CHOROS System | Page 340 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

CHOROS Interactive 2,625 replies

Money management for CHOROS and other strategies 2 replies

I want to pay off my mortgage asap with Choros 181 replies

3-9% a day with CHOROS? 63 replies

Would you trade this system? New system #2. 10 replies

Attachments: CHOROS System
Exit Attachments

CHOROS System

  • #6,781
  • Oct 25, 2011 10:44am Oct 25, 2011 10:44am
Quoting Binyamin
You just can't do it, because only Binyamin can provide that magic indicator. (just kidding)

Do double check the values calculated with this http://www.actionforex.com/markets/p...2010040848154/

Because some brokers like Oanda MT4 have data that is really out which causes wrong calculated pivot values.
This one will give you slightly different values since there's no time zone adjustment. I'll see if I can come up with one in the next few days.
  • #6,782
  • Oct 25, 2011 10:53am Oct 25, 2011 10:53am
Quoting screenname
This one will give you slightly different values since there's no time zone adjustment. I'll see if I can come up with one in the next few days.
You mean pivot calculations are out by 1-2 pips like mine. I would think that won't be a problem would it? Isn't that because each broker fx data
is slightly different?
Riding the order flow
  • #6,783
  • Oct 25, 2011 10:59am Oct 25, 2011 10:59am
Quoting Binyamin
You mean pivot calculations are out by 1-2 pips like mine. I would think that won't be a problem would it? Isn't that because each broker fx data
is slightly different?
Right, usually it won't be a problem. The difference comes more from lack of GMT offset than from broker data difference. I calculated WP and MNP manually from my broker's hourly candles, they are much closer to actionforex values than to those from the indicator.
  • #6,784
  • Edited 8:47pm Oct 25, 2011 12:09pm | Edited 8:47pm
I've looked at lots of pivot point indicators. I have not yet found one that does everything I want.

The most important feature to me is correct calculations (duh!). And the most important calculation feature is the ability to use NY close (5pmEST) hour as the beginning of the day. This is because, from what I have read, the rest of the world uses this hour to calculate their Daily pivot points. Pivot points work because everyone else uses them, so if your calcs are different than everyone else's, they're going to be pretty useless! I've also compared Kostas's charts to mine, and his daily pivots seem to calculate using NY close.

I use PivotPoints only because it's the only indi that you can set the start hour. But I like the display of AutoPivotIndicatorc_ver5 best, and it's also the only one that will igmore Sunday data. So I always switch pivot indis on Sundays and Mondays, which is kind of a pain.

AutoPivotIndicator_ver5 would be perfect if you could add 1) set start hour for Daily calcs, and 2) display price on PP levels (I know it shows in the vertical price bar to the right but I would prefer a label on the line itself). Maybe some programmer seeing this could make those things work?

I just tried fxbc_S&R_pivots when Binyamin posted it today. It seems to do everything PivotPoints does, and also displays price labels.

Here is a comparison of three of the three indicators. Hope this helps you guys!

Mega pips to all!

Edit (9:45pm EST): Sorry, guys, I just realized I forgot to post the indis! Here they are...
Attached Image (click to enlarge)
Click to Enlarge Name: chart1.jpg Size: 56 KB
Attached File(s)
File Type: mq4 AutoPivotIndicator_ver5.mq4   31 KB | 390 downloads
File Type: mq4 fxbc_S&R_pivots.mq4   17 KB | 363 downloads
File Type: mq4 PivotPoints.mq4   10 KB | 264 downloads
Luck occurs when preparation meets with opportunity.
  • #6,785
  • Oct 25, 2011 12:42pm Oct 25, 2011 12:42pm
Quoting AlienFrog
I've looked at lots of pivot point indicators. I have not yet found one that does everything I want.

The most important feature to me is correct calculations (duh!). And the most important calculation feature is the ability to use NY close (5pmEST) hour as the beginning of the day. This is because, from what I have read, the rest of the world uses this hour to calculate their Daily pivot points. Pivot points work because everyone else uses them, so if your calcs are different than everyone else's, they're going to be pretty useless! I've also...
Thanks for the excellent summary. Could you please elaborate on why and how Sunday candles are ignored? People in different zones would have different Pivot if Sunday candles are ignored.
  • #6,786
  • Oct 25, 2011 2:52pm Oct 25, 2011 2:52pm
i think i can help a bit with the weekly and monthly pivots.

closetime= is the one to fix for your offset to NY close.
pivotset=
1 is for daily
2 for weekly
3 for monthly

it would be good if they had labels, if someone can add them great.
i also have the midpoints indi if anyone would like it, but i dont use it.
as a side note for pivots, last day's pivots are more respected even than the current day's. get some confluence there and you are up for a good ride.
Attached File(s)
File Type: mq4 Pivot Points v3.mq4   9 KB | 342 downloads
  • #6,787
  • Oct 25, 2011 3:57pm Oct 25, 2011 3:57pm
thanks asos for the indicator it seems that it works fine for me.
Better to lose opportunity, rather than capital !
  • #6,788
  • Oct 25, 2011 8:58pm Oct 25, 2011 8:58pm
Quoting screenname
Thanks for the excellent summary. Could you please elaborate on why and how Sunday candles are ignored? People in different zones would have different Pivot if Sunday candles are ignored.
I live in the US in EST time zone. Sundays are short days for the market since trading starts mid afternoon. Also, the London market does not open at all on Sunday in the US. Therefore Sunday data is not as important as the rest of the week, so some traders discount Sunday data for pivot calculations. I believe this is the thinking behind this.

This would probably not be an issue for eastern time zones, and possibly European as well.
Luck occurs when preparation meets with opportunity.
  • #6,789
  • Oct 25, 2011 8:59pm Oct 25, 2011 8:59pm
Quoting asos101
i think i can help a bit with the weekly and monthly pivots...
Now I see you have already posted the same indi! Thanks buddy!!
Luck occurs when preparation meets with opportunity.
  • #6,790
  • Oct 25, 2011 9:05pm Oct 25, 2011 9:05pm
Quoting AlienFrog
I live in the US in EST time zone. Sundays are short days for the market since trading starts mid afternoon. Also, the London market does not open at all on Sunday in the US. Therefore Sunday data is not as important as the rest of the week, so some traders discount Sunday data for pivot calculations. I believe this is the thinking behind this.

This would probably not be an issue for eastern time zones, and possibly European as well.
I'm in the same time zone as you. If you use 5pm as start of the day then your Sunday pivot values will be based on data from Sunday 5pm to Monday 5pm when trading is continuous. I agree if you use 12am EST as start of the day then you got a problem.
  • #6,791
  • Oct 26, 2011 12:40am Oct 26, 2011 12:40am
Quoting AlienFrog
Now I see you have already posted the same indi! Thanks buddy!!
oops, just realised you had it in your list.
it would be great if someone could add labels and up it here.
it shouldnt be that hard but i am completely useless in programming.
  • #6,792
  • Oct 26, 2011 4:28am Oct 26, 2011 4:28am
Quoting screenname
I'm in the same time zone as you. If you use 5pm as start of the day then your Sunday pivot values will be based on data from Sunday 5pm to Monday 5pm when trading is continuous. I agree if you use 12am EST as start of the day then you got a problem.
Ii see your point and it makes sense. But I think what happens is this: for Sunday values it uses data from Thursday 5 pm - Friday 5pm, so Sunday is good. For Monday values it uses Friday 5pm - Sunday 5pm, which is a short data set.

See the attached pic and you'll see how Sunday's pivots are short lines. That's a 15 minute chart.
Attached Image (click to enlarge)
Click to Enlarge Name: chart1.jpg Size: 171 KB
Luck occurs when preparation meets with opportunity.
  • #6,793
  • Oct 26, 2011 9:04pm Oct 26, 2011 9:04pm
Hi, guys. Wondering if you can help me out. I'm trying to set up my charts the same as you guys.

I'm reading over thread history, and looking at Kostas's chart attachments. There are lots of indis and lines that have evolved since the original manual, that you're all using today. I pulled a couple of Kostas's pics to show what I mean.

I've changed my M5 setup to 5EMA, 12EMA and 23EMA. I've added 62EMA to H1. But I know I'm still missing some. I've spent a lot of time searching through a lot of the thread to find them all and why they are used, but its just not easy to find all these things.

Could someone please post either a list of the indis and values, or their template file? I'm not trying to be lazy here, just want to be thorough and on the same page as all you guys and understand the purpose for each of these indis.

I numbered the ones I don't know on the pics, maybe you could just list them by number for me?

Thanks, guys!
Attached Image(s) (click to enlarge)
Click to Enlarge Name: chart2.jpg Size: 156 KB
Click to Enlarge Name: chart1.jpg Size: 99 KB
Luck occurs when preparation meets with opportunity.
  • #6,794
  • Oct 26, 2011 9:20pm Oct 26, 2011 9:20pm
Quoting AlienFrog
Ii see your point and it makes sense. But I think what happens is this: for Sunday values it uses data from Thursday 5 pm - Friday 5pm, so Sunday is good. For Monday values it uses Friday 5pm - Sunday 5pm, which is a short data set.

See the attached pic and you'll see how Sunday's pivots are short lines. That's a 15 minute chart.
I see. Is this from Oanda? I know Oanda gives Sunday data prior to 5pm EST for some pairs. It doesn't happen on MBTrading charts, at least not on Fiber/Cable since it always starts a new week at Sunday 5pm and ends at Friday 5pm.

I took a look at the three indicators you posted. fxbc_S&R_pivots.mp4 has a serious problem. It keeps calculating pivot values at every tick and it floods the Experts log window. Also the code is very messy. AutoPivotIndicator is better, but PivotPoints.mp4 has the best code and it's the easiest to understand. I was able to just add a few lines (actually only one line, the rest are keywords or brackets) to fix Sunday candles for daily pivot points. I'm gonna fix the Weekly/Monthly ones as well, and give users the option to choose what to show on the Charts (instead of switching between Daily/Weekly/Monthly) and hopefully add some labels.

I'm new to MT4, the calculation part is easy, text/label part will take some more time.
  • #6,795
  • Oct 26, 2011 10:48pm Oct 26, 2011 10:48pm
Quoting AlienFrog
I numbered the ones I don't know on the pics, maybe you could just list them by number for me?

Thanks, guys!

If I am not mistaken, these MAs correspond to 35SMA, 50EMA and 10EMA of higher time frames so that you can actually trade from M5 or M15. You can check from the values of these MAs, which are the important ones.
"Put all your efforts in becoming effortless"
  • #6,796
  • Oct 27, 2011 12:59am Oct 27, 2011 12:59am
Quoting AlienFrog
Hi, guys. Wondering if you can help me out. I'm trying to set up my charts the same as you guys.

I'm reading over thread history, and looking at Kostas's chart attachments. There are lots of indis and lines that have evolved since the original manual, that you're all using today. I pulled a couple of Kostas's pics to show what I mean.

I've changed my M5 setup to 5EMA, 12EMA and 23EMA. I've added 62EMA to H1. But I know I'm still missing some. I've spent a lot of time searching through a lot of the thread to find them all and why they are used,...
the stairstep MAs are the HTF equivalents of 15/35/50, made with the MovingAveragesMTF indy.
using values UpperTF1=(the higher TF than the current in minutes, ie for M15 the HTF is H1 so the value is 60)
a bit lower you set the
ma_method_1=1 (so this is EMA)
ma_method_2=0 (and this SMA)
ma_method_3=1
and lower you set the MAs
applied_price=0
period2=35
period3=10

i post my M15 as an example, the stairstep MAs are set like that for
M5 (with UpperTF1=15)
M15 (with UpperTF1=60)
H1 (with UpperTF1=240)
on H4 i dont use them but you can set them up for daily
thats it for the startstep looking MAs, as for the rest i am not too sure, i guess it could be the 200
Attached File(s)
File Type: tpl choros-m15_mtfs.tpl   16 KB | 409 downloads
  • #6,797
  • Oct 27, 2011 1:04am Oct 27, 2011 1:04am
Quoting AlienFrog

I numbered the ones I don't know on the pics, maybe you could just list them by number for me?
Thanks, guys!
IamTHAT already answered but here they are again:
1) DanceMovingAveragesMTF equivalent of H1 10
2) DanceMovingAveragesMTF equivalent of H1 35
3) 200 SMA
4) 105 SMA (equivalent of M15 35)
5) 150 EMA (equivalent of M15 50)
6) DanceMovingAveragesMTF equivalent of H4 10
7) DanceMovingAveragesMTF equivalent of H4 35

EDIT: Asos already beat me to it.... Thanks my friend.
  • #6,798
  • Oct 27, 2011 1:12am Oct 27, 2011 1:12am
Quoting kostas1
EDIT: Asos already beat me to it.... Thanks my friend.
morning m8

as a side note, i know it is furstrating when you read up a new thread that things have changed quite a bit from the first page and you need to follow along.
but i think it is important to start from scartch, start from the first page and see how things evolved, why an indy was introduced and why another was removed. of course Choros hasnt changed that much since the start, but i'm just saying.
  • #6,799
  • Edited 2:00am Oct 27, 2011 1:45am | Edited 2:00am
Hey I think I am getting it about touch now, I have been making +ve pips on my demo account that exclusively trade touch. The main difference between how I approach it when I first start and now is.

1) I take TP faster usually base on 15M PPA. In the past I was looking for 30 pip wins.

2) I trade only with confluence generally the higher TF MA the better, pivots and PPA.

Thats it i think. What I mention is stated in the manual but I suppose at that time my mind blocks it somehow.
Riding the order flow
  • #6,800
  • Oct 27, 2011 4:03am Oct 27, 2011 4:03am
I just took a touch trade with +10 pips that confluence with WP, H1 10EMA and M15 50EMA.

Reason why I took pip fast is because there are a lot of wicks at the 15M as you can see(nearly porcupine). Please feel free to share how you would have exit if you were to take it.

I feel happy because I think I am finally getting how to trade touch!

However there remains a problem, trading something as attention demanding as touch can interfere with my job. It is no that hard for me to make a mistake at work that can possibly(if the other guys don't double check) blow up a oil platform and kill dozens. Not the best way to quit my job.
Attached Image (click to enlarge)
Click to Enlarge Name: untitled.JPG Size: 225 KB
Riding the order flow
1 trader viewing now