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Dynamic Fibonacci Grid

  • #401
  • Oct 29, 2015 2:34pm Oct 29, 2015 2:34pm
Quoting aahmad29
{quote} Hi I have a question. What those shadow lines marked with red arrow represents in screenshot? Thanks in advance. {image}
Best
D.P.
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Hunting High and Low
  • #402
  • Oct 29, 2015 3:43pm Oct 29, 2015 3:43pm
I think you got the wrong thread My Good Man!
Don't resemble any chart I'm using atm.
!
  • #403
  • Oct 29, 2015 4:42pm Oct 29, 2015 4:42pm
Quoting alphaomega
UPDATE! Now the whole grid setup is integrated into one EA. (no more separate indicators) So it runs great, and should be much easier for some people to install the system. Also all settings are easily accessible from one place (press F7 or click in the upper right corner of the chart). I also added new feature - You can create SnapShots of any chart/grid with one click. Also there is the option for automatic snapshot every time you open or close a trade. All snapshots are saved automatically in directory - MT4 folder / MQL / Files /..... You can...

TY so much AO. This is very easy to install.

I tried the snapshot button and don't see the saved chart.

Also checked my setting. Snapshot = True.

Thanks in advance.
KC.

Edit :- Works like a charm. TY. Did a search on my entire hard disk. It created the chart image in Appdata ... TY really a nice work. Saves a lot of time.
  • #404
  • Oct 29, 2015 8:05pm Oct 29, 2015 8:05pm
Quoting alphaomega
UPDATE! Now the whole grid setup is integrated into one EA. (no more separate indicators) So it runs great, and should be much easier for some people to install the system. Also all settings are easily accessible from one place (press F7 or click in the upper right corner of the chart). I also added new feature - You can create SnapShots of any chart/grid with one click. Also there is the option for automatic snapshot every time you open or close a trade. All snapshots are saved automatically in directory - MT4 folder / MQL / Files /..... You can...
Thanks AO, I like the snapshot feature very much. regarding about the auto snapshot for open and close trade. Can you add ticket number to the file and also add open/close word in the end of it. That way when we have more than 100+ snapshot , we can find files easily.
  • #405
  • Oct 30, 2015 6:12am Oct 30, 2015 6:12am
Hi AO,

I did few trades yesterday evening.

Then went back to the snapshot's to check the trades.

What a beauty.

Helped to recap why i took the trade and where i closed the trade.

Thank you so much.
Great stuff
KC.
  • #406
  • Oct 30, 2015 7:21am Oct 30, 2015 7:21am
Quoting Dr.Phoenix
{quote} Best D.P. {image}
Thanks.
Love for all; Hatred for none.
  • #407
  • Edited 8:34am Nov 1, 2015 7:45am | Edited 8:34am
Quoting alphaomega
{quote} I watch the 10 most traded pairs(with highest volume and liquidity). I uploaded the configuration of my mt4 setup exactly the way I use it every day. The correlation between the pairs is VERY important indicator! That's why I watch all ten pairs as a whole, like one system! Most retail traders often forget about this fact, and many are not even aware. Also I try to think in terms of individual currencies not just pairs. Every time you see movement, you have to ask yourself which currency is actually moving? Is this Dollar strength? Or Euro...

Hi team!

I am wondering if there would be benefit to building an indicator to give a dynamic representation of the pair correlation from AO's post #38. I think I have an idea for the math behind it if someone can code it as an indicator. there may be one out there already, but I have not been able to find it.

http://www.forexfactory.com/attachme...3&d=1443374981

From my understanding, all three pairs must be in balance at all times. If there is change in one of the pairs, then the other will follow suit in some fashion. When a pair is out of balance due to a strong price movement, the other pairs will either:

1. Remain the same and the first pair will come back to original price.
2. One pair will remain the same forcing the last pair to move strongly to come into balance with the first pair.

The trick would be being notified when one of the pairs is out of balance and then to watch the money lanes to see which pairs have a possible trade entry to be made. This can also be used to confirm trades (I think). I will use one Triad of pairs as an example (EURUSD, USDJPY, EURJPY). This was just an idea I had that could be of benefit. I rely on AO's experience with the strategy to let me know if I am on the right track. I don't want to waste anyone time if I am completely wrong.

From what I gathered, if you calculate 1 pair, by another pair, you will come up with a value that is equal to the price of the third pair.

At this moment, the current prices for these pairs are:

EURUSD: 1.09968
USDJPY: 120.529
EURJPY: 132.543

So, to establish a base line to build an alert off of, we would check the math of this triad with each tick. I am not sure if spread would be a factor in this.


Calculate EURUSD * USDJPY should always EQUAL EURJPY price (if in balance)
Calculate EURJPY / USDJPY should always EQUAL EURUSD price (if in balance)
Calculate EURJPY / EURUSD should always EQUAL USDJPY price (if in balance)

Assuming, each of the 3 are in balance, we should have a base line.

On a chart, we could have the three PAIRS - I am sure it could get creative in presentation. Changing colors if it would help.

EURUSD

EURJPY

USDJPY

Under each pair would be the current price

EURUSD
1.09968

EURJPY
132.543

USDJPY
120.529

To see which is out of balance, each would be checked.

FOR EURJPY: Calculate EURUSD * USDJPY then subtract EURJPY current price
FOR EURUSD: Calculate EURJPY / USDJPY then subtract EURUSD current price
FOR USDJPY: Calculate EURJPY / EURUSD then subtract USDJPY price

In this example - all would be in balance based on current prices.

EURUSD
1.09968
0.0 Pip Variation

EURJPY
132.543
0.0 Pip Variation

USDJPY
120.529
0.0 Pip Variation

But lets test a spike on EURJPY where its price goes from 132.543 to 132.593. If we Calculate EURUSD * USDJPY then subtract EURJPY current price

1.09968 * 120.529 = 132.543
132.543-132.593 = .05 or 5 pips.

The following would show on the chart.

EURUSD
1.09968
+4.2 Pip Variation

EURJPY
132.593
-5.0 Pip Variation

USDJPY
120.529
+4.5 Pip Variation

With a deviation on the EURJPY, we know that if EURJPY continues its trend, one of the other two pairs will have to move in some direction to keep the triad in balance or the EURJPY will have to revert back to in balance or some combination.

As this numbers would change every tick, there should also be some user defined variable for how much deviation would constitute a useable deviation. Maybe if a deviation has to be 6 pips or greater to issue an alert or change color of the indicator? I don't know. Open to ideas but I wanted to jot them down for everyone to think about.

I could be completely bonkers here after too much Halloween candy, but there may be something here if someone wants to build it or play with it.
  • #408
  • Nov 1, 2015 11:12am Nov 1, 2015 11:12am
Quoting ForexScotty
{quote} Hi team! I am wondering if there would be benefit to building an indicator to give a dynamic representation of the pair correlation from AO's post #38. I think I have an idea for the math behind it if someone can code it as an indicator. there may be one out there already, but I have not been able to find it. http://www.forexfactory.com/attachme...3&d=1443374981 From my understanding, all three pairs must be in balance at all times. If there is change in one of the pairs, then the other will follow suit...
This has nothing to do with the Fibo grid......Your idea is excellent, however you are at least 10-15 years too late! What you are describing is a form of triangular arbitrage. You look for temporary mispricing in the calculations of cross currencies..and profit from the discrepancy(gap) between rates, risk free. This use to be a killer strategy in the nineties and early 2000(this was before retail FX even existed) and some of the first algo traders made millions scalping the exchange rates between major banks located on different continents.....but not anymore. Today computers are super fast, every broker, bank, or ECN is using colocation...and exchange rates calculations are perfectly accurate and synchronized. There is no more opportunities for arbitrage....
  • #409
  • Edited 12:00pm Nov 1, 2015 11:37am | Edited 12:00pm
Quoting alphaomega
{quote} This has nothing to do with the Fibo grid......Your idea is excellent, however you are at least 10-15 years too late! What you are describing is a form of triangular arbitrage. You look for temporary mispricing in the calculations of cross currencies..and profit from the discrepancy(gap) between rates, risk free. This use to be a killer strategy in the nineties and early 2000(this was before retail FX even existed) and some of the first algo traders made millions scalping the exchange rates between major banks located on different continents.....but...

Thanks AO, what I was referring to was not the Arbitrage factor, but the methodology used in the screen shot you posted on post #38. If there was a way to build an indicator that can be used on one screen to correlate strength of the different currency pairs in the Triad.

http://www.forexfactory.com/attachme...3&d=1443374981

As I mentioned - It was an idea. Whether it has value or not...I do not know.
  • #410
  • Nov 1, 2015 12:02pm Nov 1, 2015 12:02pm
Quoting ForexScotty
{quote} Thanks AO, what I was referring to was not the Arbitrage factor, but the methodology used in the screen shot you posted on #38. If there was a way to build an indicator that can be used on one screento correlate strength of the different currency pairs in the Triad.
Hmm Ok. You look for currency strength indicator then. You want to determine which currency in a triad is the mover?
You need something like this but to show the distance in pips instead of percent...and to show only the currencies in each triad
http://fxtrade.oanda.com/analysis/currency-heatmap
  • #411
  • Nov 1, 2015 12:17pm Nov 1, 2015 12:17pm
Quoting alphaomega
{quote} Hmm Ok. You look for currency strength indicator then. You want to determine which currency in a triad is the mover? You need something like this but to show the distance in pips instead of percent...and to show only the currencies in each triad http://fxtrade.oanda.com/analysis/currency-heatmap
Getting closer. But as we are scalping for the most part, something measured on a tick by tick basis. And yes, only the three pairs. Of course you could have a setup for each triad. Maybe the use of arrows instead of pips as in your picture. If trading LONG on the EURJPY, you would also want to ensure the USDJPY and EURUSD are also moving LONG. This methodology could be used in conjunction with the condition of the lanes to help confirm whether to enter or not, or exit a trade early as another condition for exit should the strength vary in mid trade.
  • #412
  • Nov 1, 2015 12:35pm Nov 1, 2015 12:35pm
I can't wait till market open
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  • #413
  • Nov 1, 2015 12:44pm Nov 1, 2015 12:44pm
Quoting Sciurus
I can't wait till market open {image}
Nice looking setup
  • #414
  • Nov 1, 2015 12:46pm Nov 1, 2015 12:46pm
I will share once I have worked out the kinks in live market conditions. All based on the original Fib indicator, which is actually very well coded.
Cheers.

Quoting ForexScotty
{quote} Nice looking setup
  • #415
  • Nov 1, 2015 12:50pm Nov 1, 2015 12:50pm
Quoting Sciurus
I will share once I have worked out the kinks in live market conditions. All based on the original Fib indicator, which is actually very well coded. Cheers. {quote}
Attached Image


I have found SuperJolt's usage of the PIP values away from price to be extremely useful.
  • #416
  • Nov 1, 2015 12:52pm Nov 1, 2015 12:52pm
Quoting ForexScotty
{quote} Getting closer. But as we are scalping for the most part, something measured on a tick by tick basis. And yes, only the three pairs. Of course you could have a setup for each triad. Maybe the use of arrows instead of pips as in your picture. If trading LONG on the EURJPY, you would also want to ensure the USDJPY and EURUSD are also moving LONG. This methodology could be used in conjunction with the condition of the lanes to help confirm whether to enter or not, or exit a trade early as another condition for exit should the strength vary...
I understand what you mean, but you don't really need separate indicator for this! All you have to do is look at the grids side by side. Wherever there is a movement , it is always obvious which currency is the mover and where is the trend......you don't need other indicators to see this!? The grids are calculated over fixed scale so you can compare them side by side (you can't do than in normal charts... because the price scale is variable)

Here is a good example. Which currency is the mover? It is obvious that it's the EURO (going down)! And when you check the triad, what do you find? The EUR is falling the most against the USD because USDJPY is going UP, so EURJPY is NOT a good trade.
In this situation you have to trade EURUSD( the direction is irrelevant, you can go short or long, only the volatility matters)!
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  • #417
  • Nov 1, 2015 1:12pm Nov 1, 2015 1:12pm
Quoting alphaomega
{quote} I understand what you mean, but you don't really need separate indicator for this! All you have to do is look at the grids side by side. Wherever there is a movement , it is always obvious which currency is the mover and where is the trend......you don't need other indicators to see this!? The grids are calculated over fixed scale so you can compare them side by side (you can't do than in normal charts... because the price scale is variable) Here is a good example. Which currency is the mover? It is obvious that it's the EURO (going down)!...

I agree 100% that the data needed to make a decision is on the screen. And with practice it will come much easier. I was just thinking that there may be a cleaner way to look at 1 chart (EURUSD) for example and have the strength of the other two pairs EURJPY and USDJPY (in this example) shown on the EURUSD chart perhaps as arrows. Just as on the USDJPY chart, you would show the strength of the EURUSD and EURJPY as arrows. Just a brainstorming idea that over time and experience may be unnecessary.
  • #418
  • Nov 4, 2015 10:22am Nov 4, 2015 10:22am
I added optional feature to display the highest and lowest price for the day. These are important levels (the big players often watch these levels and trade around them) so it always helps to know when the price makes new high or low for the day. Also they serve as good reference points.
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Attached File(s)
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  • #419
  • Nov 4, 2015 10:30am Nov 4, 2015 10:30am
A BIG THANK YOU!!
:-)
  • #420
  • Nov 4, 2015 4:44pm Nov 4, 2015 4:44pm
Quoting alphaomega
I added optional feature to display the highest and lowest price for the day. These are important levels (the big players often watch these levels and trade around them) so it always helps to know when the price makes new high or low for the day. Also they serve as good reference points. {file} {image}
Hi AO;

Fantastic, you have inspired me a lot to deal with this new method!
I'm still learning (I have a lot to learn), but slowly I get it slowly along Info and go "riding the puzzle."

(I apologize for my English, because I have no mastery of the language, and I use google translator to help me)

So I have to thank and go taking advantage of "opportunities".

Thank you.
Best Regards! DaniP.
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