MJ - My Indicators

PLAN: MJAdvZZ (Advanced ZigZag)

I'm planning of maybe(not so sure yet as it is quite big) remaking my unreleased advanced ZigZag indicator and post.

It basically adds some real useful additional info: like showing Higher High /Lower Low / as well as the Values of move and Percentage of Previous move.

Additional it plots some helpful Retracement (like fib) / Projection lines etc.etc.

See pic for my old version.

Others new ReMake Indicators in the plan:

Remake: 3 TrendAndHLine_Alerter

Remake: SingleLine MJ-MA Alerter (? MTF?)

Remake: Advanced ZizZag (? MTF?)

NEW: PriceDistanceTo SingleLine MJ-MA (? MTF?)

NEW: Advanced Fractial (? MTF?)

this is all quite outstanding...the boxes make a very nice visual effect...and I'm left wondering what is used to calculate the projections as you mention atr and fibonnaci but it seems very dead on accurate...maybe even better than the fibonnaci pivots...but must continue testing in live scenario...

Nothing fancy but still useful to me.
I quite like them to get very fast a directional coloured visual overview of the last couple of days.
If I'm not mistaken they also change color on the current day which is useful on the lower charts too. ( I did not check that in live market situations with the new one)

The only thing is that they slow down a lot the chart scrolling.


The basic idea how I use the DPP Projection is:

1.
From a statistical viewpoint one can expect that a Pair moves a certain amount of pips per day (based on past movements)

2.
As a day trader I use it mainly to determine
- where to enter a trade / not any more
- and to project a statistical sound TP for a day trade
- and partially for which direction

3.
Basic Usage:
If my main analyse gives me a possible trade entry:
- If possible I like to enter trades when the price is still between the two (PercInArea) as the expected day range is still enough for a nice hoped for profit.

- I normally like to set my TP for a day trade not beyond the DPP Full Projection: as per statistic the price will not move so far.

- Also if the price at trade entry is already outside the PercInArea: I normally prefer to enter only in the other direction.

e.g. if the price is above the PercInArea I don't like to enter so much a long trade anymore as the distance to the DPP Full High projection is small: But for a short it would be quite fine depending on the time of the day.


4.
The 2 other Perc2 and Perc2 settings I usually use for different TP projections combined with round numbers etc. etc.


Of course: I do not rigidly stick to this rules:
as the statistic is OFTEN WRONG: e.g. whenever a 'Breakout' starts: or after a strong breakout over some days a time of stagnation happens.And it is also wrong many times in between

So much to your : 'but it seems very dead on accurate...'

BUT in my opinion: it is at least something to help to make a sound minded trading decision - so I like to keep an eye on it.

Especially as this is only one additional tool to the overall picture but more of an useful supportive tool.



fibonnaci; the basic calculation has more to do with ATR like things: what I was referring to as' similar to fib' where the additional Projection lines which in fact could be set to fibonnaci numbers.

Fibonnaci I use more for Fibonacci Retracement like in the old version of my Advanced ZigZag couple of posts back.

I don't really use pivot points.



I combined in the past a trend search method (MTF) with something similar as the DPP and made a multi pair dashboard. (not released - maybe I redo something similar for my new trading approach later on)

See pic below.

thanks for the quick reply...and your dashboard looks awesome as well...youve been holding out eh...lol just kidding...

MJ_22IndicatorPack__20110722: download from first post.

1.
Did a lot of internal readjustments to all indi. (hope I did not mess up something
Now they have some more internal tests to make sure all functions properly.
I slightly renamed all of them removing the MJ prefix.

2.
I added a extra file: IndicatorShortInfoList_MJ.txt

3.
I added some new indicators: Fractals and FractalsBars

MTF versions and some other filtered version are planned.

Changed the Daily Direction Box to a MTF version: as I thought that maybe H4 or H1 Direction Boxes might be also helpful on lower TF

*DBox_MTF: - Direction Box Multi Timeframe Version (MTF)
Easily spot the MTF Bar's Directions with an adjustable Color Box indicator
e.g helpful: D1 maybe also H4 or even H1 if one trades on smaller chart periods.


Will in the next days post the new -zip with all indicators.

I will post the indicator pack in some days - had an idea how to make my coding more productive in the future - I so I try to implement some of this ideas.

Don't know why you don't have any vouchers - you have done so much over a long period.

Cheers

MJ

Good job. I just got caught up with your resent indicator work. I will be following along and testing.

Swenk

Thanks Sarythsaya - no problem about the vouchers

hi Swenk,

nice to see you back.
Personally I think the new approach of using special indicators based on Open Price will help a lot to make it more easy to see Past chart setups in a 'correct' way - especially using MTF indicators.

This is coming along quite well and will help me to write much faster and clear code in the future.

I guess in a couple of days the new indicator package will be ready.

I did some interesting changes to my Fratals base which will allow some other similar pattern search too.

Well - it took me a bit longer: decided to write to each indicator a small pdf file with the some little info and some explanation about the input parameter.

If all goes well I might be able to post them tomorrow or some days after.

Had not enough time to finish all what I wanted. So it will still take a couple of more days.

basically the only alert that would be necessary I suppose would be an alert with an e-mail functionability that can alert when the stochastics of higher time frames used to determine trend are up or down and for when price touches ema the alert can fire off a message when those two are satisfied...so for example for the 5 minute we use the daily and one hour for the trend so if price comes down and touches the 50 ema with the daily and 1hour both pointing up than it will fire an alert...and this would be the simple version of what I was referring to...the more complicated version would include filter for when the 3 ema's 50 100 and 200 are stacked appropriately...and such...will be here all day to answer any questions if this is a bit too vague

maybe to spare the chance of a late entry...instead of when price touches the ema...it can alert for when the daily and 1 hour are up and price is "x" amount of pips away from the set ema...but something to where it does not go off at every 5 minute candle close that touches the ema...and of course the same idea will be taken to any other time frames traded off of with the settings all customizable to fit any other time frame of users liking...

hi pmullin86,

FIRST:
I guess I understood what you would like to have.
I'm have already planed to do something similar (maybe not exact the same) as you mentioned above.


SECOND:
BUT there is one important things you should know:
I'm not planning to do such things anymore for the normal EMA/SMA nor for the normal Stochastics / MTF Stochastic.

I will do this things only for my new indis based on open Bar values - have at the moment no interest at all nor the time to do it for the 'normal' indies.

THIRD:
Basically you have two choices:
- stick with the old standard indies and ask someone else to do the alert.
- or use in the future my indies based on bar open value. ( I will probably post the updated version in a couple of days)

right now in my mind...I'm seeing it working with open values just fine as it is not the final decider in taking hte trade and what not...why the decision to do the changeover though..

In fact it will not be much different for you to trade with them - just a little bit adjustment in the beginning.

Not sure if you followed my couple of threads: there are couple of reason for the change:

mostly explained here: http://www.forexfactory.com/showthread.php?t=287188

Additional other reasons are that I started to build a small basic indicator library upon which I will build stuff you asked for and other things I have in plan. I don't use anymore MT4 internal indicators as some of them are not to my liking: I pointed some of the issues out in the links on the first page.