No Brainer Trades

Quoting pmurfin

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Ok FINALLY here it is my multi-timeframe S/R Zone Indicator !

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How it works

1. S/R levels are calculated using Fractals - you can define how many bars are required to make up a fractal via the input parameters FractalBars. Fractals are calculated in 4 timeframes, 15 Min, 60 Min, 240 Min and 1 Day. If the chart is running on a timeframe higher than one or more of the Fractal timeframes, Fractals are not calculated on the chart for that Fractal timeframe, e.g. if you are running the chart on a 1 Hour timeframe then 15 Min Fractals are not calculated.

1. Once the S/R levels are calculated separate support and resistance counters are maintained for the level (as a Fractal can be both Support and Resistance).

1. The support counter for a Fractal is updated by the value you enter in the Battered input parameter each time it is touched from above and updated by the amount you enter in the Breached parameter each time is it crossed from above. NOTE a Breach occurs when a bar in the chart timeframe crosses the support level.

1. Similarly, The Resistance counter for a Fractal is updated by the value you enter in the Battered input parameter each time it is touched from below and updated by the amount you enter in the Breached parameter each time is it crossed from below.

1. Once a Support counter reaches the input parameter value BBLimit the Fractal levels ceases to be a valid Support level, similarly once a Resistance counter reaches BBLimit is ceases to be a valid Resistance level. This allows you define how S/R levels breakdown as they are breached and battered over time - as BRV originally said the more a level is hit the less likely it is to hold in the future.

1. Often you may have a number of S/R levels from different timeframes clustered together, the input parameter ClusterWidth allows you to define what is 'close', so if you feel 10 pips is close enough to be considered in the same zone set the ClusterWidth and the fractal levels will be grouped together into a single S/R zone.

What is Drawn

On start up, the expert advisor looks back for all previous fractals in the 4 timeframes and calculates the S/R levels, these are shown on the chart. Blue is support, Red is Resistance. Only the immediate Support/Resistance each side of the opening price of a bar are shown since these are of most interest during the life of the bar.

On the first tick of a new bar in the chart timeframe, current S/R levels are updated where they have been Battered and or Breached and they may no longer valid (if the BBLimit has been reached). Then the next S/R levels either side of the opening price of the bar are drawn. This gives you the local S/R levels (zones) in real-time. When you see a big block or Red or Blue this is a zone made up of a number of S/R levels.

The last input parameter DrawFractalLines allows you to draw the underlying S/R levels that are being used to calculated the S/R zones. It can be useful to see them all - certainly as you get used to the look and feel of things.

To Install

Put the code in the Expert Advisor directory and then drag it onto your chart from the navigation area. It takes a minute or two to start up as it has to do a lot of calculation when it starts up ...

All feedback appreciated ... especially that regarding the best parameters to use for given pairs. I am going off to play with an AutoTrader now!


Best

Paul

p.s I have also written anauto trader based on this and it has made over 100 pips today!

Attachment

Ignored

Quoting giraia_br

Disliked

Ignored

Quoting pmurfin

Disliked

Ok FINALLY here it is my multi-timeframe S/R Zone Indicator !

Attachment


How it works

1. S/R levels are calculated using Fractals - you can define how many bars are required to make up a fractal via the input parameters FractalBars. Fractals are calculated in 4 timeframes, 15 Min, 60 Min, 240 Min and 1 Day. If the chart is running on a timeframe higher than one or more of the Fractal timeframes, Fractals are not calculated on the chart for that Fractal timeframe, e.g. if you are running the chart on a 1 Hour timeframe then 15 Min Fractals are not calculated.

1. Once the S/R levels are calculated separate support and resistance counters are maintained for the level (as a Fractal can be both Support and Resistance).

1. The support counter for a Fractal is updated by the value you enter in the Battered input parameter each time it is touched from above and updated by the amount you enter in the Breached parameter each time is it crossed from above. NOTE a Breach occurs when a bar in the chart timeframe crosses the support level.

1. Similarly, The Resistance counter for a Fractal is updated by the value you enter in the Battered input parameter each time it is touched from below and updated by the amount you enter in the Breached parameter each time is it crossed from below.

1. Once a Support counter reaches the input parameter value BBLimit the Fractal levels ceases to be a valid Support level, similarly once a Resistance counter reaches BBLimit is ceases to be a valid Resistance level. This allows you define how S/R levels breakdown as they are breached and battered over time - as BRV originally said the more a level is hit the less likely it is to hold in the future.

1. Often you may have a number of S/R levels from different timeframes clustered together, the input parameter ClusterWidth allows you to define what is 'close', so if you feel 10 pips is close enough to be considered in the same zone set the ClusterWidth and the fractal levels will be grouped together into a single S/R zone.

What is Drawn

On start up, the expert advisor looks back for all previous fractals in the 4 timeframes and calculates the S/R levels, these are shown on the chart. Blue is support, Red is Resistance. Only the immediate Support/Resistance each side of the opening price of a bar are shown since these are of most interest during the life of the bar.

On the first tick of a new bar in the chart timeframe, current S/R levels are updated where they have been Battered and or Breached and they may no longer valid (if the BBLimit has been reached). Then the next S/R levels either side of the opening price of the bar are drawn. This gives you the local S/R levels (zones) in real-time. When you see a big block or Red or Blue this is a zone made up of a number of S/R levels.

The last input parameter DrawFractalLines allows you to draw the underlying S/R levels that are being used to calculated the S/R zones. It can be useful to see them all - certainly as you get used to the look and feel of things.

To Install

Put the code in the Expert Advisor directory and then drag it onto your chart from the navigation area. It takes a minute or two to start up as it has to do a lot of calculation when it starts up ...

All feedback appreciated ... especially that regarding the best parameters to use for given pairs. I am going off to play with an AutoTrader now!


Best

Paul

p.s I have also written anauto trader based on this and it has made over 100 pips today!

Attachment

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Quoting 4Xfactor

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Hello BRV,

I tried to subscribe to your blog via e-mail but I don't think anything happened. You may need to check that functionality.

Regards,

Update: I think the feedblitz server might be playing up. I'll try again later.

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Quoting Willowgal

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The GBP/USD looks like a possible short entry to me - at a previous Support level 1.8500 now - should become resistance (?) and also at the 38.2% retracement level of the down trend.

I am sure this is NOT a 'no brainer' but FEEDBACK appreciated.

Thanks.

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Quoting Willowgal

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Not a great start I'm afraid ... it crashed my MT4 - here is the error message:


There has been a critical error
Time : 2008.09.24 20:43
Program : Client Terminal
Version : 4.00 (build: 211, 27 Feb 2008)
Owner : Alpari (UK) Ltd. (MetaTrader - Alpari UK)
OS : Windows Professional 6.0 (Build 6000)
Processors : 1, type 586, level 15
Memory : 1964096/896704 kb
Exception : C0000005
Address : 0045FC8B
Access Type : read
Access Addr : B138D45A

Registers : EAX=02285CB8 CS=001b EIP=0045FC8B EFLGS=00010202
: EBX=00000264 SS=0023 ESP=0382FF0C EBP=0382FF44
: ECX=B138D456 DS=0023 ESI=0045E32C FS=003b
: EDX=0000005D ES=0023 EDI=0228D8F8 GS=0000

Stack Trace : 00453D73 76BA63DE 76803833 7773A9BD
: 00000000 00000000 00000000 00000000
: 00000000 00000000 00000000 00000000
: 00000000 00000000 00000000 00000000
Modules :
1 : 00270000 00018000 C:\Windows\system32\eNetHook.dll

It means nothing to me but I thought you might like to have a look ?

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Quoting manistra

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CNN breaking news

Mc Cain suspended pres. campaign on fin. crisis. asks Obama to do same. Bush to address nation later evening
clever political move from McCain I wonder how Obama will react.

In same time Fed chairman urges lawmakers to act quickly, warning inaction could propel economy into deeper downturn. But he offers no indication Fed officials are poised to lower interest rates anytime soon. Treasury's Paulson says rescue plan is best way to help economy.

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Quoting manistra

Disliked

In same time Fed chairman urges lawmakers to act quickly, warning inaction could propel economy into deeper downturn. But he offers no indication Fed officials are poised to lower interest rates anytime soon. Treasury's Paulson says rescue plan is best way to help economy.

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Quoting BillyRayValentine

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Yeah if price drops deep enough look for a pullback and touch up to the level. GBP's been consolidated using the 1.8483 level as support for 2 days now, which finally looks as though it might break. 1.8266, about, is the next big line of support for a fade.

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Quoting Willowgal

Disliked

Thanks BRV,

I have actually got in the trade before your post... out of interest where would you place your stop ? I went short at 1.8487

Thanks.

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Quoting BillyRayValentine

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Sort of a "sloshy" area up here so I wouldnt want to get stopped out too early, but maybe just a standard 40 or so - you have a decent profit target lower here just make sure your risk:reward isnt skewed. On a breakdown it should be good for quite a few pips.

I dont normally trade breakouts too often because price commonly busts through a level and comes right back up again if its a sloshy are like this. If its a "hard" level, and everything is very clear cut (priced used it like 3 times and all 3 hit pretty much to the same pip), you can anticipate a lot of buy or sell stops above or below the levels. Those are usually better.

A case like this though that wouldnt be the case, so its a matter of just going for it. If you see decent profit dont let it turn red, my best advice.

In general its been very difficult to trade the past couple days because of the consolidation; but volatility is just around the corner. Calm before the storm.

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Quoting Willowgal

Disliked

Ok - thanks, I will take your advice and guarantee a small profit.... and wait till the 'storm' arrives :-)

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Quoting BillyRayValentine

Disliked

There are 2 here:

The first is the fractal dimension index, the second is the choppiness index - these 2 work better than others Ive seen in terms of looking at breakouts as easily as possible.

These measure volatility, not price truning points (though they can if you get a very low reading - but shouldnt be looked at in that way)

High readings mean consolidation. Lower is volatility. When you get a high reading its time to buy volatility, etc...

Just another guide. Something to play with.

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Quoting pmurfin

Disliked

good god ... it means nothing much to me either ! Looks like a memory allocation error - don't know what to say I've been running it for days without any problems ... the only thing I can think of is that it was built under vrsion 218 of metatrader and you are running 211 (which is quite old) ... but I would hate to say upgrade as I am using a different broker (ibfx) and you may have even bigger issues if you do ....

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Quoting robgsxr

Disliked

Whoops thought I had done something wrong. Had the same problem using the alpari uk platform. Had to uninstall and download new platform from their site.

Not so bad I am up and running again and reloading my various custom indicators and EA's but not sure about trying this indicator again just yet. If anyone knows how to get over this would appreciate your posting so I can retry on a different demo platform.

Rob

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Quoting pipeye

Disliked

Interesting setup on the eur/usd -- support at the 38.2 and neckline of Inverted Head and Shoulders. Price projection up to 1.50. Just some food for thought.

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Quoting pipeye

Disliked

Interesting setup on the eur/usd -- support at the 38.2 and neckline of Inverted Head and Shoulders. Price projection up to 1.50. Just some food for thought.

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