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Indicator for identifying ranging condition

  • #41
  • Edited 6:43pm Jul 7, 2021 6:23pm | Edited 6:43pm
Quoting simnz
{quote} riskfighter and geester, I am a discretionary trader. Never use any indicator or moving average to forecast future. I make decisions based on information provided by Price Action (pips size, minimum and maximum sizes, and distance) and Time Action (Hot hours, minimum and maximum bar sizes or time in minutes) indicators. My whole focus is on observing the chart and identifying the momentum building up and cooling down. I mentally use a checklist of 1. No trade based on dull hours manually noted by me. Information indicator could be size of...
Hmmm - you do not use any indicator. What are you doing here? This thread is about an indicator!!!! Discretionary trading is not a subject here.

I appreciate your method, it is most interesting. But your method is different and you are about to make a turn on this thread that is not feasibile.

Please find a more conviniant place to develop your strategy.
MetaTrader 4 - so many advantages.
  • #43
  • Jul 8, 2021 2:58am Jul 8, 2021 2:58am
To the people who find this thread interesting.

I had an idea for an indicator which I think is good. I made the indicator and I think it is finished. I want to share it and I want to share the code. But it is not my intention to develop it further into any flagship. You can have the idea and the tool and continue developing in any direction that you want.

It is now much more interesting to develop a strategy where the indicator can be an important part. I want you guys to discuss that in this forum. Let us show everybody how we use it for profitable trading.

3 things are most important right now.

  1. The indicator tells you when a trend is starting - not the direction of the new trend. How do we know the direction of that trend. There are many ways, but what is the best way? What do YOU think?
  2. The indicator often keep indicating a strong trend even if the trend is changing direction. What is the best way to be warned of a trend direction change?
  3. The indicator has the ability to find the changing point (When Dark green change to Light green), but often it is temporary and later it change colour back to Dark green again and the trend continues. This indicate a pull back and continuation. Any ideas to squeeze the maximum profit out of it?

Good answers to those question which might need a further development of the indicator will have my attention.

MetaTrader 4 - so many advantages.
  • #44
  • Jul 8, 2021 7:16am Jul 8, 2021 7:16am
Quoting RiskFighter
The indicator tells you when a trend is starting - not the direction of the new trend.
Hi,
TDI Pro is good for direction https://www.forexfactory.com/thread/...y-with-tdi-pro
Or Super-Trend-NRP or some others ....
Thanks a lot for sharing
jf
  • #45
  • Jul 8, 2021 8:32am Jul 8, 2021 8:32am
Quoting le celte
{quote} Hi, TDI Pro is good for direction https://www.forexfactory.com/thread/...y-with-tdi-pro Or Super-Trend-NRP or some others .... Thanks a lot for sharing jf
Thank you.
MetaTrader 4 - so many advantages.
  • #46
  • Jul 8, 2021 8:43am Jul 8, 2021 8:43am
Thanks for this indicator, works well.
is there a chance that we have mt5 version soon?
  • #47
  • Jul 8, 2021 10:11am Jul 8, 2021 10:11am
Quoting le celte
{quote} Hi, TDI Pro is good for direction https://www.forexfactory.com/thread/...y-with-tdi-pro Or Super-Trend-NRP or some others .... Thanks a lot for sharing jf
That TDI is a little money machine - appearrently. Thank you for the link.
MetaTrader 4 - so many advantages.
  • #48
  • Jul 8, 2021 10:15am Jul 8, 2021 10:15am
Quoting Green9696
Thanks for this indicator, works well. is there a chance that we have mt5 version soon?
I am not a MT5 person. I like simplicity which you find in MT4. MT5 does have a lot of nice functionallity, but with MT4 i can programe a strategy normally within an hour or two.
MetaTrader 4 - so many advantages.
  • #49
  • Jul 9, 2021 3:53am Jul 9, 2021 3:53am
Hi Friends
I have trend focus indicator with default 30 Period. I need default 55 Periods. Can me anyone help ?



Best Regards
Attached Image
  • #50
  • Jul 9, 2021 7:13am Jul 9, 2021 7:13am
Quoting kartal1903
Hi Friends I have trend focus indicator with default 30 Period. I need default 55 Periods. Can me anyone help ? Best Regards {image}
There are 100's of trend indicators. But the problem in trading allways is how to identify ranging, because that is what kills our strategies. So don't pollute this thread with trending indicators, go somewhere else!

If anybody have a range identification indicator - please come forward.
MetaTrader 4 - so many advantages.
  • #51
  • Jul 9, 2021 7:42am Jul 9, 2021 7:42am
"Any ideas to squeeze the maximum profit out of it?"

Hi Riskfighter

First congrats on such a wonderful product - It looks very promising and hope it will bring you success.

I have a couple of ideas on making an EA of it, hope you will give consideration. With your inputs and of others here, maybe a good product might come out of the effort:-

My ideas are based on using the Bollinger Band:

Q.1 "How do we know the direction of that trend."

Entry rules. Entry will be when the Histogram is confirmed green

There will be two instances when the HG is green. Either:

a) Candle closes are in between the upper and lower bands or
b) Candle closes are either above / below Bollinger Band

So entry rules will be:

a) HG turns green, while Candle closes are in between the upper and lower bands

i) If HG is green, and candle crosses above BB, enter BUY
(ii) If HG is green, and candle crosses below BB, enter SELL

b) HG turns green, Candle closes are either above / below Bollinger Band

i) HG is confirmed green, candle close is above BB, enter BUY
i) HG is confirmed green, candle close is below BB, enter SELL

Q.2 "The indicator often keep indicating a strong trend even if the trend is changing direction. What is the best way to be warned of a trend direction change?"

Exit rules:

Among many qualities of the Bollinger band, it also maps out the path of prices

Therefore, it is safe to take it that if price is below the BB, we cannot have any Buy trade. And if prices are above the BB, we cannot have any SELL trades

BUY Exit

a) Candle closes below lower band, Exit BUY trade
b) Candle closes above upper band, Exit SELL trade

"Q.3 The indicator has the ability to find the changing point (When Dark green change to Light green), but often it is temporary and later it change colour back to Dark green again and the trend continues. This indicate a pull back and continuation. Any ideas to squeeze the maximum profit out of it?"

(i) What if ,in BUY trade, candle closes below BB, we close trade, then prices revert and continue upwards while HG is still green?

(ii) What if ,in SELL trade, candle closes above BB, we close trade, then prices revert and continue downwards while HG is still green?

(i) We can have an extra separate BUY trade with the rules that -

No Buy trade, and HG is green, candle crosses above lower band of BB, open BUY trade

(ii) We can have an extra separate SELL trade with the rules that -

No SELL trade, and HG is green, candle crosses below upper band of BB, open SELL trade

Exit will be same as the first trades

A separate Stop Loss can be determined later with usage/testing but for now I would take the exits as Stop Losses

Thanks and I hope you will find this helpful, and maybe we can come up with a working product
It's hard. Can be painful. But I love this world, this Forex world.....
  • #52
  • Jul 9, 2021 7:49am Jul 9, 2021 7:49am
Quoting zomba4rex
"Any ideas to squeeze the maximum profit out of it?" Hi Riskfighter First congrats on such a wonderful product - It looks very promising and hope it will bring you success. I have a couple of ideas on making an EA of it, hope you will give consideration. With your inputs and of others here, maybe a good product might come out of the effort:- My ideas are based on using the Bollinger Band: Q.1 "How do we know the direction of that trend." Entry rules. Entry will be when the Histogram is confirmed green There will be two instances when the HG is green....
WOW. Finally a person want to make a difference. I never used Bollinger bands myself, so I cannot judge your suggestions. But I will surely try a short manual test and if it turns out to work for me, then I can programme a robot.

The indicator I made here is good as to start up the trade. What you are providing here is how to execute and finish the trade. Let's work on it.
MetaTrader 4 - so many advantages.
  • #53
  • Jul 9, 2021 7:54am Jul 9, 2021 7:54am
Quoting zomba4rex
"Any ideas to squeeze the maximum profit out of it?" Hi Riskfighter First congrats on such a wonderful product - It looks very promising and hope it will bring you success. I have a couple of ideas on making an EA of it, hope you will give consideration. With your inputs and of others here, maybe a good product might come out of the effort:- My ideas are based on using the Bollinger Band: Q.1 "How do we know the direction of that trend." Entry rules. Entry will be when the Histogram is confirmed green There will be two instances when the HG is green....
Any suggestion of Timeframe? I guess not too small. For manual trading I like the 4 hour - so easy, but for the robot a test will decide the best TF.
MetaTrader 4 - so many advantages.
  • #54
  • Jul 9, 2021 8:25am Jul 9, 2021 8:25am
Quoting RiskFighter
{quote} Any suggestion of Timeframe? I guess not too small. For manual trading I like the 4 hour - so easy, but for the robot a test will decide the best TF.
Thanks Riskfighter

Am glad you took it positively

I think any TF above 30 mins will work (subject to testing)

Right now I am stationed in a place where I cannot access/download MetaTrader - and I am having doubts as to the workings of Q3 and so not sure how that will pan out. Maybe with tests we can improve on it later on?

Thanks so much
It's hard. Can be painful. But I love this world, this Forex world.....
  • #55
  • Jul 9, 2021 8:28am Jul 9, 2021 8:28am
Quoting zomba4rex
"Any ideas to squeeze the maximum profit out of it?" Hi Riskfighter First congrats on such a wonderful product - It looks very promising and hope it will bring you success. I have a couple of ideas on making an EA of it, hope you will give consideration. With your inputs and of others here, maybe a good product might come out of the effort:- My ideas are based on using the Bollinger Band: Q.1 "How do we know the direction of that trend." Entry rules. Entry will be when the Histogram is confirmed green There will be two instances when the HG is green....
Your post was very explaining which I needed as a rookie in BB. Thank you for that.
I have now tried to grab the essense in a short set of rules. Please check to see if they are correct.


Entry rules.
Entry will be when the Histogram is confirmed green.

HG is confirmed green, candle close is above BB, enter BUY
HG is confirmed green, candle close is below BB, enter SELL

Candle crosses above lower band of BB, open BUY trade
Candle crosses below upper band of BB, open SELL trade

Exit rules.
Among many qualities of the Bollinger band, it also maps out the path of prices. Therefore, it is safe to take it that if price is below the BB, we cannot have any Buy trade. And if prices are above the BB, we cannot have any SELL trades

a) Candle closes below lower band, Exit BUY trade
b) Candle closes above upper band, Exit SELL trade

Stop Loss.
A separate Stop Loss can be determined later with usage/testing but for now I would take the exits as Stop Losses
MetaTrader 4 - so many advantages.
  • #56
  • Jul 9, 2021 9:02am Jul 9, 2021 9:02am
Entry rules.
Entry will be when the Histogram is confirmed green.

HG is confirmed green, candle close is above BB, enter BUY

This is one BUY trigger. What if HG is confirmed green while candle close is still between the upper and lower bands?

So there should be a separate BUY trade that is triggered when "candle crosses upper band, HG is green".

These are two different BUY triggers. But only one will be opened depending on the market conditions

Same for SELL

****************************************************

Candle crosses above lower band of BB, open BUY trade - not sure about the efficacy of these trades for now. They might result in losses
Candle crosses below upper band of BB, open SELL trade - not sure about the efficacy of these trades for now. They might result in losses (sorry am not on MT4 to be able to study better)

Thanks
It's hard. Can be painful. But I love this world, this Forex world.....
  • #57
  • Jul 9, 2021 9:15am Jul 9, 2021 9:15am
Quoting RiskFighter
{quote} Well, I add it as usual to the directory of indicators. No problem at my end. Did you remember to refresh?? Right click on the heading "Indicators" and click on refresh. Anybody else having a problem??
RiskFighter, thanks for the good work you are doing for us by way of sharing knowledge and the free indicator. I deeply appreciate this.
  • #58
  • Jul 9, 2021 12:13pm Jul 9, 2021 12:13pm
Quoting zomba4rex
Entry rules. Entry will be when the Histogram is confirmed green. HG is confirmed green, candle close is above BB, enter BUY This is one BUY trigger. What if HG is confirmed green while candle close is still between the upper and lower bands? So there should be a separate BUY trade that is triggered when "candle crosses upper band, HG is green". These are two different BUY triggers. But only one will be opened depending on the market conditions Same for SELL **************************************************** Candle crosses above lower band of...
In both cases the candle closes above the Band. Wether it comes from below or it was allready there - it closes above the band. So it is the same BUY signal: HG is confirmed green, candle close is above BB, enter BUY
MetaTrader 4 - so many advantages.
  • #59
  • Jul 10, 2021 1:21am Jul 10, 2021 1:21am
Quoting zomba4rex
{quote} Thanks Riskfighter Am glad you took it positively I think any TF above 30 mins will work (subject to testing) Right now I am stationed in a place where I cannot access/download MetaTrader - and I am having doubts as to the workings of Q3 and so not sure how that will pan out. Maybe with tests we can improve on it later on? Thanks so much
Oh, I didn't see this post. Yes, I will do some forward test on your idea. Then we can take it up later when I am wiser.
MetaTrader 4 - so many advantages.
  • #60
  • Edited 8:07pm Jul 10, 2021 7:57pm | Edited 8:07pm
Wanted to give an example of use. A popular strategy is to buy when the price cross a moving average. I never used that strategy because that if the conditions go ranging around that moving average, then it is an account killer. And you never know. How many times would you let the price pass the MA back and forth before you finally discover, that this is a ranging situation??

Well here is the solution. It does not remove all bad trades - but I think a lot. The cure: Don't trade the cross over when the indicator is red.

See this chart. Only made for a showcase. I don't trade the strategy. MA is 200EMA. And look how nice the pips are when the indicator is green. YES - this is cherry picked to show one possible use.
Attached Image (click to enlarge)
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MetaTrader 4 - so many advantages.
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