MT4 Tick Chart Scalping | Forex Factory

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MT4 Tick Chart Scalping

  • #1
  • First Post: Aug 4, 2016 2:10am Aug 4, 2016 2:10am
Hello fellow traders. Recently I got interested in the whole concept of candle stick charts as we know them (Time based) flows.
Infact even Steve Nison said on one of his webinars that he doesn't time the market. So... after thinking for some time, I believe that I found out the reason to why time based charts show a less clearer picture of the market, and in fact candles them selves can be labeled as indicators since they plot OHLC data in time based vertical rectangles with wicks. The reason is volatility as I believe, it changes through out the day. For example in the quiet times in a minute on EURUSD only 37 ticks could go through, however during more active times even 120 ticks could go through the same minute. Due to this, time based candles either create mess or hide important micro trend valleys and picks and etc...

Benefits of tick charts I found out so far: If matched correctly with your desired time frame, you may see a much better picture suitable for technical analysis and especially for trend lines. I will provide an example below :
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 31 KB
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  • #2
  • Aug 4, 2016 2:18am Aug 4, 2016 2:18am
Here are the required indicators I found in another thread here on FxFactory and instructions to them from FxDayTrader :

You can find instructions at the original thread, but it is very simple to get the stuff working:

1.) Open a M1 chart
2.) Attach the TickChart.LogTickData indicator to the chart
3.) WAIT for the first few ticks (the indicator draws a red line)
4.) Attach the TickChart.PostTickData (I have updated this indicator, pls. see HERE) indicator to the chart and (quoted from instructions) "choose your own preferred ticks per bar on the inputs-tab, (15 if you
wish a 15-tick bar chart) but 33 - 133 - 233 are more random tick charts and the 133 is the one i use most
5.) Open the offline chart (file - open offline) !T-SYMBOL M(TicksInBar) - TicksInBar is the parameter of the PostTickData indicator, SYMBOL: chart pair
6.) DO NOT CLOSE the M1 chart containing the both indicators"
Attached File(s)
File Type: ex4 TickChart.LogTickData.ex4   5 KB | 1,657 downloads
File Type: ex4 TickChart.PostTickData.ex4   7 KB | 1,444 downloads
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  • #3
  • Aug 4, 2016 3:13am Aug 4, 2016 3:13am
Unfortunately most of my indicators and EA does not work with this chart.
Maybe we should rename the offline chart?

In any case, the idea is interesting. I put it on the study.
I'm a scalper. And for me relevant tick charts.
Thanks...
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 2016-08-04_11-12-40.png Size: 63 KB
Click to Enlarge Name: 2016-08-04_11-10-47.png Size: 81 KB
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  • #4
  • Aug 4, 2016 4:07am Aug 4, 2016 4:07am
Quoting denya
Unfortunately most of my indicators and EA does not work with this chart. Maybe we should rename the offline chart? In any case, the idea is interesting. I put it on the study. I'm a scalper. And for me relevant tick charts. Thanks... {image} {image}
Hi, sadly I also encountered problems with some indicators and especially EA. The timeframe is also messed up which makes life harder, it would be great if we could get the same functionality of tick charts in mt4 such as those in ninjatrader however at the moment I haven't found anything even close. They also have some really good tick charts at tradestation 8.4 (but once again I was unable to find it).
Here is also a link which explains tick charts a bit better http://emini-watch.com/emini-trading/tick-charts/
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  • #5
  • Aug 4, 2016 5:28am Aug 4, 2016 5:28am
Quoting denya
Unfortunately most of my indicators and EA does not work with this chart. Maybe we should rename the offline chart? In any case, the idea is interesting. I put it on the study. I'm a scalper. And for me relevant tick charts. Thanks... {image} {image}
All the indicators and EAs I have tested on the offline charts created by my own Tick Chart builder EA work fine.
Trading is the hardest way to make easy money...
  • #6
  • Aug 4, 2016 5:31am Aug 4, 2016 5:31am
Quoting MathTrader7
{quote} All the indicators and EAs I have tested on the offline charts created by my own Tick Chart builder EA work fine.
Whoa, thanks allot. Your EA certainly looks allot better already. So do you occasionally use tick charts or rarely for fx trading?
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  • #7
  • Aug 4, 2016 5:34am Aug 4, 2016 5:34am
Another situation where tick chart shows a better picture than a time based chart -
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 43 KB
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  • #8
  • Aug 4, 2016 6:06am Aug 4, 2016 6:06am
Quoting MaxenshteinD
{quote} Whoa, thanks allot. Your EA certainly looks allot better already. So do you occasionally use tick charts or rarely for fx trading?
You're welcome! :-)
Tick charts are one major part of my auto/manual scalping strategies and I use them frequently. For me, I mostly looking at patterns on tick charts to trade.
Trading is the hardest way to make easy money...
  • #9
  • Aug 4, 2016 6:49am Aug 4, 2016 6:49am
Quoting MathTrader7
{quote} You're welcome! :-) Tick charts are one major part of my auto/manual scalping strategies and I use them frequently. For me, I mostly looking at patterns on tick charts to trade.
Yes confirm. With your advisor all indicators are working properly.
If you are scalper, please Recommend the optimal value N. 10 seems too little.
For example, I put my standard chart. What is n optimally suited to your point of view?

Thanks...
Attached Image (click to enlarge)
Click to Enlarge Name: 2016-08-04_14-44-22.png Size: 112 KB
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  • #10
  • Aug 4, 2016 6:56am Aug 4, 2016 6:56am
Quoting denya
{quote} Yes confirm. With your advisor all indicators are working properly. If you are scalper, please Recommend the optimal value N. 10 seems too little. For example, I put my standard chart. What is n optimally suited to your point of view? Thanks... {image}
To be honest, it is the most difficult thing to set. I use 256-tick (2^8=256) charts for trading shooting stars, etc. patterns. And I use Tick Chart and 10-tick charts for extreme scalping.
Trading is the hardest way to make easy money...
  • #11
  • Aug 5, 2016 4:22am Aug 5, 2016 4:22am
Spectacular friend, who is giving results this system? It could carry out an EA with the rules of this system?
  • #12
  • Mar 1, 2023 2:44pm Mar 1, 2023 2:44pm
Quoting MathTrader7
{quote} All the indicators and EAs I have tested on the offline charts created by my own Tick Chart builder EA work fine.
Good evening Sir, i hope i wrote you in good condition and wish you strong and healthy life, please i thank you so much for sharing your work with FF, please i am wring to you privately because i try to leave you a message on your thread ntickschart creator EA, but am not allowed
please i tried using mtf inside bar on this tickchart but its not working i have applied all the mtf inside bar on the internet but non is working on it, but other mtf indi is working, i have also submit this request to help in a thread where they code indicator for free but for now no help

please i beg you to help, can you help with any mtf inside bar indicator you have that can work with this ntickschart creator EA?
  • #13
  • Mar 1, 2023 5:36pm Mar 1, 2023 5:36pm
Quoting denya
Unfortunately most of my indicators and EA does not work with this chart. Maybe we should rename the offline chart? In any case, the idea is interesting. I put it on the study. I'm a scalper. And for me relevant tick charts. Thanks... {image} {image}
HI. Sorry, what is the name of this EA on your picture and where can I download it? Thanks
  • #14
  • Last Post: Mar 7, 2023 4:19am Mar 7, 2023 4:19am
Quoting denya
{quote} Yes confirm. With your advisor all indicators are working properly. If you are scalper, please Recommend the optimal value N. 10 seems too little. For example, I put my standard chart. What is n optimally suited to your point of view? Thanks... {image}
Is it a kind of keltner or ichimoku channels? Anybody conducted proper backtesting to see how often price rebounds from channel bounds?
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