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Recent Strength indicator

  • #301
  • Aug 4, 2011 4:03am Aug 4, 2011 4:03am
This is a continuation of the previous post, EURGBP is expected to be ranging short term. Therefore i would target pips within a range to profit from this Pair OR ignore this pair & focus on other pairs.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: RS chart.jpg Size: 415 KB
Click to Enlarge Name: GBPJPY chart gbp showing more strength.jpg Size: 373 KB
Click to Enlarge Name: EURJPY eur showing more strength.jpg Size: 314 KB
Click to Enlarge Name: EURGBP staying constant.jpg Size: 306 KB
Don't tell me the sky is the limit when there are footprints on the moon.
  • #302
  • Aug 4, 2011 12:55pm Aug 4, 2011 12:55pm
looking carefully at my previous posts #300 & #301,depicts how market markers have the power to controls the market in most cases , look again EURJPY and USDJPY pairs are showing almost identical patterns. This also applies to GBPJPY and EURJPY.

This tells us, we are always in competition with the "Big Boys", & most indicators are rendered useless when they play their game . They simply speak and the pairs align to their rhythm.

These "big boys" choose the pairs they wish to play with and abandoning others!!.In this case EURUSD & EURGBP pairs were abandoned for the better part of the trading day,the outcome therefore is sideways or range markets for these abandoned pairs.1H charts are showing this clearly,look again!

In my opinion, this is the harsh reality of this game!! especially for scalpers!!. RS was developed for many uses, i personally use it to uncover some of these "BigBoys" tricks, thus aligning my trading style to their rhythm .


Happy Piping,

Benji.
Don't tell me the sky is the limit when there are footprints on the moon.
  • #303
  • Edited 5:43am Aug 5, 2011 5:27am | Edited 5:43am
"Big boys" rhythm continues, throwing all technicals,indicators out of the window. Even more damning,manipulating fundamentals on these particular pairs.That's enough to tell us, the game has been rigged to their favor at least in the short term.

This being a high impact news week,comprising of Non-Farm Employment Change,CAD Unemployment Rate, we might see exaggerated moves,when these news hits.

RS can be used to eliminate currency strength conflicts,between timeframes.This is yet another reason to have RS as an essential tool.

Benji
Attached Image(s) (click to enlarge)
Click to Enlarge Name: EUYJPY.jpg Size: 263 KB
Click to Enlarge Name: GBPJPY chart.jpg Size: 305 KB
Click to Enlarge Name: USDJPY chart.jpg Size: 260 KB
Don't tell me the sky is the limit when there are footprints on the moon.
  • #304
  • Aug 22, 2011 7:10am Aug 22, 2011 7:10am
Hanover,

I've tried looking to see if this has been answered already but I can't find it so please excuse me if this is something you have already respoonded to.

I'd like to use the output from recent strength as an input to an EA. However, I'm a bit lost with the data in the CSV file that gets written.

Basically, my problem is that it has too much information. All I need/want is the rebased number given to each currency in the output window.

I assume that this number is obtained from the raw numbers written to the csv but I cannot determine how the rebased number is calculated.

My question is "Can the rebased numbers be accessed from the Indicator as it is, and how would that be done?"

and my request is, "If not, would you consider coding a change which would make these numbers accessible through either a csv file or GlobalVariables. (I'm not fussed which)?"

Thanks,

DC.
  • #305
  • Edited 2:51pm Sep 7, 2011 2:38pm | Edited 2:51pm
Quoting dietcoke
I assume that this number is obtained from the raw numbers written to the csv but I cannot determine how the rebased number is calculated.

My question is "Can the rebased numbers be accessed from the Indicator as it is, and how would that be done?"
DC,

I don't subscribe to threads, sorry, I only just saw your post now.

The rebased number is determined by the entry in the numeric part of the LegendValues parameter:

  1. If LegendValues=0, the rebased number is the value of the most recent (rightmost) data point in the plot of each timeframe;
  2. if LegendValues=1, the rebased number is the second most recent;
  3. if LegendValues=2, the rebased number is the third most recent;
  4. and so on.
  5. If LegendValues= any negative number, the rebased number is the value of the leftmost data point (which is determined by NumPoints), e.g. if NumPoints=20, there are actually 21 data points (numbered 0 thru 20, from right to left), and a LegendValues = -1A would refer to the value of data point #20 (the 21st point).

(Note: The alpha part of LegendValues is either an A or a D, depending on whether you want the rebased numbers, when displayed, sorted into ascending or descending sequence, by value.)


The output file is arranged as follows:

1. The columns include the timeframe, date and time, and the currencies - as denoted by the headings in the first row of the output. If you load the file into a text editor that allows a non-proportional font (e.g. Courier), the headings will align neatly with the data. Or simply load into Excel as a comma-separated file.

2. The rows are arranged firstly by timeframe, longest (e.g. MN) first, down to shortest (e.g. M1) last; and secondly within timeframe, by data point number, from point 0 first, upwards to the highest (leftmost) datapoint number.

Example #1: Let's say you want to obtain the rebased value for monthly CHF, where LegendValues=0. Then you simply take the value from the CHF column, and the first row where the timeframe = MN.

Example #2: You want to obtain the rebased value for daily AUD, where LegendValues=3. Then you'd take the value from the AUD column, and the fourth row (#3 is the fourth data point) starting from where timeframe = D1.

Example #3: You want to obtain the rebased value for hourly USD, where LegendValues=-1, i.e. the leftmost data point. Then you'd take the value from the USD column, and the last row of H1 (before the timeframe changes to M30).


I designed the output in this open-ended way so that any combo of values could be obtained. For example, you could calculate the slope of the line (more meaningful than the rebased value, IMO) by taking the difference between the values of two datapoints of the same currency/timeframe.

David

  • #306
  • Edited 6:28am Sep 26, 2011 6:07am | Edited 6:28am
David -

Again many thanks to you for your outstanding work on this indicator. I could now not do without it.

I have re-read the thread and always with an eye on improvement (should I be happy with the way it is?) I wanted to find out if you or anyone else out there could give any insight into what could be used as values for ScaleFactor replacing the default 100%.

There were discussions earlier in your thread touching on this. You mentioned at one stage driving the calculations based on pips rather than percentages and also included an option "UseTickvolForWgt". I think you're eventual view was "leave as is" - it is only a rough guide.

These posts peaked my interest:

From yourself:
http://www.forexfactory.com/showthre...89#post3252189

From Laurus12 - several posts
http://www.forexfactory.com/showthre...68#post3721168

ForexQuant - Post 217 & 220
http://www.forexfactory.com/showthre...28#post4136828

From Cockeyed Cowboy in Benji's thread:
http://www.forexfactory.com/showthre...79#post3930079
http://www.forexfactory.com/showthre...93#post4910293

In this thread there would appear to be clues but no definitive statements from a few individuals that as it stands with the default values the plots may be flawed without making adjustments based on each currency's "weight" (whatever that might be) within the basket of all other currencies. The were some pretty interesting formulae from ForexQuant but I'm unsure how they might be implemented in this context.

Could you, the above individuals or anyone else comment? I would love to get to the bottom of this!

Many thanks.
  • #307
  • Sep 27, 2011 3:03pm Sep 27, 2011 3:03pm
Quoting hanover
DC,


The output file is arranged as follows:

1. The columns include the timeframe, date and time, and the currencies - as denoted by the headings in the first row of the output. If you load the file into a text editor that allows a non-proportional font (e.g. Courier), the headings will align neatly with the data. Or simply load into Excel as a comma-separated file.

2. The rows are arranged firstly by timeframe, longest (e.g. MN) first, down to shortest (e.g. M1) last; and secondly within timeframe, by data point number, from point 0 first,...
Thanks very much for this David
  • #308
  • Sep 27, 2011 3:56pm Sep 27, 2011 3:56pm
Quoting rhtrader
David -

Again many thanks to you for your outstanding work on this indicator. I could now not do without it.

I have re-read the thread and always with an eye on improvement (should I be happy with the way it is?) I wanted to find out if you or anyone else out there could give any insight into what could be used as values for ScaleFactor replacing the default 100%.

There were discussions earlier in your thread touching on this. You mentioned at one stage driving the calculations based on pips rather than percentages and also included an option...
rht,

I've sent you an e-mail.

The plots in the (original) indy work on a %-change basis, as explained in post #7 of this thread. I agree that this is possibly not ideal, but then I use the indy merely to give me a rough idea of currency strength and weakness in the longer TFs.

ScaleFactor: When one currency is 'dominating' a plot to the extent that it makes the relative differences between the other lines inconspicuous, then I use the ScaleFactor to reduce its overall dominance. I also occasionally set the SetBaseCurrency to (for example) U, to see more clearly how currencies that are positively correlated to USD (frequently JPY) are behaving relative to USD, which may not be obvious from the 'normal' plot. This can help me decide whether to trade XXXUSD or XXXJPY, for example.

This indy is really nothing more than a composite of closing price plots (or moving averages, if you set Smoothing SMA > 1). Hence I'm not sure that attempting to improve its 'accuracy' would achieve much; what I mean is that line studies (that are based on levels where high volumes of orders are more likely to be placed) are more likely to give razor sharp entries than indys of this kind; horses for courses. However, perhaps I have missed something?

David
  • #309
  • Sep 28, 2011 12:00pm Sep 28, 2011 12:00pm
David -

Many thanks for your email. I didn't properly read your post above. Pips v %change. I will attempt a little coding and do some more research. One never knows....

Cheers.

Richard
  • #310
  • Oct 10, 2011 12:54pm Oct 10, 2011 12:54pm
Awe-inspiring programming hanover. Fantastic. Thanks.

My creative juices are already flowing..............................

  • #311
  • Oct 11, 2011 3:29am Oct 11, 2011 3:29am
Quoting SteveHopwood
Awe-inspiring programming hanover. Fantastic. Thanks.

My creative juices are already flowing..............................


Am definitely looking forward for your creative genius & thank you for stopping by, your works in this community speaks for itself .


Happy Piping,
Benji.
Don't tell me the sky is the limit when there are footprints on the moon.
  • #312
  • Oct 11, 2011 5:38am Oct 11, 2011 5:38am
Quoting kibed83
Am definitely looking forward for your creative genius & thank you for stopping by, your works in this community speaks for itself .


Happy Piping,
Benji.
Thanks. I am more excited by this than anything previously; the vista that opens up before us is breathtaking. The first auto-trader is already up and running on my demo and I shall be releasing it later. I will place a link here once I have done so.

  • #313
  • Oct 11, 2011 8:21am Oct 11, 2011 8:21am
Quoting SteveHopwood
Thanks. I am more excited by this than anything previously; the vista that opens up before us is breathtaking. The first auto-trader is already up and running on my demo and I shall be releasing it later. I will place a link here once I have done so.

Very well, Yes Resent strength indy has some rare to find sweet exotic juice within itself, traders are welcomed to squeeze all the pip juice they can using whatever means.This thread appreciates more manual squeezing ie (manual trading), maybe because the RS developer & most of us here are visual traders, others here may prefer a juice blender (robot). Therefore whatever means used the bottom line = PROFITABILITY.

In my humble request,a creation that would appeal to both family of traders would be a major plus. Once again thankyou for gracing this thread.

Benji
Don't tell me the sky is the limit when there are footprints on the moon.
  • #314
  • Oct 11, 2011 10:30am Oct 11, 2011 10:30am
I have started a new thread to develop automation possibilities - http://www.forexfactory.com/showthre...32#post5030832.

The thread has my usual posting restrictions; there is information about getting these lifted at the bottom of post 1. kibed, yours are already lifted.

  • #315
  • Oct 11, 2011 11:23pm Oct 11, 2011 11:23pm
Quoting SteveHopwood
I have started a new thread to develop automation possibilities - http://www.forexfactory.com/showthre...32#post5030832.

The thread has my usual posting restrictions; there is information about getting these lifted at the bottom of post 1. kibed, yours are already lifted.

Steve,

Excellent, I will follow developments in your new thread.

David
  • #316
  • Oct 13, 2011 11:46am Oct 13, 2011 11:46am
Quoting kibed83
Hi David,

.......

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..............

Happy Piping
Benji
Hi,

Would you happen to have this indi in .mq4 format?

Thanks!
  • #317
  • Oct 13, 2011 1:33pm Oct 13, 2011 1:33pm
Quoting fxtrade13
Hi,

Would you happen to have this indi in .mq4 format?

Thanks!
Yes, i have another version smiler to what you are requesting, for some reasons am unable to upload it here as an attachment. You may wish to PM me providing your email & i should be able to send it.

FYI what you are requesting is an indy i was using long time ago when Resent strength indy first came to my attention,since then i have continue to do further R&D to improve the strategy to what is described here on strategy description and tools attachment.

Benji.
Don't tell me the sky is the limit when there are footprints on the moon.
  • #318
  • Oct 15, 2011 3:38pm Oct 15, 2011 3:38pm
Quoting hanover
Hi Benji,

Anyway, if I can't reproduce the problem, I'll consider the possibility of rewriting the indy as soon as I get some spare time. The first attempt was merely a demo aimed at showing what was possible. I copied the concept (and some of the code) from a TDI alerts indy that I'd previously written. Perhaps it would be simpler to code the tests into the actual indy itself, rather than have them as parameters --- especially if you want the indy to alert immediately two currencies meet opposing conditions simultaneously (one > 50; one < 50).

David...
Hi David,

I hope this finds you when your head is clear. let me know if you have found a way to get around the RS alerts.

As you had earlier explained,you have very limited time available here at FF due to other overwhelming commitments you are currently undertaking.Am aware & I choose to hold my patience.

Benji
Don't tell me the sky is the limit when there are footprints on the moon.
  • #319
  • Edited 6:53pm Oct 15, 2011 6:10pm | Edited 6:53pm
Quoting kibed83
Hi David,

I hope this finds you when your head is clear. let me know if you have found a way to get around the RS alerts.

As you had earlier explained,you have very limited time available here at FF due to other overwhelming commitments you are currently undertaking.Am aware & I choose to hold my patience.

Benji
Hi Benji,

I apologize. I feel bad about not having gotten back to you earlier.

I will try to complete your alerts indy over the next few days. Can you confirm that the Word document that you attached to post #274 is still a valid specification? Or should I be looking at some of the posts in your "Trading profitably using RS" thread?

Thanks,
David
  • #320
  • Oct 16, 2011 9:12am Oct 16, 2011 9:12am
Quoting hanover
Hi Benji,

I apologize. I feel bad about not having gotten back to you earlier.

I will try to complete your alerts indy over the next few days. Can you confirm that the Word document that you attached to post #274 is still a valid specification? Or should I be looking at some of the posts in your "Trading profitably using RS" thread?

Thanks,
David
Hi David,

Very well, i have tried to describe these alerts conditions on 2 different posts i.e #274 & Post #281. I would prefer you focus on strategy description and tools attachment on post #281 which has more detailed information under alert conditions.

With these alerts am seeking to achieve the following;

 

  1. User will have an option to choose preferred pairs that he wishes to focus & be alerted on.
  2. User will have an option to choose which timeframes he wishes to be alerted on.
  3. User will have an option to input time interval between receiving alerts,& also preferred session or time period.
  4. User will have an option to choose how to be alerted i.e by sound or by email.
  5. A visible display of the above information either on the same window with RS or on a different window would be even better.

Above information on bullets are mere guidelines, you may wish to improve on them or ignore them, this is within your discretion as a programmer .

Benji

Don't tell me the sky is the limit when there are footprints on the moon.
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