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Snake Indicator

  • #1
  • First Post: Jan 16, 2008 4:37am Jan 16, 2008 4:37am
Recently I've found a indicator, called snake. Since I don't know how profitable it will be but it does look good. As I started to test it on demo, I've tried 5min time frame scalping method to get 10 pips (Stop L 20) but ofcourse it's not the good money management so I got DD about 700USDs in one day . But I find these signals very accurate on longer time frame like 1H or 4H. It doesn't give you alot of fake signals but if I'm patient I can get 100pips easily. Any comments, please welcome.

P.S. It's not an EA, it's just an indicator which signals when to enter and when to exit.
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File Type: zip snakefx_en.zip   72 KB | 8,998 downloads
  • #2
  • Jan 16, 2008 4:52am Jan 16, 2008 4:52am
this indicator repaints so forget about it... It looks good when looking in the past but wont give you the magic signal you see in real time.

Also, this is in the wrong section. Should be in Metatrader i guess...
  • #3
  • Jan 16, 2008 5:43am Jan 16, 2008 5:43am
As a rule of thumb if an indicator looks fantastic and finds all the winning trades you can bet that it re paints.
I like many others have spent the weekend in the BMW showroom only to be disappointed on Monday morning.

Mart
----o00o--°(_)°--o00o----
  • #4
  • Jan 16, 2008 5:48am Jan 16, 2008 5:48am
lol I dunno why people then create such a thing, so if it's just a waste of time why they create it in the first place? Hmmmm wondering...
  • #5
  • Jan 16, 2008 5:54am Jan 16, 2008 5:54am
It look good I'll try it with Chart 1H
  • #6
  • Jan 16, 2008 6:16am Jan 16, 2008 6:16am
Quoting Mr.Money
It look good I'll try it with Chart 1H
are you deaf? I mean blind.

Repainting indicators look good on any timeframe lol
  • #7
  • Jan 16, 2008 4:47pm Jan 16, 2008 4:47pm
Quoting Togu
lol I dunno why people then create such a thing, so if it's just a waste of time why they create it in the first place? Hmmmm wondering...
Many time, this kind of indicator are part of system that can be purchased.

The idea is to show a nice screenshot with fake trade and the perfect indicator. Once sold, well you will still see the nice trade on your chart but you will allways be late ^^
  • #8
  • Jan 16, 2008 4:55pm Jan 16, 2008 4:55pm
Is it only the last bar that repaints?
  • #9
  • Jan 18, 2008 10:45am Jan 18, 2008 10:45am
Quoting melpheos
this indicator repaints so forget about it... It looks good when looking in the past but wont give you the magic signal you see in real time.

Also, this is in the wrong section. Should be in Metatrader i guess...
This is a trading system, not a metatrader section post. If you look at the system, it is not an overall good system. Lags too much.
  • #10
  • Edited 11:53am Jan 18, 2008 10:50am | Edited 11:53am
Quoting melpheos
Many time, this kind of indicator are part of system that can be purchased.

The idea is to show a nice screenshot with fake trade and the perfect indicator. Once sold, well you will still see the nice trade on your chart but you will allways be late ^^
Please do not tell traders that they will always be late...it may not be the best to trade with but your statement is incorrect. One can make slight profit from it if traded.
  • #11
  • Jan 18, 2008 10:52am Jan 18, 2008 10:52am
Regarding repainting indicators and their usefullness. I use Lsma indicator with great success in real time and it does repaint if you look back on a chart to do back testing. Yet in real time its very accurate.

My thinking is now when you know its repainting its not good to do backtesting on yet it might still be very useful trading in real time with it.
  • #12
  • Jan 18, 2008 4:02pm Jan 18, 2008 4:02pm
Quoting WHTenn
I like the Lsma indictor a lot. Thanks for sharing this.

Where to find lsma indicator? thanks
  • #13
  • Jan 18, 2008 6:35pm Jan 18, 2008 6:35pm
Dollie, the Lsma only repaints for the current candle until it closes, right?
  • #14
  • Jan 18, 2008 10:37pm Jan 18, 2008 10:37pm
Ok, definition of repainting:

The value of something (histrogram, MA, etc.) changes AFTER it closes.
  • #15
  • Jan 20, 2008 4:58am Jan 20, 2008 4:58am
Paris,

To find information on FF it is great to use the SEARCH feature at the top of the page, just enter the topic, indicator name etc, that you are looking for and it will take you to different treads with that topic in them. You can then read different ways people/systems are using something. It has helped me out many times and I have learned alot by using it. The LSMA indicator can be found via this method.
  • #16
  • Jan 20, 2008 8:44pm Jan 20, 2008 8:44pm
Heey thanks alot! Now I know some truth behind the re-paint. So basically there are two type of person, one who is taking an advantage of re-painting and one who can't take an advantage... correct? If it's used correctly, it can be profitable.
  • #17
  • Jan 21, 2008 1:11am Jan 21, 2008 1:11am
I think for 99.9% of the people out there, repainting indicators are worthless my friend.
  • #18
  • Jan 21, 2008 3:10am Jan 21, 2008 3:10am
snake: the higher the timeframe, the more reliable. in 4H interesting in 1 min nonsense.
/ ... clarifying decisions ... /
  • #19
  • Jan 21, 2008 3:34am Jan 21, 2008 3:34am
Quoting Togu
Heey thanks alot! Now I know some truth behind the re-paint. So basically there are two type of person, one who is taking an advantage of re-painting and one who can't take an advantage... correct? If it's used correctly, it can be profitable.
Think people are confused as to what a repainting indicator is.

100% of indicators "repaint" on the current bar while it forms.

Real repainting indicatos repaint the signals on the entire chart after the fact which means if you made some money you were lucky and you are trading a flipping coin.
  • #20
  • Jan 21, 2008 6:18am Jan 21, 2008 6:18am
Do you have some Statment of your trades using this indicator?

Best Regards,

Marcelo Marques
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