and template are in the attached ZIP file). This is a very simple system; if it shows enough promise over the next few weeks, I might even be tempted to write an EA. Very simply, if sentiment persists long enough, this type of system will profit; if it evaporates too quickly, losses occur. Every system has its strengths and weaknesses; market conditions that are favorable, and market conditions that are not. For me, the key is to maximise gains in the former, and keep losses as small as possible in the latter. (However, perhaps the biggest problem with all indicator based entries is the lateness of the signal; by the time the pair gets to the top of the PSA list, sentiment might be about to shift, ending the move).

Thank you for this Hanover; excellent thoughts!
Will be working on a system and testing over the next few weeks and will be giving full consideration to these comments.
Thank you for your time

Cheers.

Thank you for this awesome indicator, but why i cant see nothing here.. i have set the id to 0 for both Pair strength anyalyzer and PSA label V.1. but still cant see nothing,,

It plots at the end of bar....u aare using 1H TF so indicator update each 60min

thank you metatsock
what best TF to use this indicator ?

There isn't a correct/perfect TF... this indicator is very simple: it plots values of PSA....so it depends by your TF operativity. Of course u should use it on chart with the same value of Refresh setting of PSA

Thank you sir mr hanover.
I downloaded your indicator and using it now.

Thanks so much Hanover, I hope life is treating you well. For at least the last 2 years choosing pairs at the beginning of the day has without doubt been the biggest headache for me and my trading buddy, we trade very similar systems. Strength Meters, MA Matrixes etc have helped us save no end of time each day but to find your PSA this morning was a lovely surprise. Apart from currency strength or weakness we've been on the lookout for a tool that would point out trend strength so between your PSA and other tools we have you've absolutely made our day. We're playing with settings right now but I think you've just put the lid on "stuff" we need. LoL, I've only been a member here 4 years, no idea why I didn't think of looking in Hanover's war chest. Thank you so much.

Many thanks for the feedback guys, I hope you find the indicator useful.

Only been using it a couple of days now David and already it's proving to be the most useful tool in our kit and especially for scalping the Asian session on LTF's, saves so much time. Thanks again.

Thank you Hanover for sharing.
Can you have Pair Strength Analyzer for MT5?

Sorry, I don't use MQL5. However there are plenty of competent programmers around here who could code a similar indicator for MT5.