Forex Probability Meter - NITRO+

5NITRO+™

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*New 6NITRO+ (6N+) Upgrade for MetaTrader 4 (MT4) Builds 1090+ is being coded. Special download links will be made available to most customers of NITRO+ 2NITRO+ 3NITRO+ 4NITRO+ and 5NITRO+ dating back to December 2010. ForexFactory.com will be updated on the day to indicate new download links. Once 6N+ is available for new purchases, 5N+ will no longer be available. 6NITRO+ 6.00 (6N+) for MetaTrader 4 (MT4) will require a password from each user and will be limited to three(3) simultaneous machines. One or all of these machines may be a VPS.

I'm not really sure how this meter is used. Although I admit I skimed the site. I know there is an older meter out there for less but this looks more advanced.

The video on the site or on YouTube gives an example of how you can use it.

Most users, like the examples shown in the video, rely on the +/-50% percentage/ alert level as Entry, Adding to Position, Support, and then final exit on break below if all of the TPs were not cleared.


You are right.....

The "Classic" Probability Meter you mentioned, is similar to those first Motorola Star-Trac mobile phones from the early 1990's.... it's a joke in comparison to Nitro+.



For those that do not have it.... Download The Heiken-Ashi Smoothed that is used with Nitro+ below:

http://japan.wyfxco.com/metatrader-i...a-smoothed.png

http://japan.wyfxco.com/forex-nitro-...xplanation.png




Enter Discount Code MAY to receive 40% off this mt4 indicator until 05/31/2011

The AccuStrength currency strength works with a different platform correct?

Tombstone-

Correct.

Accustrength 4 does not use MT4 data. Tom has established his own data feed which therefore allows the use of well over 50+ pairs to be used for the strength calculation.

Nitro+ Probability Indicator calculates and aggregates all of the indicators below across a mean of about 4.5 time frames in total:

 

1. AC (Accelerator Oscillator)
2. ADX (Average Directional Movement Index)
3. Alligator (Alligator Indicator)
4. Bears (Bears Power)
5. Bulls (Bulls Power)
6. CCI (Commodity Channel Index)
7. Force (Force Index)
8. MACD (Moving Average Convergence/Divergence)
9. Momentum (Momentum Indicator)
10. OBV (On Balance Volume)
11. OsMA (Moving Average of Oscillator)
12. pSAR (Parabolic SAR (parabolic stop and reverse))
13. RSI (Relative Strength Index)
14. Stoch (Stochastics)
15. WPR (Williams Percent Range)
16. SMA (Simple Moving Average (7))
17. EMA (Exponential Moving Average (20))
18. EMA (Exponential Moving Average (50))
19. SMMA (Smoothed Moving Average (90))
20. SMA, SMMA (SMA(3)) cross (SMMA(150))
21. DeM (DeMarker)
22. MFI (Money Flow Index)
23. RVI (Relative Vigor Index)
24. AO (Awesome Oscillator)
25. SYMBOL STRENGTH

Complete and detailed information has just been added explaining how all of the Metatrader Indicators are aggregated. Visit megatrendfx for more info.

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FACTORY

to receive an additional discount on Nitro+ until November 30, 2011.

MegaTrendFX Nitro+ in action over 14+ hours:

1. Video is compiled into 10 minutes and was sped up by 200%.
2. 70+ trades entered on GBPUSD 15M.
3. 68 Take Profits were hit and cleared in the money.
4. 2 positions closed out manually at the end for profit.
5. 1 position closed for loss.
6. Additional, correlated pairs EURUSD, GBPCHF, GBPJPY used in Compact Mode to the bottom left for added insight to what the market is doing.
7. Take Profit Levels (____blue lines____) are actively managed and adjusted many times through the life of the trade.

** all arrows on the chart are for illustrative purposes only to show the direction we are trading and when each new buy order is placed. towards the end of the video, the trade being manually entered is actually shown. before then however, entries were edited out for time and flow. new trades being entered can be seen by the new entry 'Buy' line being established along with its associated new take profit line.





50%(around) Probability Percentage used as:

1. Entry Signal - begin to establish position on initial* move through. * 'initial' is defined as beginning with London Open on timeframes <=1H.
2. Adding To Position - predefined number of lots to open; opened at various, somewhat random intervals as long as percentage is above 50% providing us diversification of entries.
3. Support - 50% tends to act as support whenever trend is strong enough to breach 90% prior.
4. Final Exit - sustained breach below 50% after trend was strong enough to breach 90% prior tends to signal loss of momentum, New York Midday, New York End, or change in market sentiment possibly due to News and time to close out the remainding Take Profits that were not already cleared automatically.

seems like an awsome indicator. I have purchased and I will put it to the test once my e-check clears and I receive the software!

with another system this is truly a great add-on

NITRO?

Are you affiliated with a guy names Edgetrader?

Wyfx,
I have a question regarding how you use correlation with each pair.

Do you have pair specific templates you use where each pair will have it's own template with specific pairs entered for pairs that move with and pairs the move opposite... seems logical...

I am not an expert in pair correlation by any means but I am looking at constructing such templates..
or
Do you use one or two general templates for all pairs..

I will attach a chart, excuse the size, hopefully you can see the whole thing, but it will be a example of what I am talking about...

On the bottom left for instance have correlating pairs and on the bottom right have non correlating or opposite moving pairs...

They might be different for each pair traded...

I know FerruFx designed a probability meter. Can you compare yours and his.
http://www.daytradeforex.com/recomme...lity-meter.htm

Thanks.

This thread got silent after billbss post.

@Dyekid217 - Thank You.

Yes, that is the most ideal way to utilize Nitro+... as an invaluable add-on.

A tool to be added-on to your current setup|system that provides you with additional information, guidance, and confirmation.

The last I heard, FerruFX actually sold his Probability Meter to another company which may have been these guys.

The Nitro+ YouTube video from this prior post is actually GBPUSD 30M.... not 15M.

Is anybody using this? If so, has it become beneficial to your trading or does it 'state the obvious' with a flashy screen? I'm interested to know.

@Rokz -

I realize you were looking for a reply from someone other than the author, but... I completely understand your question.

In reality, aren't almost ALL indicators 'stating the obvious'? Do we really need MACD to tell us that the the trend is strong or increasing? All we need to do is look at the chart to see this.

Nitro+ is aggregating a full spectrum of 25 different indicators and strength measurements with a variety of 'Different Modes of Action'. In addition to some of the obvious "is it moving up or down" indicators, it is calculating in such indications like various Support & Resistance Levels.

While trend and S&R Levels may be obvious on the chart you are trading from such as the 15M... they may not be so obvious, or you may not even be aware of what is going on with the other time frames.

This is really what makes Nitro+ shine and such a reliable & stable tool day after day across all types of price action... it is looking at and calculating information from a mean of 4.7 timeframes in total. It treats the info differently from each timeframe by assigning different weightings. Meaning- when loaded on a 30M chart, it gives more weight to the 1H chart info than it does the 15M chart info. (view full breakdown of forex probability meter weightings)

In addition to that extra information from other charts that the trader may not even be aware of or have the ability to compile in his/her brain 'on-the-fly' at critical times.... you can also add infinite, additional Nitro+ meters onto the same chart. Adding a small meter to your EURUSD chart showing what GBPUSD, OIL, and/or GOLD is doing is a sizeable advantage.

Most users have found that having a tool such as this that compiles and aggregates all the noise from all the necessary time frames into one single number can provides tremendous clarity and confidence in addition to stress relief... especially when trading multiple pairs/symbols.

Sometimes, we just need a 2nd opinion + reassurance - of what we THINK is obvious.

Thanks for your reply Wyfx. I know this is not directly related to Nitro+ but can you please give me more information about iDrag? The trade manager, I presume, EA your running in the videos?