PlanetX Indicator - can this indi be used for trading?

I've decided to share my PlanetX indicator. Though it is my own invention and is not a modification of any other indicator, we programmers stand on the shoulders of giants -- people like @Nih98, @SwingMan, @hanover and, of course, @mladen.

The title is posed as a question -- but it is a rhetorical one -- i.e. doesn't really require an answer. For those who aren't sure, the obvious answer is "Yes"...

I use the PlanetX indicator for discretionary, swing-trading of 28 forex pairs. My preferred time frame is H1, though the indicator works on any standard MT4 time frame from M1 through D1. The indicator is easy to use and is very accurate at detecting swing trends. I've used it standalone or combined with another indicator for confirmation purposes.

The indicator does not repaint, though Bar[0] (the current, active bar) does recalculate. This is expected for indicators that use Close price for calculations.

How to interpret the markings:
* blue bars reflect a bullish trend
* purple bars reflect a bearish trend
* the height of the bars reflect price's momentum
* the red and white circles mark transitions between bullish and bearish trends

How to trade:
* open / close trades at transitions
* open trades during a trend and close at the next transition
* open trades when momentum rises, close trades when momentum declines

I do not wish to spend a lot of time with this thread, so if you post a comment and it goes unresponded-to then don't take it personally.

Since I'm sharing then I would expect anyone who finds this indicator useful to get with the spirit of things and do the same -- and that includes posting comments, advice, observations and thoughtful questions. What I am particularly interested in are other indicators that work well with PlanetX. If it appears that FF is dominated by timid souls who only take and never share then I will likely lose interest and bin the thread.

Though I encourage posting comments and questions, I do have a few requests:
* if you encounter a bug please let me know and I will fix it
* do not ask for source code
* do not ask for alerts
* do not ask for an EA
* do not ask newbie questions that you could answer yourself with a few minutes of Googling -- if you weren't so lazy (or clueless)

In addition to accurately detecting swing trends, the PlanetX indicator does a nice job of ignoring "head-fakes" or "false-positives" that handicap other indicators. The indicator excels at swing trading -- combining accuracy and responsiveness, without being overly responsive and falling for "head-fakes". In swing-tranding we are only trading a few bars -- e.g. 3-8 bars. In fact, if you trade H1 and get the direction correct then a trade that lasts only a couple of bars can yield a nice haul of Pips. And if you configure your environment for trading 28 pairs then you are really cooking...

Below is an example chart with the PlanetX indicator -- in future posts I will share additional examples. In the upper chart I've attached Heiken Ashi and Donchian Channel indicators, and the lower chart is PlanetX. The vertical, yellow lines mark bullish / bearish transitions detected by PlanetX. Transitions are a good place to enter trades. You can exit trades at the next, opposite transition. But I normally don't wait that long. As soon as I see the height of Bar[0] (the current bar) is less than Bar[1] (the previous bar) then I interpret that as momentum has exhausted and I'll close the trade. The trend may continue a bit longer, but it's okay to leave a few Pips on the table.



Latest versions:




All versions:



Latest version of @BestTraderEv's software (thank you, sir):

PlanetX indicator combined with DSS Bressert (for confirmation)...

The image below shows the "OnChart" version of the PlanetX indicator. In the upper chart I've attached the "OnChart" version of PlanetX (the red/white line) and Donchian Channel. In the lower chart I've attached the "Histogram" version of PlanetX and DSS Bressert.

ohitsyou...Thanks for the indi and posts .. will report back after trying out your indi with a few that i like...

Alright mate, looks great.

Whats a swing trade?

M.

Good question -- so, you know there are different styles of trading and different strategies lend themselves better or worse to these different trading styles. Here is how I view the landscape -- and this is by no means carved in stone. You can add and subtract from my list:

* super trend-following -- you hold a trade for many bars. Requires balls of steel because you are likely to experience significant DD before the ship rights itself. But the rewards can be big.

* trend trading -- look for major trends of, say, 10 - 20 bars. False positives are your biggest nemesis.

* swing trading -- you're in a trade for only a few bars, typically 3-8. There aren't really "false positives". False positives in trend trading are "swings" in swing trading.

* reversal trading -- we know this one well -- "targets, targets, targets"

* scalping -- your entry and exit may occur within the same bar (depending on time frame)

* ??? other styles that I missed

Just as in real-life, everything is a trade-off. Each style has its pros and cons, and may be more or less suitable to your schedule and your personal makeup. I've always liked reversal trading, but there is this element of the unknown that I was never comfortable with. Swing trading is sort of a compromise -- your profits may not be as big as reversal trading, but you can trade what you see, now. PlanetX is a good indicator for swing trading because (a) it accurately detects the local trend, and (b) isn't overly responsive and often ignores false positives.

Another reason why I like swing trading is because I have better control over DD. And when you trade prop firm accounts then mitigating DD is most important -- even more important than the signals generated by your favorite indicator.

Another thing I forgot to add -- a lot depends on how the market is behaving -- i.e. trending, choppy, ranging... Swing trading may not be optimal for a particular market behavior, but I feel it is a good compromise. I don't need to apply different strategies for different market conditions. I trade 28 pairs and can almost always find from 1-5 decent swing setups during the London session.

PS: Clarification... I trade H1 during a 4 hour period that begins two hours before the London Open and lasts two hours after the London Open. During that time, at each H1 interval, I can find 1-5 setups.

[quote = ohitsyou; 13916713] Hình ảnh bên dưới cho thấy phiên bản "OnChart" của chỉ báo PlanetX. Trong biểu đồ phía trên, tôi đã đính kèm phiên bản "OnChart" của PlanetX (đường màu đỏ / trắng) và Kênh Donchian. Trong biểu đồ bên dưới, tôi đã đính kèm phiên bản "Biểu đồ" của PlanetX và DSS Bressert. {image} [/ quote]
xin chào ohits, bạn có thể chia sẻ các mẫu của bạn với tôi, cảm ơn bạn.

Anhkklun -- how about posting in English. You asked whether I would share my samples with you. I just have...

For those who like tick volume, check-out how closely the FxVolumes indicator aligns with PlanetX...

The image below shows how well PlanetX aligns with the "jurik smooth ribbon - zones" indicator. If you look closely you'll see that PlanetX would get you into a trade 1 or 2 bars sooner. Also, when using PlanetX you should pay attention to the height of the bars. As soon as the height of the bar begins to decrease then that is your clue that momentum has exhausted and it's time to exit the trade.

Thanks mate, great reply.

Can you show your chart and explain where it repaints?

So although it’s useless it’s good to see where.

Thanks

Ahh, ionone …. A commercial seller. Go figure, trying out ohitsyou’s indicator.
Wonders never cease to amaze….

put the indi in the strategy tester and watch the last three bars. you will see them changing.
only the last bar should change in a non repainting indi

[quote = ohitsyou; 13916888] Đối với những người thích lượng đánh dấu, hãy xem chỉ báo FxVolumes phù hợp với PlanetX như thế nào ... {image} {file} [/ quote]
I need three indicators like this picture , sorry my english is bad , thank you

Nope -- doesn't repaint. You claim the same thing with @mladen's indicators because they are better than yours. There is a difference between repainting and recalculating. Bullish versus Bearish bars do not repaint. The height of a bar may change due to the chart rescaling when the midline changes to ensure the histogram remains centered. Also, it is inane to claim the last 3 bars repaint -- how could that occur? If an indicator were to repaint the repainting would run the length of all bars on the chart.

@ionone -- thanks for confirming the PlanetX indicator is amazing. Unfortunately, I don't have the patience for people like you. Thanks for your service and adios amigo...

I've already attached some of the indicators and I've given the names of the others. They are readily available with minimal searching. I have neither the time nor desire to hold someone's hand. This has nothing to do with language -- you are lazy and that is a fatal trait for an aspiring trader...

@anhkklun -- you've been a member for 7 years with 34 posts. All 34 posts -- everyone of them -- asks to share a file or asks for help.

Looks promising, let's chek it out on live

I can't download it (