Trend Bias and Weighted Trade Signals Trading Tools

Trend Bias and Weighted Trade Signals Trading Tools
I am sharing a indicators I have developed for my style of trading. These indicators are offered free with no embedded restrictions such as an expiry date.

Revision History
07-Jun-23 - Minor bug fixes
- Removed Ask Bid Lines from TimeFX_Chart_Settings, replaced with #2 Access Panel (Black).ex4
- Fixed H1 Momentum Signal showing on TimeFX_Trend_Bias_and_Weighted_Signals_Histo.ex4

31-May-23 - All indicators updated to Version 3.00

Posts of Interest
Top Down Analysis Dashboard
Trend Bias and Look Back Signals Trading System

Overview
The principle idea is to trade in the direction of the trend with a higher probability trades will be closed in profit. These indicators enable you to create your own trading system using a combination of a selected Trend Bias and Weighted Trade Signals that are generated in the direction of the selected trend. This helps you make a more objective and informed decision on placing a trade as the signals will show when it's more likely price will continue to move in the direction of the trend or if price action has reached a point where the trend may change direction.

Trend Bias
A Trend Bias is selected to control when Weighted Trade and Reversal Signals are shown on the chart.

Weighted Trade Signals
One or more signals are selected to create your trading system and rules, each selected signal has a weighted trade score. As price moves in the direction of the trend the selected Weighted Trade and Reversal Signals are generated, when the combined weighted signals score reaches or crosses the defined Low/Med/High threshold a Weighted Trade or Weighted Reversal signal is shown on the chart.

1. Weighted Trade Signals are shown in the direction of the trend indicating price is likely to continue moving in the direction of the trend.
2. Weighted Reversal Signals are only shown on the chart in the opposing direction of the trend and act as a warning that the trend may change direction or a reversal of price action is possible.
3. The weighted accumulated score is reset to Zero when the trend changes direction or if a weighted reversal signal is shown on the chart.

Look Back Signals (Generated When Trend Changes Direction)
When the trend changes direction previous candles are checked for reversal signals, if there are reversal signals a trade signal called a "Look Back" is generated on the chart indicating a higher probability the new trend direction will keep going.

Chart Indicators
Additional chart indicators can be selected to help with trade decision making including daily ADR levels, daily open line, previous day's high and low, weekly pivot lines, SIXQTHS trading zones and more.

Histogram
A histogram chart shows the selected Trend Bias, with parameter options to show trade signals from the current time frame. In multi-chart set-up trade signals from higher timeframes can be shown.

Single Chart and Multi-Chart Use
The indicators can be used standalone on a single chart or used on a multi-chart set-up (D1/H1/M15/M5) working together sharing information through Global Variables. For example you can configure look back signals to only be generated in the direction of a higher timeframes trend.

Important Notes
These indicators are designed for manual trading, enabling you to define a set of rules to generate signals to assist with your analysis on taking trades.

1. There is no guarantee these indicator are bug free - Trade at your own risk.
2. Before Trading LIVE, test, test and retest your settings in Demo.
3. This is not a Forex Trading System in itself. It's a collection of indicators enabling you to create your own trading system using a combination of weighted trading signals in the direction of a selected "Trend Bias Direction".

You create your own trading system with these indicators, there is:

1. No history of trading success
2. No guidance on take profit or stop loss
3. No guidance on when to place an order
4. No guidance on when to close an order
5. No back testing has been done or will be done
6. You can create an EA from these indicators

Example Charts
D1

H1

M15

M5

Top Down Analysis

Multi Chart Set-up


Indicators
Indicator: TimeFX_Trend_Bias_and_Weighted_Trade_Signals
The Trend Bias and Weighted Trade Signals indicator is used to:

1. Select a Trend Bias Direction
2. Select Weighted Trade Signals
3. Select Look Back Signals
4. Generate Trade and Reversal Signals on the Chart

Indicator: TimeFX_Trend_Bias_and_Weighted_Trade_Signals_Histo
The Trend Bias and Weighted Trade Histo indicator shows the selected Trend Bias as a Histogram. Trade Signals from the current time frame and higher timeframes can be shown in multi-chart set-up.

Indicator: TimeFX_Chart_Settings
The Chart Settings indicator provides additional settings and options to manage your Trading Chart(s) and/or Trading Dashboards (Profiles).

Indicator: TimeFX_Trend_Bias_Button
The Trend Bias Button indicator enables you to display your Trend Bias on the chart as a visual aid or to override trade signals generated on the chart or all charts.

Indicator: TimeFX_Trade_Volume_Small
The Trading Volume Small indicator provides information on the market volume. It displays a percentage graph for bullish and bearish volumes, with green indicating bullish volume and red indicating bearish volume.
This indicator sends Trade Signals using a Buy and Sell threshold percentage.

Indicator: TimeFX_Currency_Strength
The Currency Strength indicator calculates the currency pair strength and shows it as a percentage.
This indicator sends Trade Signals using a Buy and Sell threshold percentage.

Indicator: TimeFX_CS_Daily_Percentage_Change
The CS Daily Percentage Change indicator shows the % price change from the open price for the timeframe selected.

How to Get Started
The following is brief step by step guide on how to set-up and use each of the indicators:

1. Select a Trend Bias
2. Select a combination Weighted Trade and Reversal Signals for your trading system
3. Set Weighted Trade and Reversal Thresholds are set for Low/Med/High signals
4. Select Look Back Signals
5. Select Histogram signal options
6. Select Chart Indicator Options

These steps assume you know the basics of MT4:

1. Install indicators
2. Creating charts and Profiles
3. Adding indicators to charts

There is plenty of help here on Forex Factory and on the Internet on the basics of using MT4, please do not ask basic questions on MT4 without helping yourself first

Step 1 - Select a Trend Bias
Select your Trend Bias direction controlling the direction of Weighted Trade and Reversal Signals. The Trend Bias direction can be drawn on the chart and is shown on the bottom of the chart as a Histogram.

1. High to Low
2. Fast Slow Moving Average Cross Over
3. Moving Average
4. Moving Average Channel
5. SolarWindsJoy
6. NonLagMa
7. HalfTrend
8. SuperTrend
9. Slope
10. HGI Trend Wavy
11. HGI Range Wavy
12. HGI Arrow Trend

Step 2 - Choose a combination of Weighted Trade and Reversal Signals
Select one or more predefined indicators for generating a Weighted Trade or Weighted Reversal Signals, giving each signal a weighting score.
As price moves in the direction of the trend the selected Weighted Trade and Reversal Signals are generated, when the combined weighted signals score reaches or crosses the defined Low/Med/High threshold a Weighted Trade or Weighted Reversal signal is shown on the chart.

1. Weighted Trade Signals are only shown on the chart in the direction of the Trend Bias.
2. Weighted Reversal Signals are only shown on the chart in the opposing direction of the Trend Bias and act as a warning that the trend may change or a reversal of price action is possible.
3. The weighted accumulated score is reset to Zero when the Trend Bias direction changes or if a high weighted reversal signal is shown on the chart.

Predefined Trade and Reversal Indicators

1. High / Low Channel Trend Signal
2. MA Cross Over Signal
3. NonLagDot (MA) Signal (nonlagdot.ex4)
4. Solar Winds Joy Signal (Solar Winds Joy.ex4)
5. HalfTrend Signal
6. SuperTrend Signal
7. TMA+CG Signal (TimeFX_TMACG.ex4)
8. RSI Signal
9. Donchian ZigZag Signal
10. Williams % and Range Signal
11. Parabolic SAR Signal
12. HGI Trend Arrow Signal
13. HGI Trend Wavy Signal
14. HGI Range Wavy Signal
15. HGI Golden Arrow (Trend Arrow and Trend Wavy Same Bar)
16. HGI Super Signal Arrow/Trend/Wavy
17. 2MA Cross Over Signal
18. Slope Signal (MTF)
19. Flying Buddha Signal
20. Stochastic Signal
21. MACD Signal
22. TDI Arrows Signal
23. Weekly Pivot Signal
24. Currency % Change
25. Currency Strength (TimeFX_Currency_Strength.ex4)
26. 4 Bar Trend
27. NR4 (Narrow Range 4)
28. NR7 (Narrow Range 7)
29. NR4 & NR7
30. Trading Volume (TimeFX_Trading_Volume_Small.ex4)
31. Rocky Road Signal Settings
32. H1 Momentum
33. PIN 1 Signal
34. PIN 2 Signal
35. PIN 3 Signal

Step 3 - Define Thresholds to Generate Weighted Trade and Reversal Signals
Define your Trade and Reversal Threshold weightings.

Example of Selecting Weighted Trade and Reversal Signals
Select the Indicators to include, updating the settings and Weighted Trade and Reversal scores, for example if you want a signal when PSAR is above or below price action and Williams % Range is above or below -50 and RSI is OB or OS, you would select these signals and give each a weighted score:

1. PSAR - Weighted Trade Score=3 and Weighted Reversal Score= 2
2. Williams - Weighted Trade Score=4 and Weighted Reversal Score=2
3. RSI - Weighted Trade Score =4 and Weighted Reversal Score=3

Note:

1. Weighted Trade Score is accumulated when the signal is generated in the direction of the Trend Bias. Example: Trend Bias is Up and RSI is Up
2. Weighted Reversal Score is accumulated when the signal is in the opposite direction of the Trend Bias. Example: Trend Bias is Down and RSI is UP

You then define your Weighted Low/Med/High thresholds, this is the accumulated score of indicator signals required to generate a Weighted Trade or Reversal signal.

In the above example we may set our thresholds as follows:

1. Low - 3
2. Med - 7
3. High - 10

If PSAR generates a signal with a Weighting of 3, the indicator will draw a Low Weighted Trade Signal. If on the same Bar or subsequent Bars until the accumulated trade score is reset Williams generates a signal the accumulated Weighted Trade signal will be 7 (PSAR + Williams), this will then generate a Weighted Medium trade Signal.

In the above example if PSAR, Williams and RSI all generate a signal on the same Bar the indicator will draw a Weighted High signal.

If the indicators generates Reversal signals these are drawn on the chart and accumulated as a Reversal score, you will see that reversal signals will go from Low to high with increasing size on the chart and can be used to not trade, close trades and potential change of Trend Bias.

The accumulated Weighted Trade scores carry forward on all future bars until reset to zero, which occurs as follows:

1. A Reversal signal is generated
2. A change of Trend Bias

Step 4 - Select Look Back Signals
When the Trend Bias direction changes, prior to that change of Trend Bias direction reversal signals may be generated a number of candles before. These reversal signals may provide a higher probability the change of Trend Bias direction is stronger and price action may continue in the direction of the new Trend Bias direction.

You can select which indicators are used to generate a Look Back Signal.

Look Back Signals List

1. Candle Direction
2. RSI
3. Williams %
4. PSAR
5. MA
6. HGI Range Wavy
7. HGI Trend Wavy
8. Slope
9. Stoch
10. MACD
11. TMA + CG
12. Flying Buddha

Step 5 - Select Histogram Signal Options
Select how you want the Histogram to be displayed and optionally if you want to have trade signals or look back signals shown in the histogram.

Step 6 - Select Additional Chart Indicators
Select additional chart settings to assist with your trading decisions:

1. Daily ADR levels
2. Daily Open Line
3. Previous days high and low
4. Weekly Pivot Levels
5. SIXQTHS Trading Zones

Help Guide and FAQs
Download User Guide here:

If you discover an issue please check the experts log, send any message there with a screen shot and as much detail as possible.
Please do not ask me to program indicators, my time is spent on these indicators and trading.

Downloads
The latest indicators are available for download here (Copy to your MQL4/Indicators folder):




Don't forget to download the User Guide above.

TimeFX Core Indicators
• TimeFX_Trend_Bias_and_Weighted_Trade_Signals
• TmeFX_Trend_Bias_and Weighted_Trade_Histo

TimeFX Optional Indicators
• TimeFX_Chart Settings
• TimeFX_Trend_Bias_Button
• TimeFX_Trade_Volume_Small
• TimeFX_Currency_Strength
• TimeFX_CS_Daily_Percentage_Change

Other Indicators
• Solar Winds Joy.ex4
• Nonlagdot.ex4
• #2 Access Panel (Black).ex4
• #5 Candles Suite (Black).ex4
• ModChartWindow.ex4
• rsi dash v1.1.ex4
• Symbol changer profit display v3.ex4
• TEXT_Writer.ex4
• csDash.ex4
• MADdash.ex4
• hgi_lib-ex4 | Head over to "steve hopwood forex" to download this indicator to your MQL4/Libraries folder (Required for HGI Trend Bias and Signals)


Please note: I do not provide any advice on trading, opening or closing positions or how and when to trade using these indicators or any other indicator signals.

TimeFX

Update of all indicators to v2.1

See first post for updated indicators.

Change Log:

1. Removed predefined indicator settings
2. Slope Signals MTF
3. HGI Signals MTF
4. Only refresh chart on last bar
5. Change of Trend Bias Direction Slope lookback MTF
6. Check for MTF selected lower than current TF
7. Various tweaks to improve performance
8. Various bug fixes
9. TDI indicator added

I have created a Thread Currency Monitor Dashboard | Forex Factory which has this indicators in charts.

TimeFX

Trend Bias and Weighted Trade Signals and Currency Correlation

I often take positions based on the correlation of USDJPY/GBPUSD and USDCHF/EURUSD and USDCAD/AUDUSD using Rocky Points Williams%R, SAR X-over 15 minute candles | Forex Factory.

Screen Shot

These currency correlations work best when New York Opens.

TimeFX_Trend_Bias_and Weighted_Trade_Signals indicator has a specific Weighted Trade Indicator Settings Include Rocky Road Signals.

TimeFX_Trend_Bias_and Weighted_Trade_Signals indicator has been set-up to only show a High Weighted Trade Signal if the Rocky Road Signal is active.

The Rocky Road Signal is generated in the direction of your Trend Bias when:

1. PSAR is active
2. Williams % is above or below -50

It does not test if PA is above or below the 20EMA.

Time_FX_Slope_Histo - MTF H1 helps to filter trades on the M15 chart
TimeFX_2MA_Cross_Over_Histo - Helps to filter trades

Trading Approach

1. Wait for PA to change Trend Bias Direction
2. Wait for Weighted Trade Signal
3. Check Slope Histo for H1 Slope direction
4. Check 2MA Histo for PA direction

Considerations when taking a position

1. If PA is choppy consider waiting for the next signal
2. If a Buy Signal is near the top of the chart consider waiting for the Trend Bias to change direction
3. If a Sell Signal is near the bottom of the cart consider waiting for the Trend Bias to change direction

Trade Position Advise
I do not offer advise on when to take a position, when to close a position or on Stop Loss or Take Profits. This comes from experience and I leave that up to yours.

Files Required
You will need to have all the indicators downloaded from post 1, set-up your charts and load these templates:

Foot Note
I enjoy programming and creating dashboards, I hope you find them useful and remember I will not offer any advise on opening and closing positions or how to use indicators I have not written myself, there is plenty of information on each indicator from traders who are have years more experience than me.

TimeFX

I am seriously impressed by your work, I understand the general idea I suppose, I will try to understand the details too for sure.

Thank you, this is a work of art, really impressive.

Thank you for the feedback Fred, happy to help if you have any questions.

TimeFX

Hi TimeFX,

Thanks for the indicators, I really like it and it help me with my entry.

But I keep getting this error message

TimeFX_Trend_Bias_and_Weighted_Trade_Signals_Histo is off
WARNING: TimeFX_Trend_Bias_Weighted_Trade_Signals Not Active

I'm using your "09 RockyRoad Correlation.tpl", I remove the currency strength , trading volume and rsi.

How to fix the error?

Thank you

This error message occurs if Indicator: TimeFX_Trend_Bias_and Weighted_Trade_Signals is not active or a Trade Bias not selected, please ensure you have downloaded the latest versions from post 1.

Please check the following for TimeFX_Trend_Bias_and Weighted_Trade_Signals settings:
1. About Tab: Indicator name is: TimeFX_Trend_Bias_and Weighted_Trade_Signals 2.1
2. Inputs: Indicator On/Off = true
3. Inputs: TradeBias = High to Low

Thanks
TimeFX

Hi TimeFX,

Yes, I'm using the TimeFX_Trend_Bias_and Weighted_Trade_Signals 2.1 and the inputs already correct.

I just turn on my pc, I will keep on watching the chart and keep you updated.

Thanks

I found that the the signal and histo is not refresh properly, I need to keep refresh the chart to get correct signal.

Attach 2 chart , after 15 seconds I refresh the chart. The histo is not the same.

I try to input refresh every 15 but it doesn't works too

TimeFx, Did you have the same problem?

Here is another chart

At your bottom chart, after refreshing this indicator works f. amazing, changes colour up to the bar.

Before Time comes and answers maybe you can answer: how much does this indicator lag? I haven't found yet description of this particular indi "High to Low".

I started re-read three Timefx's threads today, it will take me some time, so much interesting, impressive work here.

Really great work!!!

Hi Fred,

Please test the signal and histo indicator.

When there is trend changes, the signal and histo didnt changes. Only appear and chnages when i switch time frame.

Maybe something wrong with the refresh/recalculate code.

Bro - share the index of the CCI filter.
IN EXCHANGE.

Hello TimeFx, once again I want to thank you and acknowledge the amazing work you have done.

I'm just starting to read your three threads and it will definitely take me at least a few days if not more, there is a bunch of good stuff here. AMAZING!

I have one technical question at the moment - - above and below the price there are these boxes (highlighted in the picture) - as I understand them they are based on daily ADR?

What does their width depend on, is it only approximate or us there a deeper idea behind? I saw that sometimes the price reverses at the bottom and sometimes at the top of it. Standard deviation maybe?

The second question is also technical - the starting line of the day - according to what time is it? Are you using Australia time or maybe London GMT? It matters because our day candles will be different and in different places will fall highs and lows of the day. It is not a problem, but it is important to know because our charts will look different.

Hi cunxing, good to see the charts are working.

The High-Low is recalculating on each candle. When a new high or low is reached after looking back the number of bars on the indicator inputs it will draw the signal, you can see this is your first, the green circles indicator each new bar as the go higher, signaling a trend may change, however when there is a strong movement such as this, you have to wait for supporting signals for the change of direction.

If you refresh your chart it will recalculate on all bars and the signals will change as shown in your second chart

If you look at your second chart you will see at the top of chart the High-low signal, the High-low bar has changed to Red yet price is going up still.

My recommendation is trade when there are supporting signals after a High to Low change of direction and not on that signal alone.

In your first chart you had change of High to Low followed by a Green up 4 bars later, that would have been the signal to trade and possibly ride the price action up even if it was opposite to the High to Low signal.

There are no perfect indicators its a combination of tend direction and signals that may give an edge after hours of experience and wisdom watching charts.

The indicator has the option to refresh the chart so the High to Low would recalculate and provide signals as in your second chart as follows:

Refresh every xx Seconds of if "0" refresh on New Bar = 30 (Refresh every 30 seconds)
On Refresh calculate all Bars or Calculate New Bar only = true

I built these options in as I used to like the High to Low to refresh in price action like this, but over time I found it better to wait for a move like that to be over and trade down wen the signals line up.

Hope this helps

TimeFX

Could you provide a link to aplace where we can read more about this indicator? I would like to study how it works, this is something spocial (unless at times it repaints heavily, but this might not be a problem too if we are aware when).

Thank you again, your threads are ...just too much of everything good, I feel like a kid in a candy store

Hi Fred,

The boxes at the top and bottom of the chart are bases on sixths principle of dividing the chart in to sixths, sell from the top down towards the middle and but from the bottom towards the middle. If price action is in the middle of the chart you wait. Theses boxes are not linked to ADR and the width is determined by the number of bars you look back for the sixth calculation.

The daily line starts based on my brokers time I use IC Markets. I am 8 hrs ahead of London and 12hrs ahead of New York.

A principle to follow when using these indicators are:
1. Choose a time frame to trade and wait for price to reach the top or bottom of your chart
2. Wait for the tend bias direction to change and from the top of the chart price goes down and the bottom of the chart price goes up
3. The High to Low signal will change to show change of direction
4. Wait for a confirmation signal (from the indicators you set) in the trading zone box (sixths) confirming direction and buy or sell
5. Close your trade when you get an opposing signal in the middle of te chart or price reaches the top or bottom of the chart
5. Use Pivots, ADR and previous days High/Low as guide that price may change direction at those points

I trade what I see when I am at my trading desk, opening and closing trades based on price action and that moment in time. As I am based in Australia I can trade at any time of the day in any session and rarely leave trades to run. I look for 10 to 30 pips then I'm out.

My Principles are;
1. I use my Currency Strength Dashboard | Forex Factory to look for the strong 'vs' weak currency
2. As I have 4 monitors i then open my Currency Monitor Dashboard | Forex Factory dashboards for 2 currencies looking for opportunities to trade
3. I select 4 to 6 pairs to trade that day and focus on them (Best to focus on 6 pairs, I have found the focusing on 28 pairs is to much)
4. I have several charts/dashboards that I have not shared that I use to manage my trading on the 4 to 6 pairs I have selected for the day, I have shared my 6 chart correlation chart here; Trend Bias and Weighted Trade Signals Trading Tools | Forex Factory

I don't offer advice on taking positions as we all interrupt charts and price action differently and risk is different for as all.

I have been trading for a few years now and developed these indicators and dashboards to suit my style of trading, happy to share them and help use them but I wont give trading advice.

TimeFX

Fred,

The High to Low indicator is based on zig zag and fractals and is based on super-signals channel. No magic here, it does repaint or recalculate which is why I do not refresh my charts and only use as 1 of many signals when used together to determine the direction I will trade.

So, I follow my principles and only take trades when price action is at the top or bottom of the chart, trend bias confirms change of direction and support signals show up. All based on which currency is strong and which is weak,

TimeFX

Hi timefx,
I know you only created these indicators for manual trading only, but I found the histo to be the missing link in my ea-strategy. I've been trying to read buffers / objects within the histo-indicator, but haven't been able to... Can you give me a hint how I can read bias-up or down from the histo-indicator within an expert-advisor?
Thanks...

Best regards
Guus