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Strength for one week, No Charts Attached ;)

  • #101
  • Aug 10, 2011 11:21am Aug 10, 2011 11:21am
Quoting Lou
And yes... what if Forex Army decides to stop using their calculator. There should be some way to reverse engineer it.
The same calculations can very well be done on simple excel sheet. It is the most simple math and would take 10 minutes per week. So, nothing to worry about
  • #102
  • Aug 10, 2011 11:29am Aug 10, 2011 11:29am
Hey Guys,

I was having trouble using the strengthmeter indi also-I think its just cause my MT4 build might be a little outdated or something.

Anyway-just something to consider for others having trouble with that-or wanting to use something else-I've been using the Trendy dashboard.

It calculates using a mixture of Weekly (10 Week) and Daily Elements.

On the Weekly it looks at a 10 period simple MA and measures the slope to see if its rising or falling. If its rising it gives the pair 1 point for a buy, if its falling it gives the pair 1 point for a sell. If its flat it gives no points.

The Daily part of it draws data from a MACD. If histogram is falling or rising that's 1 point. If signal line is greater or less than 0, 1/2 point. Slope of signal line, rising or falling is another 1/2 point.

That's a total of 3 possible points it attributes to the strength of a given trend, up or down, taking Daily and Weekly factors into account.

If a given pair doesn't have at least 2 points in a particular direction, it doesn't show up in the Trendy Dashboard Readout.

So you get point total for up or down, then some information on Swap and Spread. Its pretty good. I checked it against the FX Peace Indi on a 10 week readout and every pair Trendy suggested to trade would have been in the same direction the Peace indi suggested.

The difference is that Trendy shows less pairs because only about 1/3 to 1/2 of pairs at a given time get enough points to show up. Its a bit more selective. And you can narrow that further by only trading the 3 point pairs, etc. I think you need the ML MACD indy also installed for it to work. So I'll post those two indicators. Cheers.
Attached File(s)
File Type: mq4 Trendy Dashboard.mq4   15 KB | 502 downloads
File Type: mq4 ML.mq4   5 KB | 482 downloads
  • #103
  • Aug 10, 2011 11:36am Aug 10, 2011 11:36am
Quoting stevefx
Hey Guys,

I was having trouble using the strengthmeter indi also-I think its just cause my MT4 build might be a little outdated or something.

Anyway-just something to consider for others having trouble with that-or wanting to use something else-I've been using the Trendy dashboard.

It calculates using a mixture of Weekly (10 Week) and Daily Elements.

On the Weekly it looks at a 10 period simple MA and measures the slope to see if its rising or falling. If its rising it gives the pair 1 point for a buy, if its falling it gives the pair 1...
Thank you very much Steve. Will try it inmediately.....
  • #104
  • Aug 10, 2011 11:38am Aug 10, 2011 11:38am
Ok, my first test is over.
I opened trades on all 28 pairs yesterday right after my midnight (i.e after 21 GMT) using the strength of last 10 days. Traded 0.1 lots each pair on 10.000 USD demo account.
I closed worst trades (half of loss at that moment) as described by the author twice today - right before Europe and NY session. And I closed all open trades at 15:52 GMT, the time when market usually starts to calm.
My result is +3795.23 USD or 37.95% of the account...
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-08-10_194427.jpg Size: 244 KB
  • #105
  • Aug 10, 2011 11:48am Aug 10, 2011 11:48am
Hi Indrek

just to check, you used the strength of the last 10 DAYS not WEEKS

is this some kind of daily version, with the closes each day?

Which strength meter did you use? the one on Peace Army or one of the ones posted here?

Regards, John

Quoting Indrek
Ok, my first test is over.
I opened trades on all 28 pairs yesterday right after my midnight (i.e after 21 GMT) using the strength of last 10 days. Traded 0.1 lots each pair on 10.000 USD demo account.
I closed worst trades (half of loss at that moment) as described by the author twice today - right before Europe and NY session. And I closed all open trades at 15:52 GMT, the time when market usually starts to calm.
My result is +3795.23 USD or 37.95% of the account...
  • #106
  • Aug 10, 2011 11:50am Aug 10, 2011 11:50am
Quoting Caillou
Thank you very much Steve. Will try it inmediately.....
Sure thing Cal-best of luck with it!
  • #107
  • Aug 10, 2011 11:53am Aug 10, 2011 11:53am
Quoting jmw1970
Hi Indrek

just to check, you used the strength of the last 10 DAYS not WEEKS

is this some kind of daily version, with the closes each day?

Which strength meter did you use? the one on Peace Army or one of the ones posted here?

Regards, John
Yes, as I decided to keep it only for one day, so I took the strength of 10 days not weeks.
Keeping trades open for all week would be most boring for me, I need a bit more action. That is why I adjusted the system for my needs
And yes, I certainly use the online calculator because I really do not like such colorful indicators like StrengthMeter.
Another option would be to do the calculations by myself in Excel.
  • #108
  • Aug 10, 2011 11:59am Aug 10, 2011 11:59am
Quoting stevefx
Sure thing Cal-best of luck with it!

With your indicator, since yesterday, 14 trades, 12 in profit, 2 in loss, 25.41% account up and with only 14, not 26 trades opened.........

Thank you very much Steve
  • #109
  • Aug 10, 2011 12:14pm Aug 10, 2011 12:14pm
Quoting Caillou
With your indicator, since yesterday, 14 trades, 12 in profit, 2 in loss, 25.41% account up and with only 14, not 26 trades opened.........

Thank you very much Steve
Which indicator and which were your pairs?
  • #110
  • Aug 10, 2011 12:15pm Aug 10, 2011 12:15pm
Quoting reachjj
Which indicator and which were your pairs?
Indicator from Stevefx, default settings........
  • #111
  • Aug 10, 2011 12:19pm Aug 10, 2011 12:19pm
Up about 18% since yesterday. So far all is good.
  • #112
  • Aug 10, 2011 12:26pm Aug 10, 2011 12:26pm
Quoting zznbrm
The numbers that website comes up with seem odd to me. For example, the "This Week" numbers all seem strange.

Using this week's open price, I come up with the following USD change (calculated 4 different ways), which is quite different from that web sites data.

Oh well...whatever works...

First, Great to have Indrek on board he is a class act! ZZBRM- since you have the ability to calculate based on weekly opening prices couldn't we back test this method manually?
  • #113
  • Aug 10, 2011 12:35pm Aug 10, 2011 12:35pm
Excellent thread.As I see it the biggest risk of drawdown is those periods of time when the ship is turning slowly as stronger currencies reverse and we are assigning long positions to them during the reversal based on the 10 week lag of the strength indicator. What if you averaged the strength of 1, 5 and 10 week periods by just adding the totals for each period and dividing by 3.You would then have a composite of the strength of the currency against each other on a composite long,intermediate and short term basis. The drawdowns during reversals may not be as severe.
  • #114
  • Aug 10, 2011 12:43pm Aug 10, 2011 12:43pm
Quoting chuckeepw
What if you averaged the strength of 1, 5 and 10 week periods by just adding the totals for each period and dividing by 3.You would then have a composite of the strength of the currency against each other on a composite long,intermediate and short term basis. The drawdowns during reversals may not be as severe.
Very good idea, I think! Maybe even 1, 5, 10 and 20, divided by 4 - that is what many ADR indicators use.
When putting new trades for my test today, I will do it for 1, 5, 10 and 20 days and let us see what will be the result.
  • #115
  • Aug 10, 2011 12:50pm Aug 10, 2011 12:50pm
Quoting Caillou
Indicator from Stevefx, default settings........
Just to clarify, the Trendy Dashboard was created by Steve H, though I'm not sure if he built it from the ground up or just modified it. I took it off his Trendy thread, which is an excellent thread by the way:

http://www.forexfactory.com/showthread.php?t=307890

I just don't have the taste for the EA's, so I'm trading it manually. 1 penny lots forward testing-up 15% so far and waiting for the other shoe to drop.
  • #116
  • Aug 10, 2011 1:06pm Aug 10, 2011 1:06pm
Quoting stevefx
Just to clarify, the Trendy Dashboard was created by Steve H, though I'm not sure if he built it from the ground up or just modified it. I took it off his Trendy thread, which is an excellent thread by the way:

http://www.forexfactory.com/showthread.php?t=307890

I just don't have the taste for the EA's, so I'm trading it manually. 1 penny lots forward testing-up 15% so far and waiting for the other shoe to drop.
If it comes from Steve.........
  • #117
  • Aug 10, 2011 1:07pm Aug 10, 2011 1:07pm
Quoting stevefx
Just to clarify, the Trendy Dashboard was created by Steve H, though I'm not sure if he built it from the ground up or just modified it. I took it off his Trendy thread, which is an excellent thread by the way:

http://www.forexfactory.com/showthread.php?t=307890

I just don't have the taste for the EA's, so I'm trading it manually. 1 penny lots forward testing-up 15% so far and waiting for the other shoe to drop.
Thank you Steve,but can you explain me what is the +count and -count????In your Indicator???
  • #118
  • Aug 10, 2011 1:14pm Aug 10, 2011 1:14pm
Quoting aldaped
Thank you Steve,but can you explain me what is the +count and -count????In your Indicator???
Read Post 102.
  • #119
  • Aug 10, 2011 1:31pm Aug 10, 2011 1:31pm
Quoting stevefx
Read Post 102.
Where this 102 post??I can not find this,please Help me???
  • #120
  • Edited 2:01pm Aug 10, 2011 1:35pm | Edited 2:01pm
Quoting pilotui
First, Great to have Indrek on board he is a class act! ZZBRM- since you have the ability to calculate based on weekly opening prices couldn't we back test this method manually?
Yes, backtesting manually is always doable, although probably a lot of work.

This would be much easier to test programmatically - a simple script should do the trick!

Attached is updated spreadsheet (bug fix) and a MT4 script for currency strength calculation based upon pct change.

Also, it is interesting that so many folks are trying to change a system that they have not proven to be unprofitable.

There are lots of different ways to calculate pct change...I guess the point is to pick one and stick with it.
Attached File(s)
File Type: ex4 CcyStrength.ex4   6 KB | 443 downloads
File Type: xls CcyStrength.xls   24 KB | 531 downloads
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