Disliked{quote} Circled_Square_v1.01 - udpated line drawing, so lines can end closer to the chart edges instead of multiples of circle diameter - less objects {image} {file}Ignored
I am developing an indicator for the elderly, retirees, and pensioners, mostly not technology savvy and risk-averse to trade both futures and options using MT4 or MT5 brokers who have started offering the instruments for the trading of indices and commodities. As they are hooked up with the exchange-traded products, transparency is there. Big listed brokers are finding it a very lucrative business rather than earn a bad name by manipulating spreads and trading against the traders.
This is good news for traders. In these times of hardships, housewives and retirees are looking for passive income by putting in minimum time for reading and analyzing the market and trade on MT4 in a relaxed way.
I call it common sense trading requiring no reading of news, no analysis of events, except to markdown news events by way of vertical times on a daily basis to see how the bidding veers around those events and how just in a day prices can go up, down and remain flat. And whether the trades want to take part in volatile trading or keep away from it. Any sort of prediction through technical indicators (information indicators welcome) is avoided.
Focus is on practising demo on the chart: read the chart and let your brain make the decision without using any technical indicators as crutches. In due course of time - 1-year minimum - a trader easily becomes a momentum trader.
All technical indicators that come with the platform software are deleted and never looked at to keep the mind clutter-free. A maximum of 6 customised indicators will be used.
Your indicators
(a) High Volatility will be used for the Big picture road map and study an opportunity to Buy Call (bullish view) or Buy Put (bearish view) options.
(b) Boxes from Open for viewing Swing Trading range.
(c) CPR pivot indicator for day trading road map. Mql of an existing indicator attached as a model of Box_bar visual.
(d) Volume indicator to know if the market has become hot or over-extended or is dull.
(picture attached) .
Ie) If you can code an ADR (not ATR) with Fibo scale on Box open way, that will complete the tools for the elderly.
I have set up two threads for this purpose:
(a) On options, demystifying and showing how easy it is to trade by buying options (totally No and No to Selling Options) like you are trading in a spot market and with the risk totally capped sparing them from going through psychological pain.
(b) On futures, how to build a portfolio of assets to keep drawdown low and maximize profits.
For both, the entry triggers have to be unconventional as well.
Whenever you have time, can you please code
1. Boxes from Open to reflect the intensity of ADR (single bar box)
2. Road map CPR or Central Pivot Range indicator to identify key price points. Model is Boxes_from_open but be a single Bar Box like the pivot indicator (whose mql is attached)
3. Volume meter as per the picture. The format is from the attached exe file indicator. Four bars (moving like shown in the picture is not necessary if you think so) showing Buy, Average Buy of current TF compared with any current or today's lower or higher TF (to be selected by the user) or any lower or higher TF, Sell and Average Sell and a threshold levels to act as support and resistance levels.
Preferably, with a facility to generate a CSV spreadsheet that links frequency of volumes with Open, Close hours, or similar active hours (to be defined by the user) and help fill in the average threshold levels determined by the spreadsheet probability study for inputting volume meter.
Thank you in advance.
Attached File(s)
Practice makes a person perfect
1