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PlanetX Indicator - can this indi be used for trading?

  • #361
  • Mar 10, 2022 5:30am Mar 10, 2022 5:30am
Quoting Brambilla
@ohitsyou, Hello , till now I can confirm the v7.0 has no charting issue and it seems stable, but just now, i've noticed in live chart this behavior and i'm not sure if it's a "problem" or it's a thing that "can happen" so it's okay : A marker plotted in Bar [1] disappearead after the closing of Bar [0],is it a thing that can happen ? Thank you
Since you are using Renko charts that use offline data and since I don't test Renko then it's hard for me to comment. Using normal charts I have not seen Bar[1] change. I thought we solved the problem of Bar[0], [1], [2] "repainting"...
  • #362
  • Mar 10, 2022 5:30am Mar 10, 2022 5:30am
It looks like v8.0 and latest update of OnChart are doing a good job on Renko, now, because I did not see any mess on starting MT4 and it's still fine 5 hours later.
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.ex4/.ex5 files can't be fixed or modified / I'm not a coder!
  • #363
  • Mar 10, 2022 5:32am Mar 10, 2022 5:32am
Quoting BestTraderEv
{quote} So, basically I've been entering in places where oscillators and indicators don't know shit, correct?
Okay, great. So we've spent all this time refining a new indicator for what reason? Have you now deserted us and joined the "indicators are useless" camp?
  • #364
  • Mar 10, 2022 5:41am Mar 10, 2022 5:41am
Quoting ohitsyou
{quote} Okay, great. So we've spent all this time refining a new indicator for what reason? Have you now deserted us and joined the "indicators are useless" camp?
I think we did a great job at refining the indicators! Yet, there is this thing that the best prices we can get without insider knowledge are mostly where indicators can't calculate that. If we had insider knowledge, we would have entered Short on my image exactly where the big, fat magenta circle is at the top. So, we need to understand what we see directly on the chart and filter the signals on our own. Do you think that the overall price action was bullish starting at the magenta circle resistance?
So, the good signals were the magenta markers and arrows after I had entered, right?
Now, how does the trader know which ones are the good ones? Or more likely ones?
Only by reading the chart!
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.ex4/.ex5 files can't be fixed or modified / I'm not a coder!
  • #365
  • Edited 6:07am Mar 10, 2022 5:48am | Edited 6:07am
Quoting BestTraderEv
{quote} I think we did a great job at refining the indicators! Yet, there is this thing that the best prices we can get without insider knowledge are mostly where indicators can't calculate that. If we had insider knowledge, we would have entered Short on my image exactly where the big, fat magenta circle is at the top. So, we need to understand what we see directly on the chart and filter the signals on our own. Do you think that the overall price action was bullish starting at the magenta circle resistance? {image}
No, of course not. And if I had peeked at higher time frames then I might only enter SELL trades during these market conditions. But I'm a rookie and I'm lazy, so what do I know. Plus I like to contribute to my broker's retirement fund...
  • #366
  • Mar 10, 2022 6:07am Mar 10, 2022 6:07am
Quoting BestTraderEv
{quote} I think we did a great job at refining the indicators! Yet, there is this thing that the best prices we can get without insider knowledge are mostly where indicators can't calculate that. If we had insider knowledge, we would have entered Short on my image exactly where the big, fat magenta circle is at the top. So, we need to understand what we see directly on the chart and filter the signals on our own. Do you think that the overall price action was bullish starting at the magenta circle resistance? So, the good signals were the magenta...
On a more serious note, is it fair to say that when the overall price action is bearish then you are more inclined to trust an oscillator's SELL signal? And this makes sense, right? When, if ever, would you trade against the overall price action? And, if so, what would you be looking for that would convince you it was worth the higher risk?

It's always a game of probabilities. With swing trading the local trends are relatively short -- like 3-8 bars -- so, you may succeed trading against the overall trend. But your probability of winning is less than if you were to trade in the direction of the overall trend.
  • #367
  • Mar 10, 2022 6:15am Mar 10, 2022 6:15am
Quoting ohitsyou
{quote} On a more serious note, is it fair to say that when the overall price action is bearish then you are more inclined to trust an oscillator's SELL signal? And this makes sense, right? When, if ever, would you trade against the overall price action? And, if so, what would you be looking for that would convince you it was worth the higher risk? It's always a game of probabilities. With swing trading the local trends are relatively short -- like 3-8 bars -- so, you may succeed trading against the overall trend. But your probability of winning...
Generally you are correct.
Now, please define overall trend !

If we look at my favorite DAX40, and we look at Y1 and MN1 charts, the overall trend is definitely bullish.
So what?
.ex4/.ex5 files can't be fixed or modified / I'm not a coder!
  • #368
  • Mar 10, 2022 6:27am Mar 10, 2022 6:27am
If we look at D1 and H4, the trend is bullish.
If we look at H1 to M15, the trend is bearish.
So what? What do you do with that?
.ex4/.ex5 files can't be fixed or modified / I'm not a coder!
  • #369
  • Mar 10, 2022 6:35am Mar 10, 2022 6:35am
If Wednesday's Daily Range was over 1000 pips all bullish, is the trend still bearish???
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  • #370
  • Mar 10, 2022 7:32am Mar 10, 2022 7:32am
Quoting ohitsyou
{quote} No, of course not. And if I had peeked at higher time frames then I might only enter SELL trades during these market conditions. But I'm a rookie and I'm lazy, so what do I know. Plus I like to contribute to my broker's retirement fund...
on that note, what if the "Planet onchart" gets MTF, so lets say you are trading the 15min chart, you can see the trend from the hourly chart on it.
  • #371
  • Edited 8:52am Mar 10, 2022 7:41am | Edited 8:52am
Quoting BestTraderEv
If we look at D1 and H4, the trend is bullish. If we look at H1 to M15, the trend is bearish. So what? What do you do with that?
when Daytrading the Trend is commonly defined by only 1 Timeframe, which then gets confirmed by another... once that happens you go to a lower Timeframe to trade this trend.

So you would want to usually look at 3Timeframes.

Example:

Daily Timeframe dictates the Trend, in our example: Short
1Hour Timeframe confirms the trend, current Trend bullish? Wait till trend gets bearish, Trend turns bearish.... ->
15Min Timeframe enter on Short signals

how do we determine the Trend? I think we have what we need in this thread
  • #372
  • Mar 10, 2022 9:19am Mar 10, 2022 9:19am
Quoting BestTraderEv
{quote} Generally you are correct. Now, please define overall trend ! If we look at my favorite DAX40, and we look at Y1 and MN1 charts, the overall trend is definitely bullish. So what?
Right -- how to define overall trend...

Quoting BestTraderEv
Do you think that the overall price action was bullish starting at the magenta circle resistance?
In my post above I was referring to the magenta circle and was a bit sloppy in substituting "trend" for "price action". It's my first mistake -- ever. And you can verify that with my wife...
  • #373
  • Mar 10, 2022 9:39am Mar 10, 2022 9:39am
Quoting FundedCoffee
{quote} when Daytrading the Trend is commonly defined by only 1 Timeframe, which then gets confirmed by another... once that happens you go to a lower Timeframe to trade this trend. So you would want to usually look at 3Timeframes. Example: Daily Timeframe dictates the Trend, in our example: Short 1Hour Timeframe confirms the trend, current Trend bullish? Wait till trend gets bearish, Trend turns bearish.... -> 15Min Timeframe enter on Short signals how do we determine the Trend? I think we have what we need in this thread
When Swing trading H1 my inclination would be to use H4 because there are 4 H1 bars embedded in an H4 bars. I think D1 is too big. If Swings are 3-8 bars then D1 could contain more than one swing and could be misleading. That is, when Swing trading I don't want the other time frames to differ from my current one by more than a multiple of, say, '4'. Does that make sense?

Just to be clear, that statement refers to Swing trading. If you're trading longer trends then the other time frames can extend further out than the current one.
  • #374
  • Mar 10, 2022 10:58am Mar 10, 2022 10:58am
Quoting ohitsyou
{quote} When Swing trading H1 my inclination would be to use H4 because there are 4 H1 bars embedded in an H4 bars. I think D1 is too big. If Swings are 3-8 bars then D1 could contain more than one swing and could be misleading. That is, when Swing trading I don't want the other time frames to differ from my current one by more than a multiple of, say, '4'. Does that make sense? Just to be clear, that statement refers to Swing trading. If you're trading longer trends then the other time frames can extend further out than the current one.
I don't get it why you guys want to be stuck on 2 or 3 timeframes? If you have 9 timeframes available by default, wouldn't it be reasonable to use all the higher timeframes from your transaction timeframe? We need to see and understand the whole market which we are trading, not just a piece of it. Even if I want to trade M1 or micro Renko, I still need some basis or foundation upon which I can make a decision.
.ex4/.ex5 files can't be fixed or modified / I'm not a coder!
  • #375
  • Mar 10, 2022 11:03am Mar 10, 2022 11:03am
It's, like someone once compared trading to hunting. If the hunter goes to unknown grounds, it's like wanting to shoot a polar bear in the Sahara Desert. Even if you go into an unknown forest, you might not get anything if you don't know what lives there, and you don't know the customs of the animal you are hunting for.
.ex4/.ex5 files can't be fixed or modified / I'm not a coder!
  • #376
  • Mar 10, 2022 12:26pm Mar 10, 2022 12:26pm
Quoting BestTraderEv
{quote} I don't get it why you guys want to be stuck on 2 or 3 timeframes? If you have 9 timeframes available by default, wouldn't it be reasonable to use all the higher timeframes from your transaction timeframe? We need to see and understand the whole market which we are trading, not just a piece of it. Even if I want to trade M1 or micro Renko, I still need some basis or foundation upon which I can make a decision.
Yes -- of course. Then please address my concern...

I'm swing trading on H1 where swings are approximately 3-8 bars. When I look to M1 there will be 60 bars spanning the most recent H1 period. Those 60 bars may display 10 or more "swings". I'm exaggerating -- to make a point and ruffle some feathers -- but I would claim that peeking at M1 to make a decision about H1 is pointless because M1 fluctuates too much within the H1 bar. That's not to say that peeking at other time frames may not reveal additional clues, just that there is a limit and that limit may depend on current market conditions and even your discretion.

How would you use that M1 data when attempting to decide whether to Enter / Exit the current H1 swing. How about a chart that includes the two?

PS: Regarding 9 time frames -- there is also the practical aspect. For example, I like trading 28 pairs and I don't like screen-staring.

PPS: If you were to ask me which has the higher priority when trading H1 swing: A BUY or a SELL when the D1 candle is bullish. I'd agree that a BUY would typically have a higher probability. But there might be other clues that convince me that a SELL for a few bars will also work.
  • #377
  • Mar 10, 2022 1:24pm Mar 10, 2022 1:24pm
Quoting ohitsyou
{quote} Since you are using Renko charts that use offline data and since I don't test Renko then it's hard for me to comment. Using normal charts I have not seen Bar[1] change. I thought we solved the problem of Bar[0], [1], [2] "repainting"...
Yes, now I remember, it was actually "fixed" with the condition of refreshing the indicator on every new bar,by the way it happens sometimes so it's acceptable.
I would also kindly ask if you could gently modify a thing in the buffers :
As I am willing to test strategies on EA, i would need that the buffers of the transiton - Markers have values different from 0 when they are activated, they can have whatever value for example 1.0 but it need to be different from 0 in order to detect it for the EA i'm using to test strategies .
Thank you very much.
  • #378
  • Edited 1:51pm Mar 10, 2022 1:38pm | Edited 1:51pm
Quoting BestTraderEv
{quote} I don't get it why you guys want to be stuck on 2 or 3 timeframes? If you have 9 timeframes available by default, wouldn't it be reasonable to use all the higher timeframes from your transaction timeframe? We need to see and understand the whole market which we are trading, not just a piece of it. Even if I want to trade M1 or micro Renko, I still need some basis or foundation upon which I can make a decision.
Alright so then keep getting stuck at


"If we look at D1 and H4, the trend is bullish.
If we look at H1 to M15, the trend is bearish.
So what? What do you do with that?"

While I trade without hesitation and confusion.

The more you add to your trading the more confusion you get.

If you are actually interested to learn how to trade, you can message me and I invite you in my private group I mentor.

Take it from someone that has been trading for 7Years and is trading fulltime for soon 4Years with an FTMO funded account and an Ultra Capital Funded account.

My main Trading is one indices though, I dont trade much Forex, thats why I am testing things out with building my own system. Indices I trade without any indicators very successfully

guess how many timeframes I use for my Trading..... 3

1min,5min and 15min Timeframe.

on Tradingview you have even more Timeframes as default, how great is that? You can add now even more timeframes to get a "broader picture" by the time you finally understood what direction you want to trade the trading day is over. Everyone can confirm that I am not talking out of my bum.

You are certainly not a bigger in terms of coding but even a blind person can tell you are rather new to Trading. So dont try to teach a field that you have no knowledge of and stay humble.
  • #379
  • Mar 10, 2022 2:14pm Mar 10, 2022 2:14pm
Quoting Brambilla
{quote} Yes, now I remember, it was actually "fixed" with the condition of refreshing the indicator on every new bar,by the way it happens sometimes so it's acceptable. I would also kindly ask if you could gently modify a thing in the buffers : As I am willing to test strategies on EA, i would need that the buffers of the transiton - Markers have values different from 0 when they are activated, they can have whatever value for example 1.0 but it need to be different from 0 in order to detect it for the EA i'm using to test strategies . Thank you...
Below pertains to my OIY-PlanetX-Line-v7.0 indicator. If you are using one of the PlanetAwesome indicators then you would need to check with @BestTraderEv.

The Transition-Markers have to have a value of '0' in order to be drawn along the '0'-line. If I used '1' and '-1' then they would appear above and below the '0' line.

However, there is another thing you might try -- and that is to test if the bar is bullish or bearish. For a bullish bar the Open price is < the Close price, and vice-versa for a bearish bar. So, knowing where the transitions occur and whether the bar is bullish or bearish would give you the BUY and SELL alerts.

And, @Brambilla, I'll let you in on a secret if you promise not to tell anyone. Check-out BufId[13] that is labeled 'n/a'. Its values range from -1, -2, 1, 2. Here is their meaning:

1 -- Bullish trend
2 -- Transition Up
-1 -- Bearish trend
-2 -- Transition Down
  • #380
  • Mar 10, 2022 2:24pm Mar 10, 2022 2:24pm
Quoting FundedCoffee
{quote} Alright so then keep getting stuck at "If we look at D1 and H4, the trend is bullish. If we look at H1 to M15, the trend is bearish. So what? What do you do with that?" While I trade without hesitation and confusion. The more you add to your trading the more confusion you get. If you are actually interested to learn how to trade, you can message me and I invite you in my private group I mentor. Take it from someone that has been trading for 7Years and is trading fulltime for soon 4Years with an FTMO funded account and an Ultra Capital Funded...
Sir -- as one who excels at and enjoys rattling chains I think you and @BestTraderEv have a lot more in common than you realize -- and that's from reading between the lines. In addition to trading, @BestTraderEv is a master coder -- which comes in handy, right. And though you excel at trading he is definitely no slouch -- just different. Rather than locking horns you guys should lock arms and become the next Dynamic Duo -- who's Batman and who's Robin doesn't matter...

By the way -- I trade with a buddy who is a brilliant man and master trader -- but doesn't code. I'm the opposite, but can code. Together we scale mountains...
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