Need an EA

The chart below shows the EUR/JPY and the GBP/JPY, together.

Basically...

if one pair makes a lower low and the other does not, you buy the one that does not.

if one pair makes a higher high and the other does not, you sell the one that does not.

Does anyone have the source code to Neutral Hedge Overlay v4 attached ?

Nice indicator i found....

EURUSD 5M

LONG
- Blue up candle
- RSI(8) > 55

SHORT
- Red down candle
- RSI(8) < 45

TP and SL upto your own trading style.

looks like an EA would be nice to test out the profitability

i think this indicator need T3MA.ex4 to work. can u upload that file as well ? Thnx

File attached is the source code.

Any other moving average will do the same thing. Neither work in a consolidating market. As always it goes to operator experience.

New version.

Ofcourse it need operator intervention, like all systems. I have tested it for 3 weeks so far, if a reverse candle appears next then close out for small loss, if not then take 50-100 pip profit which occurs.

Only use on 8.00am - 4.00pm GMT, never on a Friday.

Enjoy.

This is nothing new, Forexlion and also the first THV version use this indicator.

Like Rabid mentioned, there is no success if it isn't operated by a good trader which know about other additional technics. If you only trade that signal you blow your account faster than you think.

To get this indi as a system you will need some filters.

Here an EA, try it and you will see what I (and rabit) mean.

i never said only trade by that indicator, i mentioned, the RSI and time filters. Also, you need to be careful around pending news statements.

combined it seems to work if you take into account all the above.

any system work with a good trader. It's always "trade with discretion" that will work all the time

i think the color is wrong. It shows Up is red down is blue.

tokyomaster can u include sound alert for the indicator ?

Thnx.

i think TP 50 with SL at recent swing high/low is quite good. Also, close at opposite signal if it didnt hit TP or SL. Will test this next week.

All the arrows on your chart are placed when the xpma is yellow. You have no way of knowing if it's gonna be blue or red until following candle closes.

Updated version with correct up/down colours.

just wait for a new candle to appear and trade that direction, there is alerts based on the following:

LONG
- Blue up candle
- RSI > 55

SHORT
- Red down candle
- RSI < 45

if you look at the bars on the up/down arrows, 8 out of 10 times, the candle high is at least 50 pips higher or lower than open price, meaning profit. if you get a reverse candle on next bar then trade out for small loss.

Better still, if your un happy about the arrows, then just wait for the line to turn blue or red. BUT makesure the RSI is > 55 or < 45 before placing a trade.

Last week i managed to get + 1634 pips overall on a 5M chart. I havent tested it on other pairs apart from EURUSD.

Happy pipping.

I must say, of all the indicators I've downloaded this is one of the best written. I like the way all the constants are set up at the top-- very easy to modify.

For instance, if you don't like the shape of the arrows just change:
int UpArrowCode = 233;
int DownArrowCode = 234;
color UpArrowColor = Blue;
color DownArrowColor = Red;
int UpArrowSize = 3;
int DownArrowSize = 3;

It seems this is many MA's in one.
In reference to the input parameter, MA_type:

MODE_SMA 0 Simple moving average,
MODE_EMA 1 Exponential moving average,
MODE_SMMA 2 Smoothed moving average,
MODE_LWMA 3 Linear weighted moving average.
MODE_DEMA 4 Double Exponential Moving Average.
MODE_TEMA 5 Triple Exponential Moving Average.
MODE_T3MA 6 T3 Moving Average.
MODE_JMA 7 Jurik Moving Average.
MODE_HMA 8 Hull Moving Average.
MODE_DECEMA 9 DECEMA Moving Average.
MODE_SALT 10 SALT Indicator.

Here's my question. It seems 0-5 work fine. But 6 and above don't work at all. Is that because the code was omitted or maybe I'm just not using the right secondary input parameters.

Yes, 6 and above were removed by the author. I dont know why.

This is my setup.

Good on your success last week!
What entry do you normally take ?
- enter on new arrow all the time ?
- or just new color plus the rsi ?

new colour plus rsi