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Third Screen Strategy - Dr. Alexander Elder

Does anyone please have a MTF MACD adjustable?

I would like to place the D1 MACD adjustable on the H1 chart.
Quoting normtold
Does anyone please have a MTF MACD adjustable? I would like to place the D1 MACD adjustable on the H1 chart.
This is what I have been using:

Attached File(s)
File Type: mq4 MTF_MACD_inColor.mq4   5 KB | 273 downloads
Quoting Britpip7
Thanks for spotting the "deliberate error" - you all passed the test here's the amended profile - I only check this at the start of a new day candle to see if there are any new set ups and then I have a similar profile for the H1 with the Williams % indicator. Easy way to scan 12 pairs in 30 seconds - I like easy! {image} {image}
Hey Brit. Are you not looking at all on the weekly TF?
Quoting MKFXTrader
{quote} Hey Brit. Are you not looking at all on the weekly TF?
Yes I am, but only if I see a change on the day charts
"To live with Passion, it takes Courage and Grace to survive"
Quoting rtn
{quote} This is what I have been using: {file}
Thank-you, I set the MTF indicator at,

1440
12
24
9
3

I am getting different results though, e.g on GBP/AUD D1 MACD histo has been blue since the 18th of March and still is blue yet the H1 MTF changed to red on Friday.
Quoting MKFXTrader
{quote} Hey Brit. Are you not looking at all on the weekly TF?
and here's the weekly view
Attached Image (click to enlarge)
Click to Enlarge Name: 100 pips weekly.gif Size: 173 KB
"To live with Passion, it takes Courage and Grace to survive"
Quoting Britpip7
{quote} and here's the weekly view {image}
Hi Britpip,

again only 11 pairs, you must be kidding...
Quoting aly365
{quote} Hi Britpip, again only 11 pairs, you must be kidding...
Aly - when I get another screen I may add some more - all depends on how my Attention Deficit Disorder is doing - Oh Look - a squirrel
"To live with Passion, it takes Courage and Grace to survive"
Quoting Britpip7
{quote} and here's the weekly view {image}
You should add G/J bud.
Quoting MKFXTrader
{quote} You should add G/J bud.
But, which one goes?

I currently have 3 jpy pairs, so that means aud/jpy or cad/jpy

Never sure about riding the beast - huge pips to be had but huge swings
"To live with Passion, it takes Courage and Grace to survive"
Quoting Britpip7
{quote} But, which one goes? I currently have 3 jpy pairs, so that means aud/jpy or cad/jpy Never sure about riding the beast - huge pips to be had but huge swings
Don't be scared bro. When you swing in the right direction, WHOA.............!
Quoting MKFXTrader
{quote} Rexio, Thank you for your contribution. I was wondering if you have also tested this dashboard and evaluated it's accuracy and success? Do you know if it's cpu friendly to allow it run on multiple charts? Also, have you've been programming for awhile? Would be great if you would respond. Thank you rexio?
Hallo MKFXTrader,

Yes, the dashboard has been tested and it works correctly according its specifications.
You have to see it as a summarizing indicator : It takes the daily macd and the hourly Williams%R and combines both per pair. Than it calculates these values for 22 different pairs, those that you wish on your screen.

You cannot talk here of accuracy or succes, because it is only an indicator. The dashboard does not take trades actively.

About the cpu time : It is difficult to measure directly how much is used by a certain program. My approach is always to try to make the indicator or EA as little time consuming as possible. In this case that means that the indicator should only be calculating once per hour. The information does not change in the meantime. There are 22 pairs in the dashboard. Per pair there are 4 indicator calculations : 88 calulcations alltogether. When you do that per incoming tic into your platform,
that means a lot of work and actually this makes no sense. But in how far this affects cpu processing power ? It depends also of the kind of configuration you have. When you run XP on an older computer or windows 7 on the latest, makes quite a difference. So, my approach is : Let the indicator make the minimal, necessary calculations and try to avoid redundant ones.

But back to the subject : The dashboard file must be placed in the indicator's section of your MT4 platform. It is not an EA. When using the dashboard, the indicator needs to be attached to ONE chart only. That is enough. It may be any kind of chart, any timeframe, any pair. It does not matter. The dashboard will always show the same latest actual information.
In practice this means that you can see immediately which pairs are coming into action. There is no need to check 22 * 2 = 44 charts for 22 pairs. You only go to those charts, once you see that there is action going on in a certain pair.

Remains the question of the accuracy of calculating.
Sometimes there is a difference with the macd of macd_adjustable. That is because of rounding effects with small numbers in the calculations inside MT4. Macd_adjustable calculates the macd differently than officially is done in MT4. The algorithm is the same, only the way of calculating is different. When you do that , you run quickly into the problem of rounding off small numbers. A slight difference in the way of calculating may result then in a different outcome in that case.
In my opinion, the effect is marginal and small. It affects sometimes pairs that are in a trading range and on the verge of transition in the macd from negative to positive or vice versa. Most of the time however, you will notice no differences. To eliminate this problem alltogether, the software should be made exactly the same in 'macd_adjustable' and in the dashboardprogram. I want to leave the decision for this to 100PipsADay. I suppose the same problem arises in his EA, that is developed at the moment. I will await further discussion about this topic and then see what is to be done.

Question : How do I upload a picture of my chart in an easy way? I wanted to show the dashboard in action.
Trial to upload a picture.
Ok, here we are but it was done in a complicated way. Maybe there is an easy way of doing this ?

You see the dashboard attached to a daily chart of the USDJPY. In the chart we see the usual indicators, like the macd_adjustable.
Last Friday, the last day in the chart, the macd_adjustible went into negative territory. That is represented in the dashboard by the red arrow in column D0. D0 is 'today', the actual latest day represented. Column D1 is yesterday and column D2 is the day before yesterday.
We can also see, that there is no need to buy or sell, because the W% column for USDJPY does not show this.
You can check this by going to your hourly chart for the USDJPY and looking what the indicator value is at this specific moment in time for Williams%R. The column W% represents always the latest hourly value for Williams%R.
Attached Image (click to enlarge)
Click to Enlarge Name: Thirdscreen_01.gif Size: 48 KB
Quoting rexio
Trial to upload a picture.Ok, here we are but it was done in a complicated way. Maybe there is an easy way of doing this ? You see the dashboard attached to a daily chart of the USDJPY. In the chart we see the usual indicators, like the macd_adjustable.Last Friday, the last day in the chart, the macd_adjustible went into negative territory. That is represented in the dashboard by the red arrow in column D0. D0 is 'today', the actual latest day represented. Column D1 is yesterday and column D2 is the day before yesterday.We can also see, that there...
Great explanation and visual rexio. I hope to hear from 100pip on the indie and the MACD computation. Could you please also address the question of how long you have been writing MT4 programs or programming as a whole? Would be kind of you. Would be nice to be able to see a flashing arrow signal on each pair if William% R is in OB/OS territory. Of course the flashing arrow would only be in the William%-R column. Just something of a request and to think about. I think this could evolve into something. Thank you for your contribution to the forex community.
  • Post #715
  • Quote
  • Edited 10:20am May 26, 2013 10:06am | Edited 10:20am
Quoting MKFXTrader
{quote} Great explanation and visual rexio. I hope to hear from 100pip on the indie and the MACD computation. Could you please also address the question of how long you have been writing MT4 programs or programming as a whole? Would be kind of you. Would be nice to be able to see a flashing arrow signal on each pair's if William% R is in OB/OS territory. Of course the flashing arrow would only be in the William%-R column. Just something of a request and to think about. I think this could evolve into something. Thank you for your contribution to...
Hallo MKFXTrader,

Since a few years I am concerned with Forex and programming from time to time also in MQL4.

As to your flashing arrow request : There is no need for that. Every arrow that shows up, means that at that moment
the Williams%R (W%R) is in the territory, where the action is (the oversold region or the overbought region).
When W%R goes out of that territory, the arrow will disappear.
Quoting rexio
{quote} Hallo MKFXTrader, Since a few years I am concerned with Forex and programming from time to time also in MQL4. As to your flashing arrow request : There is no need for that. Every arrow that shows up, means that at that moment the Williams%R (W%R) is in the territory, where the action is (the oversold region or the overbought region).When W%R goes out of that territory, the arrow will disappear.
Oh. I see. Just to confirm, William %R arrow only appears when it enters OB/OS territory and when it is not in OB/OS then it shows as an O? Correct?
Bank holidays on both sides of the pond on Monday, so volume will be low unless BOJ or ECB do something dramatic.

USD GDP is next week, however NFP does not happen until June 7th, so not on 1st Friday and will catch a lot of people out in 2 weeks!
"To live with Passion, it takes Courage and Grace to survive"
Quoting Britpip7
Bank holidays on both sides of the pond on Monday, so volume will be low unless BOJ or ECB do something dramatic. USD GDP is next week, however NFP does not happen until June 7th, so not on 1st Friday and will catch a lot of people out in 2 weeks!
Thanks for the heads up on NFP.
Quoting MKFXTrader
{quote} Oh. I see. Just to confirm, William %R arrow only appears when it enters OB/OS territory and when it is not in OB/OS then it shows as an O? Correct?
Yes, Sir. That's affirmative !
Quoting rexio
{quote} Yes, Sir. That's affirmative !
rexio,
Looking at the dashboard and if one was to keep it along this strategy, I think it would be more effective if instead of three daily readings, one of the MCAD column should read from the weekly chart. What do you think? Have you given it a thought? Have a weekly, D1 and D0 MACD, plus the hourly William R% of course.
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