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Pair Strength Analyzer indicator

  • #161
  • Dec 4, 2016 10:28am Dec 4, 2016 10:28am
Quoting hanover
{quote} There is no benefit to me personally to rewrite the indicator, unless I was to start using cTrader myself. If PSA is important to you, why not run it on MT4 using a demo account with a second br0ker, while you use cTrader to do your charting/trading with your preferred br0ker? That would work until such time as MT4 is discontinued across the board. Another possible solution might be to look for platform-independent strength/weakness gauges, like this or this,...
Hi Mr hanover, i'am now researching on how to program a currency indicator,... i know there are so many currency meter that i can download online
but they're all in ex4 type of file not in mq4 file and i can't see the coding of the program for currency meter,. and i think you can help me
thank you so much in advance
  • #162
  • Edited 3:01pm Dec 4, 2016 2:33pm | Edited 3:01pm
Quoting pauln
i'am now researching on how to program a currency indicator,... i think you can help me
I'm not quite so sure. Some reasons why:

1. All of my indicators were written prior to MT4 build 600, and they generate hundreds of errors if compiled using the latest MT4. That's one big reason why I don't post the MQ4 files. If you want to see some MQ4 files for a strength meter, look here.

2. MT4 will be discontinued soon, and the EX4 files will not run on MT5. If you want to code your own indicators, you would be better to code using MQL5 (or for some other trading platform).

3. If you want to learn how to code from scratch, I can not teach you. If you still want to code using MQL4, then Google "Jim Dandy MT4".

4. If you are a programmer, but just want some info on how to design a currency meter...... well, there are a zillion potential ways. Some examples:
a) Take a look at FerruFX's universal strength meter (here), and note how many different options he has for "Strength mode".
b) If you want the design/calculation blueprint of my RS indy, it is here.
c) The PSA takes the average slope of several regression lines (see the instruction PDF attached to post #1 for some more info). You would need some background in statistics to implement the relevant formulae.

Some people seem think that some strength meters are more accurate than others, but IMO there is no superior or inferior way of calculating strength/weakness. Price is moved by a number of drivers, including fundamental (central bank announcements and economic data) and technical (mainly self-fulfilling prophecy and heavyweight orderflow). Strength meters are a derivative of price; sentiment (which can't accurately be measured) is the cause. My experience is that if sentiment isn't backed by a solid fundamental reason (e.g. recent USD strength has been caused by outcome of US election), it quickly dissipates. Well, most of the time.
  • #163
  • Dec 4, 2016 2:56pm Dec 4, 2016 2:56pm
Certainly it helps to have .mq4 file in attempt to code replica for MT5.
  • #164
  • Dec 4, 2016 7:50pm Dec 4, 2016 7:50pm
Quoting ruma29
Certainly it helps to have .mq4 file in attempt to code replica for MT5.
Obviously, but instead of asking for a .mq4 why not try to understand what PSA does and attempt to code it yourself for whatever platform suits your needs? Do you know what linear regression is? How PSA calculates strength?

And when you run into issues Hanover has been so kindly inclined to help a trader in need.

Godspeed.
Remember, Red. Hope is a good thing, maybe the best of things...
  • #165
  • Dec 4, 2016 11:42pm Dec 4, 2016 11:42pm
Quoting ForexFury
And when you run into issues Hanover has been so kindly inclined to help a trader in need.
Thanks for the kind words, but I can't afford to be too generous with my time nowadays.
  • #166
  • Dec 5, 2016 3:19pm Dec 5, 2016 3:19pm
Quoting ForexFury
{quote} Obviously, but instead of asking for a .mq4 why not try to understand what PSA does and attempt to code it yourself for whatever platform suits your needs? Do you know what linear regression is? How PSA calculates strength? And when you run into issues Hanover has been so kindly inclined to help a trader in need. Godspeed.
Firstly it is about any programmer and any .ex4. I am not sure if you are aware of your comment but regardless of my ability to code which is next to zero i am certain that many programmers with experience ( just ask any you know in forexfactory or any other forum elsewhere) to make replica of this indicator wouldn't be able to do so without asking many questions and with that wouldn't be able to make replica in MT4 especially MT5 language.....reading code .mq4 makes different story.

Do I need to know every profession in order to resolve problem or get service done? Absolutely not. It would be much easier to everyone if programmer says:
.ex4: $ or free, .mq4:$ or free....settle details and no question ask. As of now sadism unnecessarily...
  • #167
  • Edited 10:42pm Dec 5, 2016 3:30pm | Edited 10:42pm
Quoting hanover
{quote} Thanks for the kind words, but I can't afford to be too generous with my time nowadays.
Don't worry, I wouldn't do that in million years...
  • #168
  • Dec 5, 2016 10:41pm Dec 5, 2016 10:41pm
Indicator doesn't refresh in real time. User must change time-frames back and forth to get current numbers....Land mine for traders.
  • #169
  • Edited 2:02am Dec 6, 2016 1:35am | Edited 2:02am
Quoting ruma29
Indicator doesn't refresh in real time. User must change time-frames back and forth to get current numbers....Land mine for traders.
Assuming you're referring to PSA, set RefreshPeriod to T to have it update automatically on every new price tick, M1 to have it update on first tick of each M1 candle, etc. Just tested this and it works correctly on my PC: see attached screenshot, and read instruction PDF (see post #1) for more info.

If you think the indicator is a "land mine for traders", there are plenty of other strength meters highlighted in the links in the green typeface of this post.
Attached Image (click to enlarge)
Click to Enlarge Name: PPI 083.png Size: 296 KB
  • #170
  • Dec 6, 2016 10:37pm Dec 6, 2016 10:37pm
Quoting hanover
{quote} I'm not quite so sure. Some reasons why: 1. All of my indicators were written prior to MT4 build 600, and they generate hundreds of errors if compiled using the latest MT4. That's one big reason why I don't post the MQ4 files. If you want to see some MQ4 files for a strength meter, look here. 2. MT4 will be discontinued soon, and the EX4 files will not run on MT5. If you want to code your own indicators, you would be better to code using MQL5 (or for some other trading platform). 3. If you...
MR hanover, can i ask how do you compute currrency strength? formula?
  • #171
  • Dec 6, 2016 11:10pm Dec 6, 2016 11:10pm
Quoting pauln
can i ask how do you compute currrency strength? formula?
All of the strength indicators that I've written use different calculations. See point 4 in post #162 above. Link in point 4(b) gives calculation for RS indy.
  • #172
  • Dec 6, 2016 11:24pm Dec 6, 2016 11:24pm
Im using these 3 types of MT4 indicator in my templates ,which is veryuseful for Analyzing the current trend strengh of the particular currency pair as well as current Trading volumes of the buyers & sellers in that particular time frame , Download these indicator,Enjoy Happy Trading.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: USDCHFH1.png Size: 50 KB
Click to Enlarge Name: AUDUSDH1.png Size: 23 KB
Click to Enlarge Name: AUDUSDH11.png Size: 38 KB
Attached File(s)
File Type: ex4 ForexProfitSupreme Meter.ex4   54 KB | 2,113 downloads
File Type: ex4 trading_volume_mod.ex4   17 KB | 2,003 downloads
File Type: ex4 Ultimate-Trend-Signals-v1-500.ex4   24 KB | 1,615 downloads
File Type: ex4 Ultimate-Trend-Signals-v2-600.ex4   88 KB | 2,198 downloads
  • #173
  • Dec 9, 2016 10:38pm Dec 9, 2016 10:38pm
Quoting hanover
{quote} Assuming you're referring to PSA, set RefreshPeriod to T to have it update automatically on every new price tick, M1 to have it update on first tick of each M1 candle, etc. Just tested this and it works correctly on my PC: see attached screenshot, and read instruction PDF (see post #1) for more info. If you think the indicator is a "land mine for traders", there are plenty of other strength meters highlighted in the links in the green typeface of this post. {image}

Refresh Period comes with +0 not M1. How on earth trader knows need to put M1? ...land mine.
  • #174
  • Edited Dec 10, 2016 2:53pm Dec 9, 2016 11:56pm | Edited Dec 10, 2016 2:53pm
Quoting ruma29
Refresh Period comes with +0 not M1. How on earth trader knows need to put M1?
By reading the instruction manual that was supplied with the indicator.

Sorry if the indicator is not user-friendly. Please keep in mind that this is not a commercial offering; I am simply sharing software that I wrote originally for my own personal use. As such, it is offered on a 'take it or leave it' basis.
  • #175
  • Dec 11, 2016 5:14am Dec 11, 2016 5:14am
Quoting hanover
{quote} By reading the instruction manual that was supplied with the indicator. Sorry if the indicator is not user-friendly. Please keep in mind that this is not a commercial offering; I am simply sharing software that I wrote originally for my own personal use. As such, it is offered on a 'take it or leave it' basis.
For "PeriodsforRegr: H1,H4,D1" what would be optimum "WeightsforRegr:...."? You have example H1,H4 3,1...What about additional D1?
Thank you.
  • #176
  • Edited 9:54am Dec 11, 2016 9:43am | Edited 9:54am
Quoting ruma29
For "PeriodsforRegr: H1,H4,D1" what would be optimum "WeightsforRegr:...."? You have example H1,H4 3,1...What about additional D1? Thank you.
If I understand correctly, you're asking what settings would deliver the most profitable result?

I trade only as a hobby. But even if you asked a professional trader, he would probably say something like "it depends on your trading strategy, horizons, objectives, etc". It's like asking "what is the best moving average to use?". You'd likely get a different answer from every professional trader.
  • #177
  • Dec 12, 2016 5:22am Dec 12, 2016 5:22am
Hi Hanover,

Which settings would you use to get pairs listed for possible moves of 30+ pips on H1 timeframe?

Thanks in advance

Quoting hanover
{quote} If I understand correctly, you're asking what settings would deliver the most profitable result? I trade only as a hobby. But even if you asked a professional trader, he would probably say something like "it depends on your trading strategy, horizons, objectives, etc". It's like asking "what is the best moving average to use?". You'd likely get a different answer from every professional trader.
  • #178
  • Dec 12, 2016 5:30am Dec 12, 2016 5:30am
Quoting hanover
{quote} If I understand correctly, you're asking what settings would deliver the most profitable result? I trade only as a hobby. But even if you asked a professional trader, he would probably say something like "it depends on your trading strategy, horizons, objectives, etc". It's like asking "what is the best moving average to use?". You'd likely get a different answer from every professional trader.
I don't see parallel with moving average.It is your personality.
  • #179
  • Edited 11:01am Dec 12, 2016 10:49am | Edited 11:01am
Quoting tradur
Which settings would you use to get pairs listed for possible moves of 30+ pips on H1 timeframe?
If you're looking for confirmed trends, I would use the next significant (4-6 times) longer TF, e.g. H4 is four times longer than H1.
If you're looking for advanced warning of a possible new move, I would use the next significant shorter TF, e.g. M15 is four times shorter than H1.
The rest is trial and error.

One reason I like PSA as a strength indy is that you can combine TFs to get a consolidated result, e.g. set PeriodsForRegr = M15,H1,H4
And also a weighted average of regression lines: as one possible example, set LengthsForRegr = 5,5,10,20,30,50,100,200 (gives double weight to a 5 period regr line)
Allowing multiple settings means that you can set the indy so that it's not unduly 'biased' toward one setting over another.
Or conversely, you can bias/weight it any way that you want to.

IMHO a lot of intraday moves are chop that is affected by S/D levels and heavyweight agendas, hence strength-based trend following works better on longer TFs.

IMHO you got it right when you said "possible moves". There is no assurance that any move will run for 30+ pips. It depends on volatility, liquidity pools, clustering of (limit) orders, fundamental and other drivers. Or as TooSlow neatly explains why markets move the way that they do:
Quoting TooSlow
When you win, it is because other people came into the market and made the market move in your direction.
When you lose, it is because other people came into the market and made the market move against your direction.
  • #180
  • Dec 17, 2016 8:41am Dec 17, 2016 8:41am
Quoting hanover
{quote} If I understand correctly, you're asking what settings would deliver the most profitable result? I trade only as a hobby. But even if you asked a professional trader, he would probably say something like "it depends on your trading strategy, horizons, objectives, etc". It's like asking "what is the best moving average to use?". You'd likely get a different answer from every professional trader.
Hi mr hanover i'am now in progress of making an EA,... and the idea of this EA is that it will compute what currency is strong and weak and MA crossed to confirm entry and close... Any advice mr hanover.?? Thank you in advance
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