Hi David,
I have well understood your previous post and here are conditions I want an alert to occur, review this idea and judge if it has universal appeal.
I have no programming skills therefore I thought to explain this graphically. See attached and notice how the indy is plotting, a common strong currency (CHF) appearing amongst the upper 3 currencies across all M5,M15,M30,H1,H4 timeflames and a week currency (USD) appearing among lower 3 currencies across all M5,M15,M30,H1,H4 timeflames.I consider CHF currency as “dominant” amongst upper 3 currencies & USD “dominant” amongst lower 3 currencies. A pair USDCHF is then identified for a possible Short trade and an alert issued.
I have tried to use different settings on Numpoints, SmoothingSMA & Weights parameters and have found changes made to these parameters does not affect how these dominat currencies are displayed by the strength indy.
Also I have done testes with different MT4 brokers i.e www.migfx.com whose MT4 provides ALL possible 28 pair combos involving the major currencies (AUD, CAD, CHF, EUR, GBP, JPY, NZD, USD) and FXDD who have less combos pairs & the indy have displayed same results as above. This means alerts will make sense to majority of MT4 brokers users to my understanding.
These alerts will be used to detect significant information entering in the market therefore taking timely actions in relation to short term and long term trades.
Short term traders will have an edge to identify high probability trades and act accordingly in good time.
Happy Piping
Benji
I have well understood your previous post and here are conditions I want an alert to occur, review this idea and judge if it has universal appeal.
I have no programming skills therefore I thought to explain this graphically. See attached and notice how the indy is plotting, a common strong currency (CHF) appearing amongst the upper 3 currencies across all M5,M15,M30,H1,H4 timeflames and a week currency (USD) appearing among lower 3 currencies across all M5,M15,M30,H1,H4 timeflames.I consider CHF currency as “dominant” amongst upper 3 currencies & USD “dominant” amongst lower 3 currencies. A pair USDCHF is then identified for a possible Short trade and an alert issued.
I have tried to use different settings on Numpoints, SmoothingSMA & Weights parameters and have found changes made to these parameters does not affect how these dominat currencies are displayed by the strength indy.
Also I have done testes with different MT4 brokers i.e www.migfx.com whose MT4 provides ALL possible 28 pair combos involving the major currencies (AUD, CAD, CHF, EUR, GBP, JPY, NZD, USD) and FXDD who have less combos pairs & the indy have displayed same results as above. This means alerts will make sense to majority of MT4 brokers users to my understanding.
These alerts will be used to detect significant information entering in the market therefore taking timely actions in relation to short term and long term trades.
Short term traders will have an edge to identify high probability trades and act accordingly in good time.
Happy Piping
Benji
Don't tell me the sky is the limit when there are footprints on the moon.