New Alerts for Indicators - Juice, DMI, MomentumVT | Forex Factory

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Attachments: New Alerts for Indicators - Juice, DMI, MomentumVT
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New Alerts for Indicators - Juice, DMI, MomentumVT

  • #1
  • First Post: Oct 23, 2007 3:06am Oct 23, 2007 3:06am
I'm using a variation on the SuperNova system (see the Trading forum for details), and I was often waiting for indicators to line up, so I had a programmer add alerts, and am sharing them here. All great indicators!

The alerts for DMI and MomentumVT occur whenever the lines cross. The alert for Juice has a special 'proximity' value - the default value is 0.95, the the alert will occur when the green line is within 95% of the value of the orange horizontal line. This is useful if you want to be alerted early, before Juice is fully 'juiced' You can change the 'proximity' value to 1 and then the alert will only occur when the green line fully reaches the orange line.

Good Trading,
Jin
Attached File(s)
File Type: mq4 DMI alert.mq4   6 KB | 1,799 downloads
File Type: mq4 MomentumVT alert.mq4   2 KB | 1,392 downloads
File Type: mq4 Juice v1.2 alert.mq4   3 KB | 1,547 downloads
  • #2
  • Oct 23, 2007 8:30am Oct 23, 2007 8:30am
Can you post charts, and discuss which pairs you trade and the time frames you use with your system?

Thanks
  • #3
  • Oct 23, 2007 9:13am Oct 23, 2007 9:13am
Hi,

Thanks for your message. It's not really my system, it's mostly based on the great SuperNova system that Cryten posted here, you can see the charts and description at :

http://forexfactory.com/showthread.php?t=44216

I'm using 2 main variations : I added Juice as an additional filter - it prevents me from entering during ranging market, and works very well for that. And I'm using a Parabolic SAR for exits, this provides a nice form of trailing stop.

In the past my main problem was discipline, often entering too early, or taking profits too early... and I was still having that problem when I started using this system... but after doing a lot of manual backtesting using spreadsheets, I developed my own settings and have learned to trust them, so much that I've now turned off all prices on my charts, I can't even see my profit and loss so temptations are removed, I can just follow the signals and occasionally check the account balance in order to adjust the lot size and view the compounding pips

Rather than just post my own settings, I would suggest that people read the SuperNova system then do their own manual backtesting to figure out the best way to use it.

Jin.

ps. Right now I'm just trading GBP/JPY on 5m, but other people in the SuperNova thread are using other pairs and TF's...
  • #4
  • Oct 24, 2007 6:48am Oct 24, 2007 6:48am
Hi Jin,

could you explain more on Juice indicator? how to use that?


Quoting Jin
I'm using a variation on the SuperNova system (see the Trading forum for details), and I was often waiting for indicators to line up, so I had a programmer add alerts, and am sharing them here. All great indicators!

The alerts for DMI and MomentumVT occur whenever the lines cross. The alert for Juice has a special 'proximity' value - the default value is 0.95, the the alert will occur when the green line is within 95% of the value of the orange horizontal line. This is useful if you want to be alerted early, before Juice is fully 'juiced' You can change the 'proximity' value to 1 and then the alert will only occur when the green line fully reaches the orange line.

Good Trading,
Jin
  • #5
  • Oct 24, 2007 6:53am Oct 24, 2007 6:53am
Quoting Jin
I'm using a variation on the SuperNova system (see the Trading forum for details), and I was often waiting for indicators to line up, so I had a programmer add alerts, and am sharing them here. All great indicators!

The alerts for DMI and MomentumVT occur whenever the lines cross. The alert for Juice has a special 'proximity' value - the default value is 0.95, the the alert will occur when the green line is within 95% of the value of the orange horizontal line. This is useful if you want to be alerted early, before Juice is fully 'juiced' You can change the 'proximity' value to 1 and then the alert will only occur when the green line fully reaches the orange line.

Good Trading,
Jin
Jin, thank you for going through the time and expense to have these programmed and posting them here. Very generous of you.
  • #6
  • Last Post: Oct 24, 2007 7:53am Oct 24, 2007 7:53am
Quoting smjones
Jin, thank you for going through the time and expense to have these programmed and posting them here. Very generous of you.
Well, it's the least I could do... I have learned so much from all the knowledgeable people here (including yourself), and also I'm very thankful for all the people who provide indicators freely. In the past when I've needed changes to indicators I have asked on forums and generally somebody is willing to help for free, but this time I wanted it done quickly and exactly according to my requirements so I paid someone... but the resulting work is definitely for everyone to benefit.

Quoting RedA
Hi Jin,

could you explain more on Juice indicator? how to use that?
Juice attempts to indicate when the market is ranging or trending. Of course most systems work best in a trending market, so Juice looks at recent movements and tries to determine if there is significant price volatility in the most recent bars, indicating a non-ranging market. There are also other indicators which attempt to determine ranging/trending markets, for example Damiani Volatmeter, FlatTrend, Sidewinder, and the Standard Deviation that comes with MT4. Personally I find Juice to be the most useful and reliable. Of course sometimes it may be late, or just wrong, but generally it is a good filter to prevent you from entering a trade in ranging conditions.

See this image :

http://img508.imageshack.us/img508/4337/juiceeh1.gif

When the green Juice bar rises above the orange horizontal line, it indicates volatility in the market, i.e. the currency pair is not ranging. As you can see from the image, it is not perfect but it can be a good addition to your system to help prevent over-trading in ranging markets.

Good Trading,
Jin.
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