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Recent Strength indicator

  • #461
  • Aug 8, 2012 12:38am Aug 8, 2012 12:38am
To the two FF members who've messaged/e-mailed me:

I am sorry, but I am too busy working on commercial projects at the moment, to make changes to either indicator.

David
  • #462
  • Aug 13, 2012 5:26pm Aug 13, 2012 5:26pm
Hello David,

I have your recent strength indicator and a couple of days ago I was on my spare time just looking through some of the rest of your work and realized how thankful I am for your work and how kind you are for sharing so much.

Just wanted you to know.

Laurus
  • #463
  • Aug 13, 2012 11:47pm Aug 13, 2012 11:47pm
Quoting Laurus12
Hello David,

I have your recent strength indicator and a couple of days ago I was on my spare time just looking through some of the rest of your work and realized how thankful I am for your work and how kind you are for sharing so much.

Just wanted you to know.

Laurus
Laurus,

Thanks very much for the feedback.
Glad you like the indicators.

David
  • #464
  • Aug 14, 2012 9:54am Aug 14, 2012 9:54am
I finally decided to sign up here and I would also like to express my appreciation towards your fantastic work. I have been using couple of your indicators for quite a while now and I cannot thank you enough for every line of coding you decided to share with us.

I wish you all the best!
  • #465
  • Sep 3, 2012 1:07pm Sep 3, 2012 1:07pm
Hi all,

I've been using Gaira's currency strength meter for a a few weeks now and was wondering if anyone else was having the same problem as me and if there was a fix.

I'm running mt4 from two separate terminals one with eurusd and the other with eurjpy and have the CSM running on both, but for some reason the CSM shows different values for the each currency, e.g. at the moment the jpy is showing as being 6.7 strength on one terminal and on the other terminal it is showing as 4.4.

Just wondering if anyone else has encountered this problem or if there was a fix?

Thanks
  • #466
  • Sep 4, 2012 2:57am Sep 4, 2012 2:57am
Quoting j111mmt
Hi all,

I've been using Gaira's currency strength meter for a a few weeks now and was wondering if anyone else was having the same problem as me and if there was a fix.

I'm running mt4 from two separate terminals one with eurusd and the other with eurjpy and have the CSM running on both, but for some reason the CSM shows different values for the each currency, e.g. at the moment the jpy is showing as being 6.7 strength on one terminal and on the other terminal it is showing as 4.4.

Just wondering if anyone else has encountered this problem or...
Hi,

You can easily prove whether the problem is related to the pair on which it's attached (EU v EJ), by changing the chart to the same pair on both platforms.

However, this shouldn't make any difference, as the indy averages the strength for a currency across all pairs for that currency, and then repeats the process for every currency, regardless of the chart that it's attached to. Hence the most likely reason is different JPY-based pairs on the two platforms, e.g. one platform has CADJPY while the other doesn't.

Since you're running the same indy, and therefore the same program code, on both platforms, then if there was a bug in the code, it would cause the same error on both platforms. Hence the most likely reason is different data on each platform.

David
  • #467
  • Oct 26, 2012 4:22am Oct 26, 2012 4:22am
David,

Hi again after a few days... thanks again for the last advice and help (didn't ack to avoid cluttering your mailbox.)

Now that I am happily using your NewsSetup, Signal and have put both ATR(14) and Stoch on the same window, I want to try out your Recent Strength (both the chart and histo) indys. In which case, can you suggest some suitable values for BasePoint and NumPoints?

My pref is to have a uniform set on all TFs but you certainly have much more experience and feedback from folks indebted to your voluntary work ! I usually trade combos of all majors (EUR, USD, GBP, JPY, CHF, CAD, AUD, NZD) and want to limit my trades to several-few hours or perhaps several days if an interesting situation develops.

Having considered flotsom's StrengthMeter (and having had to modify to update in custom seconds instead of the default tick updates that were killing my CPU), I now surmise that your Smoothing Ave used with NumPoints (with more than 1 candle included) basically does the job of rate of change (ROC), while the BasePoint feature does the job of 'current' (longer term) strength.

So your CSM is probably a more sophisticated and flexible device, if one combines the Recent Strength (chart) with the CSM histogram. I am assuming both can be placed on the same chart, maybe in the same window?

Happy Regards,
Athar.
Toronto.
  • #468
  • Oct 26, 2012 7:10am Oct 26, 2012 7:10am
David,

Is there a way to expand the Recent Strength MTF charts display horizontally?
The problem on my screen is that the left 1/3rd of the window area remains unused, and the chart display looks too narrow. Tried removing WK and MN displays, but no help.

Regards,

Athar.
Toronto.
  • #469
  • Oct 27, 2012 1:19am Oct 27, 2012 1:19am
Quoting atharmian
David,

Hi again after a few days... thanks again for the last advice and help (didn't ack to avoid cluttering your mailbox.)

Now that I am happily using your NewsSetup, Signal and have put both ATR(14) and Stoch on the same window, I want to try out your Recent Strength (both the chart and histo) indys. In which case, can you suggest some suitable values for BasePoint and NumPoints?

My pref is to have a uniform set on all TFs but you certainly have much more experience and feedback from folks indebted to your voluntary work ! I usually trade...
Athar,

There are several ways of using the RS indy to support a variety of trading methodologies.

I've explained aspects of my own approach to trading, including the use of the RS indy, in posts like these: here, here, here and here. There are examples of the types of chart-based setup that I look for here, here and here. (Of course it's very much a discretionary work in progress; one never stops learning )

Personally I prefer to have the lines converging at the right of the chart (BasePoint = 0), whereas most folk seem to like the lines dispersing from the left (BasePoint = -1). I happen to have NumPoints=25 and SmoothingSMA=4, but again, it's purely a matter of preference. But I really only use the indy to give me clues as to which pairs' candle charts to look at, and confirm what the RS plots are telling me.

I prefer RS to CSM. A continuous line tells a more comprehensive story IMO. However, a histogram showing only the current value is probably better suited to a more mechanical style of trading.

I haven't attempted to place RS and CSM on the same chart, let alone window. Please feel welcome to experiment.

With RS, currently there's no way of adjusting the horizontal 'zoom', other than pressing the + and - keys to adjust the zoom of all windows (including the main chart) simultaneously. I tend to place RS on its own dedicated chart, allowing me to expand the RS window to full height (see the screenshots in some of the above links), to make the plot detail easier to see.

David
  • #470
  • Oct 27, 2012 10:53pm Oct 27, 2012 10:53pm
David,

Thanks again... I think using +/- on the keyboard to horizontally expand your RS charts is the solution that worked earlier once for me, one which you just reminded me of

Re: parameters and methodologies, one's head can spin just by looking at even a single thread at a single forum and there literally are hundreds/thousands of them trying to figure out a holy grail. Even if there is one, it by now has been lost in the noise. It not information, it is information overload that is the problem...

I agree that carry interest and news breakouts (if your broker has minimal slippage) are great techniques. The futures options trades balanced by deltas in one's forex account, or arb strategies don't work any more (deltas anyway are very hard to continually adjust.) The Long Tail theory, well known in academic circles was popularized by Nicholas Nassim Taleb in the early 2000s whose own hedge fund shut down later, just as happened in 1998 with LTCM , run by the Nobel Laureates who invented Black-Scholes options theory. !

The whole problem is predicting the time frame of such black swan singularities or mean-reversion (another name for S/R range trades.)

That OneNightStand strategy (whereby, on Fridays only, you buy/sell 1 pip above/below the last 10/8 day high/low including Thursday prices, and close the following Monday) looks interesting- there is online talk of trading the London open, e.g., with GBPJPY, by a straddle trade with closing the unsuccessful leg, taking advantage of volatility at open.

Regardless of above, the only convincing long term study I have seen on profitable technique is on pivots, quoted by by James S., a FX analyst (whose book I don't recommend, but who nevertheless has popularized a great study.) See below:

http://www.investopedia.com/articles...#axzz282lnHUbg

I found this on the stevehopwoodforex.com site who are experimenting furiously with Nanning Bob's methodology, now updated to 10.2A, and a CTS extension by coolncalm for ranging markets and lower TFs (with another robot for just looking at currency strength calls.) Great indys by Baluda and Neotrader too, which overlap yours. I am sure you are familiar with this work, too.

A while ago there was some work on The Beast EA which claimed using your works too, but I don't know how it compares with Nanning Bob's free work, started at FF. In any case, given the study above, there's got to be some validity in pivot points, the trick being setting the right parameters, something only experience and deep insight could teach !

Regards,
Athar.



Quoting hanover
Athar,

There are several ways of using the RS indy to support a variety of trading methodologies.

I've explained aspects of my own approach to trading, including the use of the RS indy, in posts like these: here, here, here and here....
  • #471
  • Oct 28, 2012 5:47am Oct 28, 2012 5:47am
Quoting atharmian
David, .....

Re: parameters and methodologies, one's head can spin just by looking at even a single thread at a single forum and there literally are hundreds/thousands of them trying to figure out a holy grail. Even if there is one, it by now has been lost in the noise. It not information, it is information overload that is the problem...
Athar,

Agreed, there are a zillion strategies out there. All of them work profitably some of the time, during suitable market conditions.

I can't comment on some of those that you've listed (e.g. One Night Stand, Nanningbob's 10.2A), as I've never used them for long enough to establish a profitable track record.

If you are a fan of pivots, then you might be interested in the variety of S/R techniques canvassed by this site.

David
  • #472
  • Nov 9, 2012 2:20pm Nov 9, 2012 2:20pm
Quoting hanover
CSM (currency strength meter) is a histogram-based version of the 'Currency Strength - Giraia' indy. Download into the ...../experts/indicators folder, and restart MT4.

You will also need to install the 'Placard MT Condensed' font (included in the attached ZIP file), if you don't already have it.

The parameters work as follows:

Currency Pairs - lists all 28 possible cross-products of AUD, CAD, CHF, EUR, GBP, JPY, NZD and USD. If your br0ker doesn't...
I am having seing the histogram as displayed on your chart. Any suggestions?
  • #473
  • Nov 10, 2012 1:15am Nov 10, 2012 1:15am
Quoting aelimian
I am having seing the histogram as displayed on your chart. Any suggestions?
The indicator works 100% on my computer.

You might find some ideas in the posts earlier in this thread. If you're running Win7, please see the notes in post #1. Further suggestions in point 1(b) here.
  • #474
  • Edited Jan 2, 2013 4:16pm Jan 1, 2013 11:12pm | Edited Jan 2, 2013 4:16pm
Reply to a PM from a member who is having problems getting CSM to run correctly:

Hi,

I've attached the latest version of the CSM indy to this post. Also the Placard MT Condensed font in a ZIP file (since FF doesn't allow TTF files to be attached).

Install the .ex4 file into your .....(MT4)/experts/indicators folder. If you want the source code, then install the .mq4 file into your .....(MT4)/experts/indicators folder, and the two .mqh files into your .....(MT4)/experts/include folder. For further instructions, please see here. Make sure that you install the Placard MT Condensed font as explained here, and also that you have The CurrencySuffix parameter set correctly (e.g. if your br0ker offers pairs like EURUSDm, GBPUSDm, etc, then set it to m). Please note that the indy must gather a large amount of info, from each currency pair/timeframe, in order to plot the necessary info. You could try starting with just one TF, and then adding each one incrementally.

If you're running Win7 or Vista, this might help you. From feedback I've received, some of my indicators don't run correctly on Win7 computers, and I don't believe that all of the reported problems are related to the user access permissions. That being the case, I'm afraid there's nothing I can do to help you, as I run Win XP.

I have the parameters set as follows (which produces the screenshot below):
Inserted Code
CurrencyPairs       = GU,UF,EU,UJ,UC,NU,AU,AN,AC,AF,AJ,CJ,FJ,EG,EA,EF,EJ,EN,EC,GF,GA,GC,GJ,GN,NJ,NC,CF,NF
CurrencySuffix      = 
TimeFrames          = M1,M5,M15,M30,H1,H4,D1,W1,MN
NumberOfCandles     = 25
ApplySmoothing      = true
TriangularWeighting = false
HistoricalShift     = 0
SortMethod          = D
ShowValues          = true
FontName            = Placard MT Condensed
FontSize            = 12
SeparateWindow      = true
HorizPos            = 30
VertPos             = 180
HorizSpacing        = 15
UseAltColors        = 
Color_AUD           = Green
Color_CAD           = SaddleBrown
Color_CHF           = Yellow
Color_EUR           = HotPink
Color_GBP           = Crimson
Color_JPY           = DarkOrchid
Color_NZD           = CornflowerBlue
Color_USD           = White
TextFont            = Verdana
TextSize            = 12
TextColor           = Silver
RefreshPeriod       = M1
UniqueID            = 1
OutputFilename      = CSM.CSV
HighlightBox        = false
I'm sorry, but that's the best I can do. CSM works fine on my Win XP computer (see attached screenshot). If you can't get it to run, you'll need to try another indy. There are plenty of strength indys available on the FF forum.

Good luck,
David
Attached Image (click to enlarge)
Click to Enlarge Name: 2012-12-19_1630_001.png Size: 86 KB
Attached File(s)
File Type: zip Placard MT Condensed.ZIP   27 KB | 2,812 downloads
File Type: ex4 CSM.ex4   52 KB | 1,773 downloads
File Type: mq4 CSM.mq4   12 KB | 2,001 downloads
File Type: mqh hanover --- extensible functions.mqh   93 KB | 1,483 downloads
File Type: mqh hanover --- function header.mqh   11 KB | 1,366 downloads
  • #475
  • Jan 18, 2013 6:18pm Jan 18, 2013 6:18pm
Hello
When i add your indicator it looks like this ( see attached) any ideas?
Attached Image (click to enlarge)
Click to Enlarge Name: Help.png Size: 117 KB
  • #476
  • Jan 20, 2013 12:45pm Jan 20, 2013 12:45pm
Quoting Pghud3
Hello
When i add your indicator it looks like this ( see attached) any ideas?
Hi,

The bars are built using the character 'I' from the Placard MT Condensed font. Looking at your screenshot, they're being displayed horizontally instead of vertically.

The only possibilities I can think of are:
(1) the font hasn't been installed correctly (for more info, see here), or
(2) your br0ker/MT4 version doesn't support the displaying of text at a 90 degree angle.

David
  • #477
  • Feb 12, 2013 9:50pm Feb 12, 2013 9:50pm
Quoting hanover
Hi,

The bars are built using the character 'I' from the Placard MT Condensed font. Looking at your screenshot, they're being displayed horizontally instead of vertically.

The only possibilities I can think of are:
(1) the font hasn't been installed correctly (for more info, see here), or
(2) your br0ker/MT4 version doesn't support the displaying of text at a 90 degree angle.

David
Thanks david for sharing. is that possible to change the font Placard MT by times new roman or arial ? I have the same problem like this.
  • #478
  • Feb 12, 2013 10:27pm Feb 12, 2013 10:27pm
Quoting ronald_fsm
Thanks david for sharing. is that possible to change the font Placard MT by times new roman or arial ? I have the same problem like this.
You can use any font that you have installed on your computer. Just change the FontName parameter setting to the font you want to use.

Your version of MT4 needs to support a 90 degree rotation of text, to allow the 'I' character to create the 'bars' in the colored plots (see attached screenshot). I'm using Pepperstone MT4 build 427 on Win XP SP2, and it works fine (see screenshot in post #474).
Attached Image (click to enlarge)
Click to Enlarge Name: 2013-02-13_1733.png Size: 41 KB
  • #479
  • Feb 13, 2013 8:27pm Feb 13, 2013 8:27pm
Hi David

I really like the Indicator . How can I back test it . I think that is what the Historical Shift field is for , but could you please explain ,or direct me to a previous post where it was discussed.

Thank You
  • #480
  • Edited 12:26am Feb 14, 2013 12:03am | Edited 12:26am
Quoting Rivabex
Hi David

I really like the Indicator . How can I back test it . I think that is what the Historical Shift field is for , but could you please explain ,or direct me to a previous post where it was discussed.

Thank You
Hi,

I am sorry, but it's not possible to 'back test' the Recent Strength indicator, as it does not generate any trading signals. The best you can do is run an EA to take screenshots of your MT4 chart (including the plots created by the indy) at regular intervals. Then you can review the screenshots.

The use of the HistoricalShift parameter is explained in post #1 ('Parameters' section).

David
___________________

Screenshot EA

I've attached an EA that will generate screenshots.

Install the .mq4 and .ex4 files into your ..../experts folder, and the .mqh files into your ..../experts/include folder.

Attach the EA to your chart. The parameters work as follows:

FilePrefix - Screen shot file name. Make sure that the smiley icon displays next to the EA name in the top right corner of your main price chart. By default, this will create a file named @WSS-[pair],[timeframe],[date][time].jpg in your ..../experts/files/screenshots folder. The folder will automatically be created if it doesn't already exist.

RefreshPeriod - How often you want the screenshots to occur. Valid entries are M1, M5, M15, M30, H1, H4, D1, W1, MN. The screenshot will be taken on the first tick of the relevant candle.

WidthInPixels - Screen shot width in pixels.

HeightInPixels - Screen shot height in pixels.

StartBar - Index of the first visible bar in the screen shot. If 0 value is set, the current first visible bar will be shot. If no value or negative value has been set, the end-of-chart screen shot will be produced, indent being taken into consideration.

ChartScale - Horizontal chart scale for screen shot. Can be in the range from 0 to 5. If no value or negative value has been set, the current chart scale will be used.

ChartMode - Chart displaying mode. It can take the following values: CHART_BAR (0 is a sequence of bars), CHART_CANDLE (1 is a sequence of candlesticks), CHART_LINE (2 is a close prices line). If no value or negative value has been set, the chart will be shown in its current mode.
Attached File(s)
File Type: mq4 Screenshot.mq4   3 KB | 980 downloads
File Type: ex4 Screenshot.ex4   36 KB | 2,636 downloads
File Type: mqh hanover --- extensible functions.mqh   113 KB | 807 downloads
File Type: mqh hanover --- function header.mqh   13 KB | 763 downloads
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