In his article “Correlation As A Trend Indicator” in May 2020 issue of TASC, author John Ehlers introduces a new trend indicator that is based on the correlation between a security’s price history and the ideal trend: a straight line. He describes methods for using the indicator to not only identify the onset of new trends but to identify trend failures as well.
Ehlers describes a rather strange way of using it (like using asymmetric threshold for buy and sell, in which case it is clear that he was fitting the indicator to the chart - which is never a good idea, hence
You shall find two version of the indicator here :
The reason for that is simple : the regular is using the coding ways that are common (and which are used in every version of that indicator in the TASC). It is a simple and clear code. And it is slower than it should which is important when it comes to normal usage and testing. Hence made the optimized version. I know that some are going to send "angry" PMs (as I was getting already in similar cases) that the code for the optimized version is not understandable as the "regular" version, but :
- one is "regular"
- one is optimized (with an opt in its name)
- results are exactly the same
- optimized version is an average 15-16 times faster than the regular version (which is even partially optimized, since instead of 2 sub-loops only one is used using default parameters. With longer calculation periods the difference only grows
I want to share with you this story. When I started trading, I learnt the scalping strategy in a volatile market. I really loved scalping especially when I see the price is moving fast. However, scalping for a long period of time is exhausting to me especially in a volatile market; volatile market requires fast analysis, actions and reactions; that is why I always reach a point that I loss concentration, focus and I start making those really stupid mistakes. That is why I created this EA, that is based on the indicator Identify potential entries, that helped me to automatically identify these potential entries (based on the formation of candlesticks) instead of doing all the work myself and it will trade these potential entries for me. I know there are plenty of Metatraders who also suffer from this and that is why I would like to share this EA with you, hopefully it will be beneficial. Do not forget to send you comments as well as rate these scripts. Happy trading!Account Watch - Control entries
If you can't watch your statistics and your game plan at all time, your emotions will take control and you will start taking ENTRIES such as revenge trade especially when you lose it.