Scalpersignal_v1.013d

Hi, I'm studying this indicator for scalping (scalpersignal_v1.013d) and I like it. Rules are very simple, entry at green arrow and exit/stop/reverse at the red arrow. Ofcourse we must to ignore consecutive arrow with the same color.

Who want (can) do an EA? In this case we'll can do better test for all! In attached image and indicator!

P.S: I don't know what mean "CountBars" in input, I tryed with other value but I have not seen changes...

Thank you!

{ copyrighted attachment deleted by staff }

Is it accurate and profitable from your forward test? and most importantly does it repaint and give false signals?

running it through a brief test it doesn't paint the arrows until a few bars after the turn. Although more often than not it paints as price is retracing so the entry ends up somewhere near to where it would be. I think you would have to be very strict or look at entering on subsequent arrows to average out your position. the arrows don't seem to repaint though in terms of disappearing/ reappearing etc. theyre just delayed. This is presumably due to the bar count bit like a look back look forward.

In other forum a expert trader wrote this message, therefore I think that indicator is not good :-(

<<That is a decompiled code - and it is showing signals in the past (where they did not happen)>>

to me the signals seem perfectly valid depending on your targets, as long as your entering somewhere near to where the entry would have been had the arrow painted earlier where it is shown. The problem to me lies in the signals themselves when price trends hard etc.. and you end up with strings of entries against the trend. You would need hard MM or a large bankroll. Not sure there would be enough left afterwards though for profit.

Having a quick look at the code :
- CountBars is not beeing used. It was suposed to limit the history. So you would see arrows in the last 300 bars. But it is not beeing used. For sure this code was modified.
- The arrows will always be late due to way it is coded. The indicator returns the low and high price of a few bars before depending on the sensivity you are using and compares it with the close price of a few last bars.
- the buffer / arrows will always print the arrow 3 bars back.

Hang on, reality check:

1. You are building a system based on a on indicator you don't know the logic, math or rationale behind?
2. It is clearly decompiled code meaning use of is infringing someones copy right.

The header in the file is:

I've never decompiled someone else's MQL code but I'm guessing "purebeam" isn't the original author. The link and copyright properties do survive compilation hence are indicative of the original author e.g. not "purebeam"

That said a quick look at the code is reveals it is pretty simple. It looks at highs and lows to generate signals. How far back it looks is determined by the sensitivity parameter. I'd suggest you save data from MT4 into a CSV (Dropdown menu File -> Save As or press Ctrl + S) and then do some analysis in a spread sheet like LibreOffice Calc or Microsoft Excel (note LibreOffice is free opensource software if you don't own Microsoft Office). You will be able to get a good handle on if the idea is worth your time fairly quickly. Then if it is worth the effort you can develop a trading system and come back here to ask the community of generous coders on Forex Factory to write you an indicator. Also you can pay someone to do it if you want keep you findings to yourself. If you don't know how to use a spreadsheet learn .... again the folks here will help. Also learning how to use a spreadsheet will help you develop and evaluate trading systems, analyse your own trading results and activities etc. .... in short it will help make you a profitable trader.

For future reference before you post MQL4 code:

1. Open the file if has a similar header don't post it.
2. If has variables with names like "ai_0" and "li_4" etc don't post it.
3. If the variables in the code have sensible names e.g. human readable then it is probably o.k. to post provided: the author's license allows you to redistribute the indicator/program/script/EA etc. in compiled or source code form.

Sorry if this blunt.

Original source: https://www.mql5.com/en/market/product/3365

Oh man someone was such a stooge they couldn't pay $10.

because of course that has to be the original source......