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MTF BAR Indicator

  • #21
  • Edited 9:57am Mar 8, 2016 8:29am | Edited 9:57am
Quoting Kubiasty
LITEChild can you learn us how to trade with Weekly trend ?? How you use it ?
Simple enough really. Buy above and/or Sell below Weekly open(which I prefer to calculate from previous week close).
Remember, a classic, complete trading system should consist of ways to quantify
1. Currency Strength/Weakness
2. Trend
3. Sentiment
4. Momentum
5. Volatility
6. Retracements
7. Entries
8. Time Action(as opposed to Price Action)
9. Risk, Trade and Money Management
10. Trading Goals.

For me, the Weekly close(or open) is just one of the tools that helps in quantifying Sentiment.
The biggest challenge is putting it all together in a coherent and functional way to achieve your ultimate trading goals.
How you decide to define and quantify each of these parameters will depend to a large extent on what type of trader you are comfortable being. Are you a scalper, day trader, swing trader, long term, etc? Do you trade using a 'machine gun' style, or are you a 'sniper'?. One other thing I have found quite useful has been learning to ask the right questions, as opposed to simply looking for what i assumed were the right answers. It made all the difference. Hope this helps you on your trading journey.
  • #22
  • Mar 8, 2016 8:53am Mar 8, 2016 8:53am
Quoting LITEchild
{quote} Simple enough really. Buy above and/or Sell below Weekly open(which I prefer to calculate from previous week close). Remember, a classic, complete trading system should consist of ways to quantify 1. Currency Strength/Weakness 2. Trend 3. Sentiment 4. Momentum 5. Retracements 6. Entries 7. Triggers 8. Time Action(as opposed to Price Action) 9. Risk, Trade and Money Management 10. Trading Goals. For me, the Weekly close(or open) is just one of the tools that helps in quantifying Sentiment. The biggest challenge is putting it all together...
Thanks my friend.

So what in this situation ? Buy or Sell EURAUD ?

Attached Image (click to enlarge)
Click to Enlarge Name: EURAUD.png Size: 50 KB
  • #23
  • Mar 8, 2016 10:22am Mar 8, 2016 10:22am
Quoting Kubiasty
{quote} Thanks my friend. So what in this situation ? Buy or Sell EURAUD ? {image}
A better question would be...is there an opportunity to exploit here?...
Whatever action you take it will involve BOTH buying and selling.
In forex, you cannot trade a currency in isolation. If you buy EUR, then you are selling AUD(in this case). And vice versa.
Another better question would be...whatever currency I am buying and/or selling,
1. Is it cheap or expensive right now?, is it strong or weak? - based on the algorithms I use, both EUR and AUD registering STRENGTH across board.
2. What is the Trend of that pair at the moment? - my tools indicate a bearish trend.
3. What is the trader sentiment? - the indicator suggests a lukewarm/neutral bias.
4. Momentum? - non-existent.
5. Volatility? - high
6. Retracements? - none at the moment.
7. Conclusion? - No high probability opportunity to exploit on this pair at the moment...STAY OUT!

Now you can run this same thought process over other pairs and see if you can spot golden opportunities to take advantage of. For example I traded GBPJPY and NZDJPY today. Can you figure out why??? The challenge is putting it all together.

Its not just the indicators. Its how you use them. The thought process is key!
  • #24
  • Mar 8, 2016 10:44am Mar 8, 2016 10:44am
Quoting LITEchild
{quote} A better question would be...is there an opportunity to exploit here?... Whatever action you take it will involve BOTH buying and selling. In forex, you cannot trade a currency in isolation. If you buy EUR, then you are selling AUD(in this case). And vice versa. Another better question would be...whatever currency I am buying and/or selling, 1. Is it cheap or expensive right now?, is it strong or weak? - based on the algorithms I use, both EUR and AUD registering STRENGTH across board. 2. What is the Trend of that pair at the moment? - my...
Because weekly is bearish :> ?
  • #25
  • Mar 8, 2016 3:06pm Mar 8, 2016 3:06pm
Quoting Kubiasty
{quote} Because weekly is bearish :> ?
Monthly.
  • #26
  • Mar 29, 2016 11:17am Mar 29, 2016 11:17am
Quoting cyber1
{quote} LITEchild- This should work. {image} {file} {file}
Hello Cyber1, could you please help make the following modification? Thank you.
Attached Image (click to enlarge)
Click to Enlarge Name: NZDUSDM30.png Size: 44 KB
  • #27
  • Mar 29, 2016 4:42pm Mar 29, 2016 4:42pm
Quoting LITEchild
{quote} Hello Cyber1, could you please help make the following modification? Thank you. {image}
LITEchild-
added input ShowWicks
Attached File(s)
File Type: mq4 mtf_bar_indicator_v1_2.mq4   8 KB | 842 downloads
  • #28
  • Mar 29, 2016 4:48pm Mar 29, 2016 4:48pm
Quoting cyber1
{quote} LITEchild- added input ShowWicks {file}
can you make a indicator printing bars for sesion.one bar for each session.each bar will show sesion high low open close
  • #29
  • Mar 29, 2016 4:55pm Mar 29, 2016 4:55pm
Quoting vasily
{quote} can you make a indicator printing bars for sesion.one bar for each session.each bar will show sesion high low open close
vasily-
Too much involved in doing that.
Just add a sessions indicator to your chart.
  • #30
  • Mar 29, 2016 5:46pm Mar 29, 2016 5:46pm
Quoting cyber1
{quote} vasily- Too much involved in doing that. Just add a sessions indicator to your chart.
you didnt get that.ı dont ask for sesion.ı can see clock ı am asking for sesion cahrt.that include 3bars (or six) in it daily to trade
  • #31
  • Mar 29, 2016 6:19pm Mar 29, 2016 6:19pm
Quoting vasily
{quote} you didnt get that.ı dont ask for sesion.ı can see clock ı am asking for sesion cahrt.that include 3bars (or six) in it daily to trade
vasily-
not sure i did.
If you put up a screenshot I'll reconsider.
  • #32
  • Mar 29, 2016 6:43pm Mar 29, 2016 6:43pm
Quoting cyber1
{quote} vasily- not sure i did. If you put up a screenshot I'll reconsider.
hi @cyber1 4 bars a day.
1 bar is dead hours of pacific after america close.this bar will open with america close and bar close with asia open
2 bar open with asia open.this will close pacific bar and this bar will close with europe open
3 bar open with europe open.this will close asia bar and this bar will close with america open
4 bar open with america open.this will close europe bar and this bar will close with america close
Attached Image (click to enlarge)
Click to Enlarge Name: chart.png Size: 13 KB
  • #33
  • Mar 29, 2016 6:52pm Mar 29, 2016 6:52pm
Quoting vasily
{quote} hi @cyber1 4 bars a day. 1 bar is dead hours of pacific after america close.this bar will open with america close and bar close with asia open 2 bar open with asia open.this will close pacific bar and this bar will close with europe open 3 bar open with europe open.this will close asia bar and this bar will close with america open 4 bar open with america open.this will close europe bar and this bar will close with america close {image}
vasily-
Exactly what I thought you were asking for. Its way more work than I'm interested in.
  • #34
  • Mar 29, 2016 7:06pm Mar 29, 2016 7:06pm
Quoting cyber1
{quote} vasily- Exactly what I thought you were asking for. Its way more work than I'm interested in.
so ı didnt get it
  • #35
  • Mar 30, 2016 1:58am Mar 30, 2016 1:58am
Quoting cyber1
{quote} LITEchild- added input ShowWicks {file}
Thank you Cyber1. Very kind of you as usual. Now one more final mod and we will be done here. I am convinced the time and éffort is worth it because the indicator is proving to be so useful.
Attached Image (click to enlarge)
Click to Enlarge Name: NZDJPYM30.png Size: 41 KB
  • #36
  • Edited 5:47pm Mar 30, 2016 5:09pm | Edited 5:47pm
Quoting LITEchild
{quote} Thank you Cyber1. Very kind of you as usual. Now one more final mod and we will be done here. I am convinced the time and ffort is worth it because the indicator is proving to be so useful. {image}
LITEchild-
Try this.
Attached Image (click to enlarge)
Click to Enlarge Name: mtfbar1.PNG Size: 38 KB
Attached File(s)
File Type: ex4 mtf_bar_indicator_v1_2.ex4   27 KB | 646 downloads
  • #37
  • Mar 30, 2016 11:06pm Mar 30, 2016 11:06pm
Quoting cyber1
{quote} LITEchild- Try this. {file} {image}
Nice! But then can we have the price labels shown(optionally) for at least bar(1) and bar(2) as well? Thank you so much for all your time and effort.

EDIT - In order not to make the chart become too cluttered, you can show the price labels for only the highs and lows of the previous bars and ignore the 50% levels price labels. That should make it neater.
  • #38
  • Apr 1, 2016 6:04am Apr 1, 2016 6:04am
Quoting LITEchild
{quote} Nice! But then can we have the price labels shown(optionally) for at least bar(1) and bar(2) as well? Thank you so much for all your time and effort. EDIT - In order not to make the chart become too cluttered, you can show the price labels for only the highs and lows of the previous bars and ignore the 50% levels price labels. That should make it neater.
LITEchild-
I have added the options requested.
You can now opt to show all or none and tags_back will control how many sets of tags will be shown.
Attached File(s)
File Type: ex4 mtf_bar_indicator_v1_2.ex4   29 KB | 481 downloads
  • #39
  • Apr 1, 2016 6:17am Apr 1, 2016 6:17am
Quoting cyber1
{quote} LITEchild- I have added the options requested. You can now opt to show all or none and tags_back will control how many sets of tags will be shown. {file}
Wow! You are certainly one of the kindest personalities i have come across. Your time and effort is very much appreciated. Thank you!
  • #40
  • Apr 1, 2016 6:52am Apr 1, 2016 6:52am
Quoting cyber1
{quote} LITEchild- I have added the options requested. You can now opt to show all or none and tags_back will control how many sets of tags will be shown. {file}
The work you have done is so good, we might as well make it perfect... some slight mods....
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSD.png Size: 26 KB
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