Market Condition Evaluation based on standard indicators in Metatrader 5 - page 236
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Forum on trading, automated trading systems and testing trading strategies
Market condition indicators/tools
Sergey Golubev, 2022.05.11 14:57
Constant Range Channel - indicator for MetaTrader 5
Metatrader 5 -
Metatrader 4 -
This is a very simple indicator. It plots a channel with a constant range of twice the step-size parameter value. The range is broken when the low quote price breaks the upper level, or when the high quote price breaks the lower level of the channel’s range. The code uses conditional compilation and will compile on both MQL4 and MQL5.
Two MA Color N Bars Square - indicator for MetaTrader 5
The indicator shows the status of the two indicators as lines of squares.
There is one old (but good) post with the market codnition explanation, so - just to remind:
Forum on trading, automated trading systems and testing trading strategies
Forex Market Conditions, a graphic depiction
moneyline, 2008.11.09 07:18
Hi, since there's been questions about the varied Forex market conditions, here's a chart
that compares them.
moneyline
Forum on trading, automated trading systems and testing trading strategies
Press review
Sergey Golubev, 2014.02.15 06:58
Trader Styles and Flavors (based on dailyfx article)
Technical vs. Fundamental
Technical analysisis the art of studying past price behavior and attempting to anticipate price moves in the future. These are traders that focus solely on price charts and often times incorporate indicators and tools to assist them. They look at price action, support and resistance levels, and chart patterns to create trading strategies that hopefully will turn a profit.
Fundamental analysislooks at the underlying economic conditions of each currency. Traders will turn to the Economic Calendar and Central Bank Announcements. They attempt to predict where price might be headed based on interest rates, jobless claims, treasury yields and more. This can be done by looking at patterns in past economic news releases or by understanding a country’s economic situation.
Short-Term vs. Medium-Term vs. Long-Term
Deciding what time frame we should use is mostly decided by how much time you have to devote to the market on a day-to-day basis. The more time you have each day to trade, the smaller the time frame you could trade, but the choice is ultimately yours.
Short-Term tradinggenerally means placing trades with the intention of closing out the position within the same day, also referred to as
“Day Trading” or “Scalping”if trades are opened and closed very rapidly. Due to the speed at which trades are opened and closed, short-term traders use small time-frame charts (Hourly, 30min, 15min, 5min, 1min).
Medium-Term tradesor “Swing Trades” typically are left open for a few hours up to a few days. Common time frames used for this type of trading are Daily, 4-hour and hourly charts.
Long-Term tradinginvolves keeping trades open for days, weeks, months and possibly years. Weekly and Daily charts are popular choices for long term traders. If you are a part-time trader, it might be suitable to begin by trading long term trades that require less of your time.
Discretionary vs. Automated
Discretionary tradingmeans a trader is opening and closing trades by using their own discretion. They can use any of the trading styles listed above to create a strategy and then implement that strategy by placing each individual trade.
The first challenge is creating a winning strategy to follow, but the second (and possibly more difficult) challenge is diligently following the strategy through thick and thin. The psychology of trading can wreak havoc on an otherwise profitable strategy if you break your own rules during crunch time.
Automated trading or algorithmic tradingrequires the same time and dedication to create a trading strategy as a discretionary trader, but then the trader automates the actual trading process. In other words, computer software opens and closes the trades on its own without needing the trader’s assistance. This has three main benefits. First, it saves the trader quite a bit of time since they no longer have to monitor the market as closely to input trades. Second, it takes the emotions out of trading by letting a computer open and close trades on your behalf. This means you are following your strategy to the letter and are not able to deviate. And third, automated strategies can trade 24 hours a day, 5 days a week giving your account the ability to take advantage of any opportunity that comes its way no matter the time of day.
Learn how to design a trading system by VIDYA
I checked now - it works in MTF way (for as many timeframes in one subwindow as we want).
The indicators are loading/requiring the data for higher timeframes so you should wait for the data will be loaded (if your metatrader does not have enough data for D1/W1/MN timeframes for some symbol).
I am using same template -
Thank you very much for the template file.
I would like to understand as I also faced with the issue of multiple timeframe not showing, but show as follows.
Your template file fixed it. But as I inspected, two differences are
I've tried modify a template file created by myself and it still shows as above.
What do you need to do in order to modify a template file to show a result like yours? Thank you very much!
Thank you very much for the template file.
I would like to understand as I also faced with the issue of multiple timeframe not showing, but show as follows.
Your template file fixed it. But as I inspected, two differences are
I've tried modify a template file created by myself and it still shows as above.
What do you need to do in order to modify a template file to show a result like yours? Thank you very much!
I just checked - it works, but we need to wait when the data from an other timeframe will be coming, or we need to switch the chart for different timeframes.
We need "to play" with IndicatorValue parameter to place more than 1 indicator in one subwindow for example.
I checked with AbsoluteStrengthMarket_v1.1 (attached).
Yes, it is necessary to wait when the daya from the other timeframes will be loaded, or we need to switch between timeframes (for the data to be loaded from the other timeframes).
And the main parameters are TimeFrame and IndicatorValue.
I am using IndicatorValue = 1 (it is by default), IndicatorValue = 0.7 and IndicatorValue = 1.3 so I get 3 indicators in one subwindow (I move indicators by mouse to one subwindow for example.
By the way, there is same (similar) indicator for MT4 (AbsoluteStrengthMarket_v1.1 indicator, attached).
It is same procedure - attach first indicator to the chart, and move the next (same) indicator to same subwindow by mouse with changing the following parameters in the settings:
Adaptive indicators
Probably, every trader's dream is an indicator able to adapt to the current market situation, define flat and trend segments and consider relevant price changes. Conventional technical indicators use constant ratios when handling input signals. These ratios do not depend in any way on the characteristics of the input signal and its changes over time.
Adaptive indicators are distinguished by the presence of feedback between the values of the input and output signals. This feedback allows the indicator to independently adjust to the optimal processing of financial time series values. To put it even more simple, an adaptive indicator is a regular linear indicator with its ratios being able to change over time depending on the current market situation.
Adaptation algorithms are quite diverse. Choosing a specific algorithm depends on the purpose of the indicator. But most often, these algorithms are based on various methods of least squares. Let's look at a few examples of developing an adaptive indicator.