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Recent Strength indicator

  • #241
  • Dec 4, 2010 7:59pm Dec 4, 2010 7:59pm
Quoting erikte279
Thanks anyways. It's very noble of you to post your work for free.

Erik
Erik,

One final thing you might like to try......

Before attaching the indy:

Zoom out as far as possible (press the minus key), then press the End key, and finally Page Up about 5-6 times. This will load a good few pages of data for the current pair/TF, onto your hard drive, from your br0ker's servers.

Repeat for every TF (M1, M5, M15, etc) of every pair. So if your br0ker offers 25 pairs, you'd end up doing it 25 x 9 = 225 times.

Thankfully you need to do this process only once, to ensure that plenty of historical data is loaded for every pair/TF. Then attach the indy. Now that all the data is there, the plots should appear very quickly.

Otherwise the indy needs to load all of the data itself, a process which can take maybe 30 mins. Remember, each plot is a weighted average of every pair applicable for a currency, e.g. for AUD it's AUDUSD, AUDCHF, AUDJPY etc. So it needs to have the data for every pair, and for every TF you ask it to display.

If this doesn't fix the problem, then I'm stuck for ideas.

Good luck,
David
  • #242
  • Dec 15, 2010 8:55pm Dec 15, 2010 8:55pm
hanover, thanks for your contribution and hard work, are really good. Have you ever think in apply your strategy in Range Bars charts, without time? It could be amazing and simply to trade !
Best regards
jusiur
Humble & Kalcker CLO2 = Covid killer
  • #243
  • Jan 5, 2011 6:49am Jan 5, 2011 6:49am
Hi David,

Thanks for the wonderful indicator. I cannot get it to display correctly. Any ideas?
Attached Image (click to enlarge)
Click to Enlarge Name: gbp2.gif Size: 47 KB
  • #244
  • Jan 5, 2011 11:58am Jan 5, 2011 11:58am
Quoting dazzdude
Hi David,

Thanks for the wonderful indicator. I cannot get it to display correctly. Any ideas?
Dazz,

Press the + key a few times to zoom out. This will give the indy more horizontal screenspace.

Also, it's possibly better to have the news indy on another chart, so that the stength indy has more vertical space to work with. See my screenshot in post #233 as an example. These are created by having the strength indy plot in the first sub-window below price, and then dragging the window separator upward as far as possible to give the sub-window the maximum possible vertical screenspace.

Hope that helps - it's about all I can see, given your attached screenshot. All of the lines appear to be plotting OK, they just need more screenspace so that you can see them more easily.

Happy New Year,
David
  • #245
  • Jan 7, 2011 1:31am Jan 7, 2011 1:31am
Thanks David, that did the trick. This indicator (like all your other ones) is spectacular. It does cause MT to hang, lock up and crash though. I am using Win7. Does anyone else have this problem?
  • #246
  • Jan 7, 2011 6:08am Jan 7, 2011 6:08am
Quoting dazzdude
It does cause MT to hang, lock up and crash though. I am using Win7.
I've been using the indy for almost 2 years now without any problems. Admittedly I haven't tested all of the possible parameter combos - there are thousands of possible permutations. The indy is very 'data intensive', as it must collate data from all pairs and TFs being analyzed, so I guess it's possible that if your br0ker's live data feed is slow, it could potentially cause long periods of apparent freezing. Sometimes I've had it take up to 10 mins to load, while it's gathering data.

Could also be a Win 7-related problem. I'm not brave enough to move on from XP.
  • #247
  • Jan 8, 2011 1:28am Jan 8, 2011 1:28am
Quoting hanover
I've been using the indy for almost 2 years now without any problems. Admittedly I haven't tested all of the possible parameter combos - there are thousands of possible permutations. The indy is very 'data intensive', as it must collate data from all pairs and TFs being analyzed, so I guess it's possible that if your br0ker's live data feed is slow, it could potentially cause long periods of apparent freezing. Sometimes I've had it take up to 10 mins to load, while it's gathering data.

Could also be a Win 7-related problem. I'm not brave enough...
Hi.. Hanover

if you dont mind ... i have a question.. how you deal with data for indicator that require multi currency pairs ohlc data..?

highly appreciated if you have any experience about it that you can share..

at this moment my solution is to check all bar time using iTime(...) to all symbols at startup

it look like this :

Inserted Code
//general
string gsaSymbols[] = 
   {  
      "EURUSD", "GBPUSD", "USDJPY", "USDCHF", "USDCAD", "AUDUSD", "NZDUSD", "EURJPY", "EURGBP", "EURCHF"
    , "AUDCAD", "AUDCHF", "AUDJPY", "CADCHF", "CADJPY", "CHFJPY", "NZDCAD", "NZDCHF", "NZDJPY", "EURAUD"
    , "GBPCHF", "GBPJPY", "AUDNZD", "EURCAD", "EURNZD", "GBPAUD", "GBPCAD", "GBPNZD"
   }; 

int giLTf, giHTf; //lower timeframe, higher timeframe

int init()
{
     giLTf = Period();
     giHTf = PERIOD_D1;
}

int start()
   int    limit;   
   static bool   startup = true;

   if (startup)
   {
      int aitf[2]; aitf[0] = giLTf; aitf[1] = giHTf;
      bool bt = checkBarTime(aitf, Symbol());
      if (!bt) {Sleep(1000);return(0);}
   }

   int    counted_bars;
   if (!startup) counted_bars = IndicatorCounted();
   startup = false;
   if(counted_bars>0) counted_bars--;
   limit=Bars-counted_bars;   
   
   int starthtf = iBarShift(NULL, Period(), iTime(NULL, giHTf, HtfNumBars-1));
   
   limit = MathMin(limit, starthtf);
   
   for(int i=limit; i>=0; i--)
   { 
      //.....
   }
   
  return(0)
}

//-----
bool checkBarTime(int &aitf[], string symcpr/*symbol comparator*/)
{
   int i, j, k, l;
   bool b=true;
   for (i=0; i<ArraySize(gsaSymbols); i++)//*
   {
      string sym = gsaSymbols[i];
      
      //check if the symbol is exist on platform
      if (MarketInfo(sym, MODE_BID) == 0) continue;
      
      for (j=0; j<ArraySize(aitf); j++)//**
      {      
         datetime dtcpr = iTime(symcpr, aitf[j], 0);
         datetime dtsym = iTime(sym,    aitf[j], 0);
         
         if(dtcpr != dtsym) 
         {
            Print("Time on ", sym, "(", TimeToStr(dtsym), ") didnt match with "
               , symcpr, " (", TimeToStr(dtcpr),  "), Timeframe : ", aitf[j], " Minute");
            //i dont break here.. to stimulate mt4 download all hystory data needed
            b = false;
         }
      }//**
   }//*
   return(b);
}
...
  • #248
  • Jan 8, 2011 10:37am Jan 8, 2011 10:37am
Quoting bandung
Hi.. Hanover

if you dont mind ... i have a question.. how you deal with data for indicator that require multi currency pairs ohlc data..?
Sorry, I don't understand how what you're asking relates to the Strength indy.

Unlike the code that you posted, the Strength indy doesn't compare data between different timeframes. Each timeframe operates completely independently. The indy averages the % difference between each plotted point and the user's nominated base point, across all nominated pairs for a currency (e.g. pairs for the NZD plot = NZDUSD, NZDJPY, AUDNZD). If a candle closing price** is missing for one pair, then that pair is omitted from the averaging calculation for that data point. For example, if there is no H4 candle for AUDNZD on 2011.01.06 16:00, then only the NZDUSD and NZDJPY would be averaged into the NZD H4 plot, for that data point.

[** only candle close prices are used; open/high/low prices are ignored]

For more info on how the calculation works, please read post #7.
  • #249
  • Jan 9, 2011 12:14am Jan 9, 2011 12:14am
Quoting hanover
Sorry, I don't understand how what you're asking relates to the Strength indy.

Unlike the code that you posted, the Strength indy doesn't compare data between different timeframes. Each timeframe operates completely independently. The indy averages the % difference between each plotted point and the user's nominated base point, across all nominated pairs for a currency (e.g. pairs for the NZD plot = NZDUSD, NZDJPY, AUDNZD). If a candle closing price** is missing for one pair, then that pair is omitted from the averaging calculation for that data...
i'm sorry for confusing you...
what i mean is how you deal with missing data, and you choose to ommited the pair that missing closing price from averaging calculation.
thank you very much for explaining it

the code that i posted is part of my indicator that visualize how higher time currency strength developed on lower time frame, not yet finished
the picture maybe can speak much better than me...
Attached Image (click to enlarge)
Click to Enlarge Name: cs-bar.PNG Size: 24 KB
...
  • #250
  • Jan 9, 2011 4:29am Jan 9, 2011 4:29am
Hi David. Thanks for your reply. I now have the indicator working and it's a very impressive peice of work. I also appreciate you replying to my request so quickly.

One further qu pls. How do I remove the date/time text?
Attached Image (click to enlarge)
Click to Enlarge Name: gbp2.gif Size: 46 KB
  • #251
  • Jan 9, 2011 6:16am Jan 9, 2011 6:16am
David, I can set the text as black, then I loose the timeframe at the bottom. Is there another way?
  • #252
  • Jan 9, 2011 1:17pm Jan 9, 2011 1:17pm
Quoting dazzdude
David, I can set the text as black, then I loose the timeframe at the bottom. Is there another way?
I think you mean 'lose the timeframe'.

You can change the SetPointCount setting to true, which will replace the date/time with a value that's the number of points from the BasePoint. But both this field and the timeframe are plotted using TextColor, hence it's impossible to hide one without the other.

I will look at changing this in a later release, however I can't say when.
  • #253
  • Jan 15, 2011 2:48am Jan 15, 2011 2:48am
Hey hanover,
Have you ever seen the OverlayCharts indicator from forex-tsd's elite section? It allows you to display prices for multiple currencies on the same chart. How would you compare this with your recent strength indicator? Do you think it provides the same basic information, or are they intrinsically different?
  • #254
  • Jan 15, 2011 3:49pm Jan 15, 2011 3:49pm
Quoting mfurlend
Hey hanover,
Have you ever seen the OverlayCharts indicator from forex-tsd's elite section? It allows you to display prices for multiple currencies on the same chart. How would you compare this with your recent strength indicator? Do you think it provides the same basic information, or are they intrinsically different?
Mfurlend,

Are you referring to the indy posted in this thread? If so, then I think it's more akin to the Recent Prices indy I posted here, than Recent Strength.

Recent Strength plots a weighted average of all pairs that comprise a certain currency in a single line.

David
  • #255
  • Jan 15, 2011 8:12pm Jan 15, 2011 8:12pm
Sorry I should have been more clear:
I often have a basket of currencies open and I would like to close them upon an unusually large divergence (if I am in profit).

For example, imagine I went long on EUR/USD and short on GBP/USD at the same time. These two pairs are positively correlated so after a couple of hours one order will typically be up and the other will be down.

Sometimes, however, both orders will be in profit. Once they are both "in profit enough" I would like to close them both.

I have been trying to on decide what to use to measure "in profit enough," and it seems to me that either your recent strength indicator or the overlay chart indicator might be the answer.

I'd love to hear some thoughts on this.
  • #256
  • Jan 16, 2011 2:38am Jan 16, 2011 2:38am
Quoting mfurlend
Sorry I should have been more clear:.......
Given that triangular equilibrium must be maintained, how does being simultaneously long EU and short GU differ from simply being (doubly) long EG? (E/U x U/G = E/G)

Hence you can tell to what extent EU and GU are positively correlated by looking at a EG chart. 100% positive correlation would mean the chart moved sideways.

The first screenshot (of the Recent Prices indy) shows a H1 plot of EU, GU and EG. Because it plots % differences, the composite EG (white line) is the difference between EU (salmon pink) and GU (red). Lines have been smoothed by applying a SMA(4). When EU rises at a greater rate than GU, the white line rises; if GU rises at a greater rate than EU, the white line falls.

The second screenshot (of the Recent Strength indy) shows the composite EUR and GBP plots. Each line is a weighted average of all of the EUR and GBP currencies, respectively, offered by my br0ker. If the correlation was perfect, the lines would rise and fall together, at the same angles, all the way across the chart.

Your strategy will be profitable to whatever extent an equivalent EG strategy would be profitable. The idea that having two positions open offers double the opportunity to profit is flawed IMO. Unless each position involves some kind of edge, it will fail; to contribute positively to bottom line, each position must somehow be profitable in its own right. I've attempted to make a parallel point many times in the 'nedging' threads. I guess all of this is stating the obvious, but it's amazing how many folk can't see it.

I trade the strongest currency against the weakest as denoted by the D1 plot of the strength indy. Trading highly negatively correlated currencies improves the probability of catching the strongest, cleanest moves in the intersecting pair. I then use simple techniques to find low risk entries on lower TFs, and trade the resulting move using a ATR-based trailing SL. I've explained this elsewhere. It's the most profitable approach that I've managed to find in my 4 years of study. It has its flaws; like any trend following method it is murdered by sideways movement, but trading negative correlation reduces this possibility; and the D1 plots tend to hold their direction long enough, on average, supposedly due to (hopefully robust) macroeconomic reasons.

Undoubtedly the strength indy can be used in many other ways. I've discussed some of these earlier in this thread. Alas, the only way to find something that works is to test it for yourself. You might also find other ideas by using the FF search engine to find threads with the word 'basket' in their title.

Sorry, but that's the best I can do. Once I found my own way of trading profitably, I gave up on trying to find other ways of using the indy.

David
Attached Image(s) (click to enlarge)
Click to Enlarge Name: mfurlend1.JPG Size: 84 KB
Click to Enlarge Name: mfurlend2.JPG Size: 65 KB
  • #257
  • Edited 11:48am Feb 19, 2011 8:01am | Edited 11:48am
Hi Andy,

Thank you for your wonderful Recent Strength indicator. It very well may be the last missing piece to my trading system . Coupled with a number of indy i use,this indy has been the core of my trading system. Am happy to let u know that u gave us a masterpiece & am eternally grateful.

I have read through all posts on this thread, & i have noted recommendations made towards improving the indy,especially on having the indy issue alerts.Am happy to let you know the indy is ex termly profitably on lower TFs, more that i thought.

Looking at H5,H15,H30,H1,H4 timeflames.I have found when a particular currency is dominant looking at the uppermost three currencies plotted at any instant, then this currency is said to have dominant strength.

Again looking at H5,H15,H30,H1,H4 timeflames.I have found when a particular currency is dominant looking at the lowermost three currencies plotted at any instant, then this currency is said to have a dominantly week strength.Therefore a short term trade can be considered against the strong and weak currency when day trading.(Combination of dominant strong and dominant week currency across the above timeflames then identifies a Pair to trade). Using SR indy and a trend confirmation indy these trades have a good risk to reward ratio & usually are high probability trades.

My special request is to have the indy issue alerts when these dominant currency are identified, i.e "EURUSD short" or "EURUSD long".These alerts will eliminate the pain to sit & watch the indy match the description above.

Previous post recommendations to have alerts on this indy have not been possible due to more complex issues which were discussed.However now that every currency can be identified by color,i guess this can be achieved by matching a particular color on the above timeflames & getting a dominant color representing a currency.

Referring to previous post # 146 you indicated that If somebody can come up with design specifics for generating meaningful signals, then I'll consider the possibility of adding alerts in a later release...... Kindly consider this request.

Good Trading
Benji
Don't tell me the sky is the limit when there are footprints on the moon.
  • #258
  • Feb 19, 2011 9:38pm Feb 19, 2011 9:38pm
Quoting kibed83
Hi Andy, ........

Thank you for your wonderful Recent Strength indicator. It very well may be the last missing piece to my trading system .
Hi Benji,

Many thanks for your post.

I will consider your suggestions when I have some spare time.

Best wishes,
David (not sure who Andy is )
  • #259
  • Feb 20, 2011 7:36am Feb 20, 2011 7:36am
Hi David,

My sincere apologies for missing out on your name on my previous post...it shall not be repeated again & thank you for your consideration.

I feel obliged to let you have tools that necessitated my request. This tools will assist you understand better the logic to have Resent Strength indy issue alerts on lower time flames.

FXI=PivotPoints. This indy plots SR lines on my charts every day.It does so with such accuracy,I use this to identify entry & exit targets.

Identifier. This indy is a real-time trend identifier. This confirms the direction of a trend and help filter out bad trades. Normally I would consider a trade when arrows on Both D1 & H4 agrees and shows one direction, or when arrows on H4,H1,M30,M15,M5 all agree and shows one direction.

In a nut shell, the strength indy identifies a high probability pair to trade. This comes with significant momentum to drive a pair to exit targets. Identifier indy then identifies trend direction & FXI=Pivot Points indy identifies entry & exit targets.

No doubt Resent Strength indy have now made it possible to trade even the dreaded cross currencies with such confidence!!....David, this indy has a bright future a head, and its priceless!!

Happy Piping
Benji
Attached File(s)
File Type: ex4 FXI=PivotPoints.ex4   14 KB | 940 downloads
File Type: ex4 Identifier.ex4   40 KB | 1,042 downloads
Don't tell me the sky is the limit when there are footprints on the moon.
  • #260
  • Feb 20, 2011 2:27pm Feb 20, 2011 2:27pm
Quoting kibed83
Hi David, .......
Hi Benji,

I've now read your posts in more detail.

Please keep the following things in mind:

1. The indicators that I've posted were originally written for my own use, but are offered as freeware here on an 'as-is, take-it-or-leave-it' basis. I try to keep them open-ended, so that they are equally useful to everybody. Different people use different trading strategies, and I don't want to customize the indicator to suit one trader's requirements. Even worse, I don't want to have to maintain a different version of the indicator for each individual. Hence you'd need to describe under exactly what conditions you want an alert to occur (i.e. explain what you mean by a currency being "dominant" in strict mathematical terms), and also convince me that it was an idea that would have universal appeal.

2. The Strength indy is very subjective in its interpretation and use. It's my view that the slopes of the plots are important, but the levels (and hence crossovers) are not, because the plots get re-weighted and re-scaled to fit into a 0 to 100 scale (see post #7 for more info). Simply using different parameter settings can result in completely different plots, even though the market prices from which the plots are derived are exactly the same. Hence if I was to add an alert facility, it would probably be on the basis that the slope of one plot was steeper than X in an upward direction, while the slope of another plot was steeper than Y in a downward direction, on a given timeframe.

3. I'm currently snowed under with this project, which will likely keep me busy for the next 2-3 weeks, after which I have a backlog of other requests to look at. I wasn't planning on posting a new release of the Strength indy, as it's freeware, and paid projects must take priority, for obvious reasons. However, if you can explain your request more fully, and in a way that meets the above criteria, then I'll consider adding it to my queue of tasks.

Hope this makes sense,
David
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