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New Free Indicator, Proprietary, Now Open Source Contribution

  • #21
  • Jan 25, 2016 1:04am Jan 25, 2016 1:04am
Quoting FerruFx
{quote} As said earlier, the calculation of your MTF is completly wrong. Let's take your example of a 240 BAM on a M1 chart : When the indicator is plotting the histogram on a M1 bar (example 60 candles back or 1 hour ago), it uses the H4 value 60 bars back (according to your coding) ... which is about 2 weeks ago. Can you see the issue ? By re-reading your post above, I may have misunderstood. If the 240 is the BAM "look back" period applied to the current M1 chart, so that's fine. My statement above is only when the MTF is used (240 = H4).
I'm not sure if this makes a difference and not sure if you saw the most recent update, I think there are two separate issues here.

1. It does not use iBar shift as the shift when using a different TF other than the current TF. *this is the main thing you are talking about and the main thing I can't address right now.

2. I separated the lookbackperiod to represent smoothing for the bars back and added an input ENUM chart timeframe to indicate the chart time period to calculate from, now it works across any TF, before it didn't even draw some TFs depending on the period, now it does, HOWEVER because as you said it does not have the proper coding for MTF if draws incorrectly on anything other than the current TF if selected as "current". If selected as anything other than "current" it's wrong. I understand.

Thanks for your observations and potential corrections to be made. Personally I can't address it right now....time and ability. Sorry.
  • #22
  • Jan 25, 2016 1:10am Jan 25, 2016 1:10am
Quoting dkrock
{quote} Anyway, it might do the same thing. MaxH = High[Highest(NULL,0,MODE_HIGH,period,i)]; MinL = Low[Lowest(NULL,0,MODE_LOW,period,i)]; price = (High[i]+Low[i])/2; Value = 0.5*2*((price-MinL)/(MaxH-MinL)-0.5) + 0.5*Value1; Value=MathMin(MathMax(Value,-0.999),0.999); ExtBuffer0[i]=0.25*MathLog((1+Value)/(1-Value))+0.5*Fish1; I tried to match your screenshot for EURUSD 1M on 22 Jan with a Period 240 Fisher. {image}
Similar calc, slightly different final buffer output, should indicate similarly.

By comparing median MAs to the BAM indi, they draw closely but not exactly at the same time. But, interestingly they can and maybe should be used together to confirm confluence, thus reducing fake pullbacks on either on. In other words, making sure both have crossed to avoid false moves in the opposite direction, of course, earlier entries would be given up, but also false moves would be filtered. I myself, would gladly give up several potential pips profit to eliminate several false moves costing more pips in losses. So your observation of comparing the indi to a median calc MA, led to another possible way to use it...as confirmation with the same period median MA.
  • #23
  • Jan 25, 2016 1:10am Jan 25, 2016 1:10am
Quoting Pipologist
{quote} I'm not sure if this makes a difference and not sure if you saw the most recent update, I think there are two separate issues here.
Yes I checked the latest version.

The only issue here is that the indicator mustn't be set with any other TF than the one it is applied on.
MT4/MT5 EAs/Indicators/Alerts coder
  • #24
  • Jan 25, 2016 1:19am Jan 25, 2016 1:19am
To my best understanding a project examines possible paths to utilization and the most promising route taking ideas further, the possibilities of having this indicator or its calculation exist is highly arguable but the purpose of this thread is not to argue it. @Pipologist stated that if there are others that could develop it more and make it better, perhaps as a MTF indicator and perhaps to include a MathMin/Mathmax features to make it display changes in step-wise fashion and to see if "anyone" is interested in making an EA bases on it.
if the critics are competence, the challenge is to utilize the idea than focus on the issues that are not relevant.
Disputed for Centuries
  • #25
  • Edited 1:55am Jan 25, 2016 1:20am | Edited 1:55am
Comparison of BAM to median applied MA as observed by dkrock...

They are slightly different and yet close enough to ignore if you wish. Or to use as potential confirmation...for example right now live market:

240 median MA pulled back, BAM has not yet...so this is either the beginning of a move or a only a PB of the MA, either ignore and take the MA sig or wait for both to confirm and get in a few pips later. Remember that even if the both confirm it still can be a false pullback so trade wisely.
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled-2.png Size: 139 KB

Attached Image (click to enlarge)
Click to Enlarge Name: Untitled-1.png Size: 139 KB

Keep in mind this BAM indi is NOT designed to catch market tops and bottoms and exact turns. But it may indicate a trend/strong trend and recent change in trend. Also, it DOES NOT indicate the most important thing in trading...when to exit. Again, no guarantees, warranties, claims of usability, or proper coding/programming are presented or made with this indi, use it at your own risk. Use it only on demo and if you feel comfortable using it live and have good results, please share your experiences using it here.
  • #26
  • Jan 25, 2016 1:22am Jan 25, 2016 1:22am
Quoting FerruFx
{quote} Yes I checked the latest version. The only issue here is that the indicator mustn't be set with any other TF than the one it is applied on.
Thank you, hopefully someone will be able to address that coding issue later here.
  • #27
  • Edited 1:55am Jan 25, 2016 1:38am | Edited 1:55am
Quoting Chito
To my best understanding a project examines possible paths to utilization and the most promising route taking ideas further, the possibilities of having this indicator or its calculation exist is highly arguable but the purpose of this thread is not to argue it. @Pipologist stated that if there are others that could develop it more and make it better, perhaps as a MTF indicator and perhaps to include a MathMin/Mathmax features to make it display changes in step-wise fashion and to see if "anyone" is interested in making an EA bases on it. if the...
Thanks for stepping in, any comments right now can make it better as long as there is a reasonable explanation for the comment.

Both arguments/observations/critiques presented so far by FerruFX and dkrock are valid and open up doors.

Ferru's, I already knew that the indi was not coded 100% perfectly, coding is not my forte at all.

dkrock's observation led me to compare BAM with a corresponding median MA at the same time, and opened up the possibility of each indi filtering the other and keeping each indi in check against itself and the other. CONFLUENCE perfect example is...look at the charts I just posted above with 240 median MA on 1mn chart and 240 BAM on 1min chart....I potential market turn too quickly avoided for now. In this case it may have saved the MA moving too quickly but there are and will be other cases where the MA will save a false PB of the BAM indi, for example earlier on the chart this morning. The MA does not repaint and the BAM if set on the current TF also does not repaint (as far as I can tell right now) so they could be used in this way *potentially*.

Last NOTE: Keep in mind this BAM indi is NOT designed to catch market tops and bottoms and exact turns. But it may indicate a trend/strong trend and recent change in trend. Also, it DOES NOT indicate the most important thing in trading...when to exit. Again, no guarantees, warranties, claims of usability, or proper coding/programming are presented or made with this indi, use it at your own risk. Use it only on demo and if you feel comfortable using it live and have good results, please share your experiences using it here.
  • #28
  • Last Post: Edited 2:57am Jan 25, 2016 1:52am | Edited 2:57am
Quoting Pipologist
Comparison of BAM to median applied MA as observed by dkrock... They are slightly different and yet close enough to ignore if you wish. Or to use as potential confirmation...for example right now live market: 240 median MA pulled back, BAM has not yet...so this is either the beginning of a move or a only a PB of the MA, either ignore and take the MA sig or wait for both to confirm and get in a few pips later. Remember that even if the both confirm it still can be a false pullback so trade wisely. {image} {image}
30 minutes later...
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM1.png Size: 19 KB

and 90 minutes later...
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM2.png Size: 70 KB


Keep in mind this BAM indi is NOT designed to catch market tops and bottoms and exact turns. But it may indicate a trend/strong trend and recent change in trend. Also, it DOES NOT indicate the most important thing in trading...when to exit. Again, no guarantees, warranties, claims of usability, or proper coding/programming are presented or made with this indi, use it at your own risk. Use it only on demo and if you feel comfortable using it live and have good results, please share your experiences using it here.
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