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PlanetX Indicator - can this indi be used for trading?

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  • Post #461
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  • Mar 12, 2022 6:55pm Mar 12, 2022 6:55pm
  •  ohitsyou
  • | Additional Username | Joined Jan 2022 | 464 Posts
Quoting BestTraderEv
Disliked
{quote} Yes, I did, and I saw your indicator on the chart, and I noticed it wasn't good. I also checked the BW system I posted, and I saw that again, the patterns taken out of context mean nothing, and are often too late. So, I thought that those patterns are relatively easy and only 3, so it's not a big deal to learn them and apply when the chart context is right. The Saucer patterns are useful as trend continuation signals, like a wave that is intesifying. The Cross patterns are basically where your markers are. The Twin Peaks patterns are basically...
Ignored
Quoting BestTraderEv
Disliked
Too much information on one chart is just as bad as too little. One must find a perfect balance.
Ignored
Yes -- exactly!! And when I become king of the world then I'll decide what is too much and too little...
 
 
  • Post #462
  • Quote
  • Edited 7:22pm Mar 12, 2022 7:00pm | Edited 7:22pm
  •  ohitsyou
  • | Additional Username | Joined Jan 2022 | 464 Posts
Quoting BestTraderEv
Disliked
{quote} {image}
Ignored
Holy smokes -- that is one heck of a bullish bar. But PlanetAwesome's EARLY alerts would have advised going short -- unless I'm reading it wrong...

And the blue arrow at the bottom on that huge, bullish bar would have also resulted in a loss because it was drawn at the CLOSE of that candle -- so, the earliest BUY Entry would have been at the Open of the next candle. But then the trend heads downward. I'm not saying that's what you would have done, just that is what stands out to me. And since you didn't highlight what you wanted me to focus on with that chart then the huge green bar is what stood out to me.

PS: Or maybe your intent was to show that the MACD lines sometimes do a nice job of smoothing-out PlanetX's sometimes overly-responsive behavior??
 
 
  • Post #463
  • Quote
  • Edited 6:47am Mar 13, 2022 6:29am | Edited 6:47am
  •  BestTraderEv
  • Joined Mar 2022 | Status: Member | 1,355 Posts
Quoting ohitsyou
Disliked
{quote} Holy smokes -- that is one heck of a bullish bar. But PlanetAwesome's EARLY alerts would have advised going short -- unless I'm reading it wrong... And the blue arrow at the bottom on that huge, bullish bar would have also resulted in a loss because it was drawn at the CLOSE of that candle -- so, the earliest BUY Entry would have been at the Open of the next candle. But then the trend heads downward. I'm not saying that's what you would have done, just that is what stands out to me. And since you didn't highlight what you wanted me to focus...
Ignored
1. My basic intention was to show you the MACD averages, and how they add information to our hybrid oscillator. Notice the averages crosses and relate them to the chart, itself.

2. I never thought of going short because of:
a. local trend,
b. PA on Asia - Frankfurt - London,
c. ADR's,
d. Support levels - again, look left, always look left - follow the line.

The early alerts don't advise - they just point to a potential possibility.
You guys seem to be missing what I am trying to tell you.
It is not the oscillators which lead to the decision - it is the chart!

In reality I didn't take a Long trade, but I took a Short trade later on.
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  • Post #464
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  • Edited 8:27am Mar 13, 2022 7:55am | Edited 8:27am
  •  ohitsyou
  • | Additional Username | Joined Jan 2022 | 464 Posts
Quoting BestTraderEv
Disliked
{quote} 1. My basic intention was to show you the MACD averages, and how they add information to our hybrid oscillator. Notice the averages crosses and relate them to the chart, itself. 2. I never thought of going short because of: a. local trend, b. PA on Asia - Frankfurt - London, c. ADR's, d. Support levels - again, look left, always look left - follow the line. The early alerts don't advise - they just point to a potential possibility. You guys seem to be missing what I am trying to tell you. It is not the oscillators which lead to the decision...
Ignored
Quoting BestTraderEv
Disliked
{quote} 1. My basic intention was to show you the MACD averages, and how they add information to our hybrid oscillator.
Ignored
Thanks for clearing that up. Because of the "friendly" exchange with @joycometh I was under the impression you didn't think there was value in the SuperMACD indicator he had posted.

Regarding your points -- no doubt I / we may be missing some points. Look it -- we exchange a few brief sentences from time-to-time and it is not fair to expect those will capture and communicate years of trading experience in a post or two. I get the flavor of some of your points -- local trend, London session, ADR. I understand support levels, but I don't use them. And early alerts I absolutely do get and love them -- as **alerts**. Though I suspect there will be some who think they are intended to be used as trading signals.

And as for "it is the chart!", well you kind of lose me. I mean I know how MT4 works, I know what tick data is and how it is accumulated into candles. I understand the how and why of bar formation. And, yes, I trade a chart. But I'm not one of those guys who claims to be able to trade a naked chart. Just as candles arrange ticks in a more visually appealing format, indicators arrange candles in a more visually appealing format. I don't grasp the value of making the distinction between charts and indicators unless your point is that traders need to pay attention to detail -- which we've discussed before and which I agree 100%.

Or, maybe you mean that traders should take into account all clues -- not just alerts or signals from a single indicator?
 
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  • Post #465
  • Quote
  • Edited 10:44am Mar 13, 2022 10:26am | Edited 10:44am
  •  BestTraderEv
  • Joined Mar 2022 | Status: Member | 1,355 Posts
Quoting ohitsyou
Disliked
{quote} {quote} Thanks for clearing that up. Because of the "friendly" exchange with @joycometh I was under the impression you didn't think there was value in the SuperMACD indicator he had posted. Regarding your points -- no doubt I / we may be missing some points. Look it -- we exchange a few brief sentences from time-to-time and it is not fair to expect those will capture and communicate years of trading experience in a post or two. I get the flavor of some of your points -- local trend, London session, ADR. I understand support levels, but I...
Ignored
The chart is a direct representation of Supply/Demand. No matter which timeframe, or if it is a default timeframe, or another one. There are only two states of the chart/market:
1. Trending,
2. Consolidating (range or sideways).
Now, the clue is to understand the underlying mechanism of price movement, iow, why is the price trending, and why is the price ranging. I hope that it is a totally basic thing to learn how sideways range looks on the chart and how trending looks on the chart? If a trader does not understand these elements, this trader is blind, he is looking at alien to them patterns on the chart.
The price is trending, or moving up, or down because there is a relatively large imbalance between buyers and sellers. The bigger the imbalance, the bigger the movement. Thus, the price moves because there is not enough liquidity.
The price is ranging because there is liquidity, there are buyers and sellers in the given range.
Of course, it is all relative - the point is to find your market (range) - a range is your market, your pip-mine.

Your calculations of your PlanetX oscillator, just like any other calculations of any other indicator, are based on the data which is already contained in the chart - they don't come from any independent source. So, the chart "knows" everything before you calculate it. No indicator using chart data can ever "know" anything faster than the chart.
All the clues are on the chart in the patterns or Price Action.
Now, my usage "chart patterns" and "Price Action" might not be the same as the conventional patterns and PA described in various books. It is more of an average conclusion, result of studying those theories and personal experience of tens of thousands of hours spent on looking at those charts.

So, first take the Supply/Demand patterns, iow. the trending or sideways concept.
Look for signals on the oscillators.
Look for confirmation patterns on the chart.
Look for the best entry price, ie. where SL and TP give RR > 1.

There is no other secret to profitable trading!
RR must be > 1 - nothing else matters, it is pure maths.

If you trade by risk as a percentage of your balance or equity, then it doesn't matter how many pips the price will change in reality, because you can never really know that, unless you have insider info.
All that matters is that you have made more profit than your risk was.

The hybrid that we have created, here is a very good, and sufficient tool in combination with the skill of reading the chart itself.

PS. As for the deal with @joycometh, well I got a PM from him, the type I really don't like. It's like, give them your finger, and they want your whole hand. I just told him that if he wanted my free support in coding, he should start his own public thread, and I would see if I were interested or not. The indicator for which he provided the mq4 file, well, I think you can see that it was hacked from the ex4 file. Though it says it is free to use, but not for sale, I doubt that the author gave permission to hack it. You understand, I hope?
Putting indicator on indicator, on indicator, on indicator will not make one a better trader.
The only value I see in any indicator is if it can help me get my win/lose ratio better.
 
2
  • Post #466
  • Quote
  • Mar 13, 2022 1:42pm Mar 13, 2022 1:42pm
  •  ohitsyou
  • | Additional Username | Joined Jan 2022 | 464 Posts
Quoting BestTraderEv
Disliked
{quote} The chart is a direct representation of Supply/Demand. No matter which timeframe, or if it is a default timeframe, or another one. There are only two states of the chart/market: 1. Trending, 2. Consolidating (range or sideways). Now, the clue is to understand the underlying mechanism of price movement, iow, why is the price trending, and why is the price ranging. I hope that it is a totally basic thing to learn how sideways range looks on the chart and how trending looks on the chart? If a trader does not understand these elements, this...
Ignored
Wow, wow, wow -- years of trading insight in a single post -- thank you, @BestTraderEv. I'm going to work on this.

Regarding @joycometh -- I wasn't aware of the PM, but now I understand better.

As for the hacked indicator -- yeah, I saw it was decompiled. I browsed the source and saw the two calls to iMACD() -- that was all that interested me.
 
1
  • Post #467
  • Quote
  • Mar 13, 2022 2:06pm Mar 13, 2022 2:06pm
  •  arteks
  • | Joined Apr 2011 | Status: Member | 118 Posts
Of course, any indicator can be used for trading. But if you want to be successful, this is a second question and a completely different topic.
 
 
  • Post #468
  • Quote
  • Mar 13, 2022 3:57pm Mar 13, 2022 3:57pm
  •  ohitsyou
  • | Additional Username | Joined Jan 2022 | 464 Posts
Quoting arteks
Disliked
Of course, any indicator can be used for trading. But if you want to be successful, this is a second question and a completely different topic.
Ignored
What's your point? Did anyone here claim PlanetX is the only indicator? Stating that any indicator can be used is like stating the sky is blue -- so? Of course a successful trader requires more than an indicator -- that's why it is called DISCRETIONARY trading. An indicator is a tool -- it doesn't trade on it's own. And like any tool it is only as good as the craftsman holding it.
 
2
  • Post #469
  • Quote
  • Mar 13, 2022 8:23pm Mar 13, 2022 8:23pm
  •  joycometh
  • | Joined Feb 2017 | Status: Member | 116 Posts
Quoting BestTraderEv
Disliked
{quote} The chart is a direct representation of Supply/Demand. No matter which timeframe, or if it is a default timeframe, or another one. There are only two states of the chart/market: 1. Trending, 2. Consolidating (range or sideways). Now, the clue is to understand the underlying mechanism of price movement, iow, why is the price trending, and why is the price ranging. I hope that it is a totally basic thing to learn how sideways range looks on the chart and how trending looks on the chart? If a trader does not understand these elements, this...
Ignored
hello BesttraderEv, you are a blessing to us all with your coding skills. we really appreaciate you. please can you help me code together two indicators like the way planetx and awesome are done. This is personal favour. i should have ask this on the planetx thread but i do not want to divert focus hence i chose to PM you i will be most oblige if you do this for me.
thanks

this is my PM to besttraderev. and i don think this out of place
 
 
  • Post #470
  • Quote
  • Mar 13, 2022 8:26pm Mar 13, 2022 8:26pm
  •  joycometh
  • | Joined Feb 2017 | Status: Member | 116 Posts
Quoting joycometh
Disliked
{quote}hello BesttraderEv, you are a blessing to us all with your coding skills. we really appreaciate you. please can you help me code together two indicators like the way planetx and awesome are done. This is personal favour. i should have ask this on the planetx thread but i do not want to divert focus hence i chose to PM you i will be most oblige if you do this for me. thanks this is my PM to besttraderev. and i don think this out of place
Ignored
If you want private help, it will cost you money.
If you want voluntary work,please start your own public thread here, on FF, and I will look into it.

and here is his response
 
 
  • Post #471
  • Quote
  • Mar 13, 2022 8:50pm Mar 13, 2022 8:50pm
  •  joycometh
  • | Joined Feb 2017 | Status: Member | 116 Posts
Quoting BestTraderEv
Disliked
{quote} The chart is a direct representation of Supply/Demand. No matter which timeframe, or if it is a default timeframe, or another one. There are only two states of the chart/market: 1. Trending, 2. Consolidating (range or sideways). Now, the clue is to understand the underlying mechanism of price movement, iow, why is the price trending, and why is the price ranging. I hope that it is a totally basic thing to learn how sideways range looks on the chart and how trending looks on the chart? If a trader does not understand these elements, this...
Ignored
After this , I am out of here, but before I leave let make some clarification this dude is saucy you dont come to a public forum and talk carelessly i totally disagree with your newbie approach what move the market is more than your chart patterns and you cant call other Traders BLIND because they are not interested in looking at your stupid chart patterns. i will advice you to do some study on STRENGH AND WEAKNESS with pa.
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  • Post #472
  • Quote
  • Mar 13, 2022 9:36pm Mar 13, 2022 9:36pm
  •  ohitsyou
  • | Additional Username | Joined Jan 2022 | 464 Posts
Quoting joycometh
Disliked
{quote} After this , I am out of here, but before I leave let make some clarification this dude is saucy you dont come to a public forum and talk carelessly i totally disagree with your newbie approach what move the market is more than your chart patterns and you cant call other Traders BLIND because they are not interested in looking at your stupid chart patterns. i will advice you to do some study on STRENGH AND WEAKNESS with pa. {image}
Ignored
@joycometh -- even though your post was directed to @BestTraderEv I feel compelled to respond -- since it is my thread.

You've both made contributions that have enhanced my knowledge -- so, I am indebted to both of you. There is also @BestTraderEv's software contributions which are unprecedented here at FF. Once he entered the scene then this thread took off -- he corrected my errors and added improvements.

Look it -- this format of exchanging a few sentences in a post to describe something as complex and deep as trading is a perfect recipe for miscommunication. I've lived with a woman for over 30 years and you think we don't have misunderstandings?

Sorry to see you go. Best of luck with your trading and thanks for sharing your indicators...
 
 
  • Post #473
  • Quote
  • Mar 13, 2022 9:42pm Mar 13, 2022 9:42pm
  •  RoyPK
  • | Joined Apr 2010 | Status: Member | 166 Posts
Quoting BestTraderEv
Disliked
UPDATE! In PlanetAwesome-Oscilator-MTF-v3.0.ex4 there are some input parameters which in fact don't serve any good purpose: 1. The inputs "Period", "Bands Mutiplier", and "Momentum period" have no effect, because OIY-PlanetX-Hist does not provide access to these parameters. 2. The MTF function basically works, however it is rather useless because OIY-PlanetX-Hist hard limits the number of candles, and thus we can not get the required data to calculate the oscillator from a higher timeframe. I have decided to let PlanetAwesome-Oscilator-MTF-v3.0.ex4...
Ignored
Hi BestTraderEV,

I am successfully using your PlanetAwesome-Oscillator V4 ex4. Could you please give an option in the inputs of the indicator to hide the vertical dotted line. Some time it obstructs to view the candles wicks and the size of the histogram bars. Thanks for all your indicators and my thanks are also due to the thread starter "oitsyou".
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  • Post #474
  • Quote
  • Edited Mar 14, 2022 3:08am Mar 13, 2022 9:54pm | Edited Mar 14, 2022 3:08am
  •  ohitsyou
  • | Additional Username | Joined Jan 2022 | 464 Posts
Quoting RoyPK
Disliked
{quote} Hi BestTraderEV, I am successfully using your PlanetAwesome-Oscillator V4 ex4. Could you please give an option in the inputs of the indicator to hide the vertical dotted line. Some time it obstructs to view the candles wicks and the size of the histogram bars. Thanks for all your indicators and my thanks are also due to the thread starter "oitsyou".{image}
Ignored
I would advise against doing that for a couple of reasons -- however, since it is @BestTraderEv's indicator then he gets to make the final call...

1. Everybody and their brother wants options customized for their personal use. There is no end to the number of options that can be added and then the indi becomes unwieldy.

2. That vertical line marks Bar[1] -- for real-time trading that is where your current signal is displayed. Even though signals are displayed on Bar[1] your Entries occur on Bar[0] (at which time the trend may have reversed). Most traders don't appreciate the difference between Bar[0] and Bar[1]. The vertical line serves as a visual clue to "keep your eye on the ball", especially when swing trading and every bar counts.
 
1
  • Post #475
  • Quote
  • Edited 3:11am Mar 14, 2022 2:54am | Edited 3:11am
  •  BestTraderEv
  • Joined Mar 2022 | Status: Member | 1,355 Posts
Quoting ohitsyou
Disliked
{quote} I would advise against doing that for a couple of reasons -- however, since it is @BestTraderEv's indicator then he gets to make the final call... 1. Everybody and their brother wants options customized for their personal use. There is no end to the number of options that can be added and then the indi becomes unwieldy. 2. That vertical line marks Bar[1] -- for real-time trading that is where your current signal is displayed. Even though signals are displayed on Bar[1] your Entries occur on Bar[0] (at which time the trend may have reversed)...
Ignored
And I like the vertical line, brings back memories, when I was learning MQL4 and struggled to make exactly this line! It was my first MQL4 project.
 
1
  • Post #476
  • Quote
  • Mar 14, 2022 3:15am Mar 14, 2022 3:15am
  •  BestTraderEv
  • Joined Mar 2022 | Status: Member | 1,355 Posts
Quoting RoyPK
Disliked
{quote} Hi BestTraderEV, I am successfully using your PlanetAwesome-Oscillator V4 ex4. Could you please give an option in the inputs of the indicator to hide the vertical dotted line. Some time it obstructs to view the candles wicks and the size of the histogram bars. Thanks for all your indicators and my thanks are also due to the thread starter "oitsyou".{image}
Ignored
Update!

Added PlotVLineOnBar1 "true/false" field.

Attached File(s)
File Type: ex4 PlanetAwesome-Oscilator-v5.2.ex4   24 KB | 162 downloads
 
2
  • Post #477
  • Quote
  • Mar 14, 2022 3:18am Mar 14, 2022 3:18am
  •  BestTraderEv
  • Joined Mar 2022 | Status: Member | 1,355 Posts
I took an overnight Long trade. Why? Because the oscillators were right and chart patterns confirmed them.
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  • Post #478
  • Quote
  • Mar 14, 2022 3:24am Mar 14, 2022 3:24am
  •  ohitsyou
  • | Additional Username | Joined Jan 2022 | 464 Posts
Quoting BestTraderEv
Disliked
{quote} Update! Added PlotVLineOnBar1 "true/false" field. {file}
Ignored
Excellent -- thanks. I've updated post #1.
 
1
  • Post #479
  • Quote
  • Mar 14, 2022 11:09am Mar 14, 2022 11:09am
  •  kasrafx
  • | Joined Aug 2014 | Status: Member | 475 Posts
Quoting BestTraderEv
Disliked
I took an overnight Long trade. Why? Because the oscillators were right and chart patterns confirmed them. {image}
Ignored
Hello BestTrader, Thanks for sharing the indicators. May I Know the name of these indicators shown below?


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  • Post #480
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  • Mar 14, 2022 11:14am Mar 14, 2022 11:14am
  •  Ttxiii
  • | Joined Dec 2021 | Status: Member | 21 Posts
Quoting kasrafx
Disliked
{quote} Hello BestTrader, Thanks for sharing the indicators. May I Know the name of these indicators shown below? {image}
Ignored
If i am right the arrows are callen Zwinner (andrea) it repaints
 
 
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