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Forex Probability Meter - NITRO+

  • #21
  • Dec 22, 2011 11:47am Dec 22, 2011 11:47am
Quoting Rokz
Is anybody using this? If so, has it become beneficial to your trading or does it 'state the obvious' with a flashy screen? I'm interested to know.
Let me add here.. I have only had the indicators for a couple of weeks and I , like many others , cannot spend all my time working on this..

What I am finding that I have begun using the indicator actually exactly as Wyfx has suggested using it.
As a confirmation tool for a seperate method. I am far from being an expert with Nitro at this stage but I see a value in using the indicators in this way..

I will say the Nitro Templates ( I have my own now as well) do tax my MT4 install, the indies seem to significantly slow my MT4 , not my computer per say, but I also am aware that Nitro is doing one hell of a lot of computing... (I run on a Quad Core 2.4GHz/ 4.00GB ram/Win764bit) Not a slouch but not a new wiz bang machine..

I have nitro set up on a separate demo and my trading templates on different MT4 installs to minimize the impact ..

Right now I use a Daily trading method and I use the Nitro on a 1 hr screen to confirm entries and as a heads up to possible exits.. I'll throw up a screen shot of the nitro screen I use presently..
The bottom indie is another from Megatrends set to 4hr time frame, just a trend indie looking at the next higher t/f.

So I look at my daily screen and IF the entry is in confluence with the 1 hr nitro I may enter.. If the Nitro does not confirm the entry is timed well I wait.. Classic MTF ...

IMO the indicator is highly configurable and can be manipulated to suite the user's interest in many ways... It can place a lot of information on a screen and does so in a very pleasing format. I would say they have put a lot of time into presenting the information contained in a very effective and visually pleasing manner.

here is a current screen shot, excuse the size if it is a bit large..

as always ...jmo.
Attached Image (click to enlarge)
Click to Enlarge Name: 1q.gif Size: 48 KB
  • #22
  • Dec 22, 2011 9:32pm Dec 22, 2011 9:32pm
Quoting tommyd
Wyfx,
I have a question regarding how you use correlation with each pair.

Do you have pair specific templates you use where each pair will have it's own template with specific pairs entered for pairs that move with and pairs the move opposite... seems logical...

I am not an expert in pair correlation by any means but I am looking at constructing such templates..
or
Do you use one or two general templates for all pairs..

I will attach a chart, excuse the size, hopefully you can see the whole thing, but it will be a example of what I am talking...
http://california.wyfxco.com/tommy-n...etup-thumb.png(click2expand)...

@Tommy -

The templates provided in your zip file are meant as a starting point, or foundation for users to create their own setup from. Kinda like you said, they are 'general templates' to which you can then go in and create a correlated combination for each pair or symbol you are trading. Once you create a combo for EURUSD, for example, just save the newly created template by adding 'eurusd' to it.

The templates with multiple meters [6 or 12] on them like the one you are using above are provided so you can create exactly what you describe... correlated pair setups.

Correlations are sort of dependent on each individual user. It is highly dependent on the time period you are trading and what symbols your specific broker offers. Some brokers offer symbols like USDSGD and DJIA... some do not. This updated chart from OANDA is a good place to start for Major Pair Correlation.

I coded in by default templates with USD Pairs, JPY Pairs, and one with 12 showing both USD and JPY Pairs since they tend to trade in tandemn since USD & JPY are currently coupled (in general).

I don't know if this is what you meant or not:
but creating and providing 28 different templates in the zip file isn't really feasible, not because of the work involved.... but because of the different symbology used by different brokers for symbols like GOLD, S&P 500, and OIL - and 80% of the brokers do not even offer non-forex symbols like this.

If the default symbol we enter for GOLD at the time of template creation and saving does not match the symbology used by the user's MT4 Platform, Nitro+ will not display and there will be a blank spot on the screen. We can't have this because we will get emails saying "Please Help Now! My Nitro+ is Broken." It will take 5 emails to explain how to go in and change the symbols correctly and then resave the template.

This may instead of been what you were asking:
I personally do not add additional, correlated meters to the bottom of my charts. I have enough screen space to where I can view 60 charts at once. Each chart only has a single Compact Nitro+ on it.

They are not full size charts, but I maximize a specific chart when I am going to trade on it or adjust TPs. Each of the different monitors have related or correlated charts on them so this allows me to know at a glance whether or not:

Global Risk Appetite is UP (commodities UP; global stock markets UP; eur, gbp, chf, aud, nzd, cad UP; usd, jpy DOWN)
or
Global Risk Appetite is DOWN (commodities DOWN; global stock markets DOWN; eur, gbp, chf, aud, nzd, cad DOWN; usd, jpy UP)
  • #23
  • Dec 24, 2011 12:39am Dec 24, 2011 12:39am
Quoting billbss
NITRO?

Are you affiliated with a guy names Edgetrader?
@billbss -

No.

I do not know whoTF Edgetrader is. Is he cool?
  • #24
  • Dec 29, 2011 8:54pm Dec 29, 2011 8:54pm
Quoting tommyd
....//....What I am finding that I have begun using the indicator actually exactly as Wyfx has suggested using it.
As a confirmation tool for a seperate method. I am far from being an expert with Nitro at this stage but I see a value in using the indicators in this way..

I will say the Nitro Templates ( I have my own now as well) do tax my MT4 install, the indies seem to significantly slow my MT4 , not my computer per say, but I also am aware that Nitro is doing one hell of a lot of computing... (I run on a Quad Core 2.4GHz/ 4.00GB ram/Win764bit)...

@tommyd -

I just recently added some more info in the additional tips section of the Nitro+ Installation Page that explains more about the initial drain on resources.

You said the 28pair templates (I assume) are a drain on your MT4 install.

This just means that it bogs down and can even freeze when you first flip to one of the 28pair templates right? And then maybe flip through the periodicities?

I hope this is the case that it is only happening during the first 10-20 minutes of when you first install.

Like you said, Nitro+ is downloading 28pairs worth of tick data on up to 6 time frames while at the same time trying to do calculations on the numbers as they come in.... all at once.

I honestly do not see that large of increase for RAM or CPU and I have 50-70 meters on Forex, CFD, Futures.

But... I always have trouble, to the point of my platform locking up, when I install it for the first time when I test on a new broker with no History. Sometimes, it will take me over a half hour to download the 15mb-20mb worth of data on all the TF before Nitro+ functions properly.

But... all is good from that point forward as long as I remember to 'save deleted charts to reopen'.

I think bandwidth flow-controls by MT4 brokers are the biggest culprit for the initial install problems, including when installing any currency strength meter. That's why there is not a simple 'Download ALL Data' button in our History Center. They make us do it one pair at a time, and one periodicity at a time. A Nitro+ 28pair template is trying to act as that 'Download All' button.

Try to reply or email me when you find time to let me know if this is still going on now after it has been loaded for awhile.

Steve
[email protected]
  • #25
  • May 2, 2012 10:42am May 2, 2012 10:42am
Quoting biganc
I know FerruFx designed a probability meter. Can you compare yours and his.
http://www.daytradeforex.com/recomme...lity-meter.htm

Thanks.
Quoting mer071898
The last I heard, FerruFX actually sold his Probability Meter to another company which may have been these guys.
@biganc + @mer071898 -

I briefly alluded to comparisons of Nitro+ and those "Classic" meters in a previous reply @Tommbstone:
Quoting tommbstone
I'm not really sure how this meter is used. Although I admit I skimed the site. I know there is an older meter out there for less but this looks more advanced.
Nitro+ was inspired in theory to this old rudementary meter you mention. Similar to how the Apple iPhone 4s was inspired in theory by the Palm Pilot and Motorolla Brick Phones from 1987.

It was also inspired by many other quasi and half hearted attempts at creating a full spectrum tool. As is evident, all of these prior attempts lack follow-through and were clearly compiled after 2-3 hours of coding... i.e. the initials T and R and O come to mind.

Nitro+ is the aggregation hybrid of every attempt at an aggregation tool since Metatrader One dating back to 2002.
  • #26
  • May 2, 2012 7:19pm May 2, 2012 7:19pm
I'm woundering now how this would work with binary options.

I must think on this. Oh I happen to see my name mentioned on the tread and it brought me back. LOL
  • #27
  • May 4, 2012 9:02am May 4, 2012 9:02am
Quoting tommbstone
I'm woundering now how this would work with binary options.

I must think on this. Oh I happen to see my name mentioned on the tread and it brought me back. LOL
Interesting you observed that potential. It could be argued binary might possibly be a superior use of it.

My brother is with IamOptions and others by way of an aunt in Germany and a remote connect. He tends to stick with GOOG + BAIDU beginning early in NY after the morning dust settles.

I cannot PM you. [email protected] I'll send you the download this weekend.
  • #28
  • May 5, 2012 8:02pm May 5, 2012 8:02pm
Interesting you observed that potential. It could be argued binary might possibly be a superior use of it.

My brother is with IamOptions and others by way of an aunt in Germany and a remote connect. He tends to stick with GOOG + BAIDU beginning early in NY after the morning dust settles.

I cannot PM you. [email protected] I'll send you the download this weekend.

Not sure why you can't pm me but i sent email

I was thinking if Nitro is saying aud/usd is 80% short on a m5 or maybe a m15 chart then you could do a put option with either a :15 or :30 min expire time.
I don't do end of day binaries but I'm wondering if anyone else has thought of this for forex or even as you say gold or stocks.
Or maybe I'm ahead of my time as always. hahahah

Your thoughts or test is appreciated.

Also how much memory does this nitro hog up or can I just run maybe 2 pairs. My puter is getting old.
  • #29
  • May 25, 2012 8:39am May 25, 2012 8:39am
Quoting tommbstone
[.....] I was thinking if Nitro is saying aud/usd is 80% short on a m5 or maybe a m15 chart then you could do a put option with either a :15 or :30 min expire time.
I don't do end of day binaries but I'm wondering if anyone else has thought of this for forex or even as you say gold or stocks.
Or maybe I'm ahead of my time as always. hahahah [.....]
@tommbstone - Hope you are having some luck with it. Also hope you have found RAM + CPU performance exceeds your expectations considering all the work it is doing. Like I replied to tommyd's post above, although initial install is taxing, all is good once all price + tick data is downloaded to your History Center for all the time frames it needs.

I think you are ahead of your and everybody's time when it comes to Binaries.

I've never understood though why payouts cannot push 98% during high volume. If the ratio of buyers vs. sellers gets out of whack and presents actual non-hedged risk for the broker.... slide the payout down for a particular buy or sell side. It should be a constantly sliding scale such as the Money Line in Sports betting. Arbitrage risk for the broker does not exist because you cannot sell the buyside (sell a call) or vice versa.

Jarred says the fact that it does not work like above, and that payouts are relatively fixed @ 75% is EXACTLY why it is lucrative. If Binaries functioned like Sports Betting.... the payout scale for EURUSD sellside options over the past few weeks would have slid down to 5% - 10% instead of remaining static @ 75% - 85%.

Exactly like you said, payouts approaching 85% with :15 or :30 or 1H or 1:30 or 2H expires on pairs in the midst of obvious strength or weakness, obvious breakouts or breakdowns... is interesting.
  • #30
  • May 25, 2012 8:47am May 25, 2012 8:47am
@tommbstone - I believe the reason for our opportunity is due to the use of the word "obvious" in the paragraph above and the ever important time of day.

Not all price action behavior is obvious to everyone. Not everyone knows how different segments of time within each different session affect that price action. Not everyone understands Pivot Points or Support & Resistance levels or assign proper weighting to their varying degrees.

There are also many many many newer traders in every corner of this world (and everywhere you look here @Forex Factory) who inevitably use contrarian and or overbought/oversold type indications during this type of "obvious to us" price action.

For instance, clicking "Sell" simply because RSI >= 70. Or hell, clicking "Buy" simply because the 5M MACD crossed up over zero.
  • #31
  • May 28, 2012 5:48am May 28, 2012 5:48am
Hi wyfx,

when do you think the new version of your indi suite will be ready, as you mentioned in your page?

Also, a long ago I asked for a histo style indi to Be able to backtest your indi (I understood originally the limitations of such display, but maybe with end of bar data you could get something useful)

TIA for your answer.

g
  • #32
  • Jun 7, 2012 5:42pm Jun 7, 2012 5:42pm
News??
  • #33
  • Jun 11, 2012 6:12am Jun 11, 2012 6:12am
Quoting guibernaua
Hi wyfx,

when do you think the new version of your indi suite will be ready, as you mentioned in your page?

Also, a long ago I asked for a histo style indi to Be able to backtest your indi (I understood originally the limitations of such display, but maybe with end of bar data you could get something useful)

TIA for your answer.

g
@Adrian - As you probably already figured out, I'm clueless when it comes to complex coding so I am paralyzed in these situations of providing a mod. Your previous email conversations were sent to my partner along with my existing TITAN II plotter functioning end of bar like you describe.

This article at MQL4 discusses the issue of Dynamic Indicator Backtesting and they created a non trading EA for the purposes of being able to test such indys. It can be downloaded at the bottom of the page. I do not have time to try it right now. The problem is that Nitro+ is not just Dynamic, it is MTF Dynamic. I am pretty sure I have used a similar, commercial version of this EA years ago with no success on a different Dynamic MTF indy from CJA.

Regardless of that, I still don't have a functioning GLOBAL% plotter to send you so all is mute.

The reality is that it was never made a priority. Even with conversion to plot GLOBAL%, it will never have commercial viability because it disappears instantly and completely forcing it to begin from scratch upon the slightest loss of connection. I'm talking even the periodic millisecond VPS disconnects we are never aware of and are never a cause for EA stop or disconnect sound. Nitro's history in this case only exists as an object buffer consisting of pixels. Any millisecond MT4 loss of connection forces a price and chart refresh, which in turn makes the pixels vanish.

It has also not been a priority in my mind because I already know exactly how it and N+ behaves in relation to 0% 50% 75% 100%... like the back of my hand.

That is no excuse, I apologize it has not been made a priority for you. I had always felt like one of us would eventually find the time to at least whip up a somewhat functioning version for you. That free time has yet to come. Maybe we'll get it to you after the Nitro+ update this Summer? - Thank You, [email protected]
  • #34
  • Jun 21, 2012 10:30pm Jun 21, 2012 10:30pm
yeah the update of Nitro+ in its original form is free. Other versions that are entirely different forms or add-ons like the currency strength meter probably will not be free, but like always will be provided @ 50% - 60% discount for existing.

In this free update, "LeftSide Placement" and "CompactMode / SuperCompact" will be entirely separate indicators. This will allow formula additions such as multiple visual 'Probably Should Take Some Profit Here' indications, Ichimoku Clouds, Standard Deviation, etc, etc, etc...... and expansion of Symbol Strength into a double digit number ranging from 00 to 99. Instead of just one strength with a lookback of 48 bars, there will be an addition of 120 bars - which is a 5 day lookback when Hourly is measured. Or, maybe the combo of 24 bars + 96 bars.

Because Symbol Strength (which is basically breaches of support & resistance levels) makes up about 20%, increase or decrease of 1 SS level can cause the percentage to move by as much as 4% because of how the hi/lo levels are weighted. Spreading the formula into 2 SS numbers will help decrease the "jumpiness" when certain lesser levels of S&R are breached only momentarily. Increasing the LB will provide a wider view which will provide a more thorough strength analysis of lower TFs and reduce the SS from maxing out too early - when extreme S&R levels are breached.

Leaving for vacation after close tomorrow until sometime after 4th of July holiday in US. Hopefully it will be done by the time I get home. You'll receive info and download link(s) to your email just like your backup links were sent during initial purchase. So make sure to add support[at]wyfxco.com to address book to prevent bounce or filtering.
  • #35
  • Aug 5, 2012 6:26pm Aug 5, 2012 6:26pm
- Update will have the Message Box / Terminal print adjusted to include Global % along with price and time. This allows a running log to be kept with intervals of choosing from selection of TFs available. Nitro+ alerts upon first trigger, and then keeps alerting on bar close as long as Global % is greater than Alert Trigger... which is what in turn makes logging possible.
- All the discount codes floating around that forgot to have an auto-expire set, like [ FACTORY ] from a previous post - will auto-expire once the update with new product number is uploaded.
  • #36
  • Aug 28, 2012 10:41pm Aug 28, 2012 10:41pm
My coding partner + main web designer Brad is beginning a new core job with a new firm towards the end of this month. So, I really do not think we can rely on him for the new sites / site overhauls this Autumn in addition to the software coding. In actuality, I do not want to become a burden on him (or rather his wife!) and provide increased and unnecessary stress at the exact time he is transitioning.

So... we are looking for a good initial and ongoing Web Designer who MUST have REAL MARKET TRADING EXPERIENCE - preferably with an emphasis in FX. I cannot afford to waste time on a daily basis thru the communication process due to a lack of background knowledge in what it is that I am trying to communicate I need. We are going to list and put up for bid this opening on actual web design + coding sites in the days to come and contact existing local referrals, but would prefer to find someone here at FF first. In other words, let FF act as a "FX Trading Experience Necessary" filter and targeting method.

Contact us quickly at (Ashley Wyeth) ashley [-at-] wyfxco.com . You can also use the contact form on either of our sites. Our budget is $4,000-$12,000 for total initial with a very short deadline and $900-$1,300 per month for ongoing maintain - minimum 1 year commit, and both by IC. 1099s will be sent, so all background information along with past webwork and past REAL trading experience will be extensively verified. I have no host or platform preference... whatever is best performance and familiar most to you. We currently have scaleable VPS thru Hostgator using Linux w/ Control Panel. Non-CSS and non-script statics are served through Amazon Cloudfront via S3 buckets in US (2), Euro, and Asia and will continued to be regardless of host/platform as cutomers reside in every country of the world. Spreading origins across the globe and using Cloudfront equalizes ping for all. Administrator privileges are given for AWS and the account can be used for other projects that are not ours and bandwidth charges will be deducted from monthly maintain. We pay monthly maintain on the 15th and in advance each month.
  • #37
  • Sep 9, 2012 2:58pm Sep 9, 2012 2:58pm
In regards to the Web Designer position from previous post:

Please hold off on emailing Ash if you do not have examples of past or current HTML works and verification. Also hold off if you do not have a way for us to verify past trading experience through activity statements with personal info blacked out. "Read Only" is available through the majority of brokers including e*Trade & AmeriTrade. You can contact customer service and they will fax Read-Only directly to us.
  • #38
  • Sep 17, 2012 7:27am Sep 17, 2012 7:27am
We have filled the HTML position.
  • #39
  • Oct 24, 2012 6:06am Oct 24, 2012 6:06am
FLOW+ CSM is being coded right now among others.

In general, the overall design of the traditional-type meter portion of it is similar to as shown below... situated either above or below the Probability Meter.

Although of course you will have the capability to use it solo, it may actually be integrated within the new suite. If the stack overflow obstacles in the code can be overcome, this will allow for simplicity by only needing to install one .ex4 indicator file and (hopefully) no templates. Then, various features such as "Currency Strength Meter" and "Probability Meter" and "Other Integrated Features" can be turned ON/OFF with a few clicks.

I don't think the iDrag Trade Manager can be integrated because it is technically an EA and functions as such. Integration would mean everything else would need to be coded within EA parameters... which I am pretty sure is not possible. Though I do remember the old XMETER CSM was actually installed into the EA folder. Regardless, I don't want all indications to stop working if the Experts button needs to be depressed for whatever other reason.

http://california.wyfxco.com/currenc...-meter-mt4.png
  • #40
  • Dec 12, 2012 2:05pm Dec 12, 2012 2:05pm
I'm waiting attentively for the new version. And day dreaming about iDrag
Any news?
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