I like Bw for MT5 more than Bw MT4 because MT5 is more suitable for technical analysis. For example, this is sell trade for USDCAD with 330 pips in profit (Metatrader 5):
Yes, you are right.
I am using iTrend_v1.03 600+ indicator (attached) for MT4 and this bug was already fixed there:
value[i] = CurrentPrice-iBands(NULL,0,Bands_Period,Bands_Deviation,0,Power_Price,Bands_Mode,i);
Thank you for iTrend v1.03_6000.mq4!
I am about to write an article about flat and trend market - do you think iTrend is capable to distinct between them?
You have worked with this indicator, you might know it better than me at this moment. Actually - as an example - I am working with ADX!
It was the story from long time ago when the traders discovered the signal systems which are the systems with arrows/dots (means: signals) on the main chart to open sell or buy trade. Those signal systems are divided onto the following:
So, this iTrend indicator is used to filter false entrance. People like this indicator because it is providing some illusion of volume. Of course, iTrend is not a volume (and the volume is not the real volume ...) but the traders like it anyway because of the following idea: trade with everybody - "if the majory of the traders open buy trade so I should open buy trade too".
As to Brainwashing system so the system is having some advantages:
I used this system many times to recover deposit after losses for example.
As to iTrend indicator so this is 'one time using': we look at the value of this indicator and color, compare this value with the level on separate window 9we see the line of value), and after that - we look at the main window to analyse the price movement (using Brainwashing or any other indicator for example).
Thanks you Sergey!
Do I understand the system correctly that you enter a trade only if
1) at the same bar
2) PriceChannel shows a new signal (switch from buy to sell e.g.) and
3) iTrend a) is above or b) crosses(?) its level?
So am I right that in this chart no trades would have been made:
Remark BearsPower and BullsPower have nothing to with any kind of volume, it is just Low[i]-ma(i) and High[i]-ma(i).
and we enter on the next openning bar (bar with signal and iTrend 'to be above the level' will be on the previous bar or close bar).
Yes, I know that this is nothing with the volume but it looks like a volume (for traders for example).
No trades here:
M15 is usually used for Bw (and USDCHF was the most profitable pair for this system for many years).H4 may be used too but as this Bw system is not traded in often way so the people like M15 more than H4 for example.
Just for example - the most recent valid signal for EURUSD H4 was in the beginning of this month (3rd of December) with the about 40 pips in profit (4 digit pips):
And using H4 - you may trade in 24/5 way (at day and night for example).
In case of EURUSD M15 - we had the trade in 16th of Dec with 78 pips in profit:
So, the people are using all 4 pairs in one Metatrader (EURUSD, GBPUSD, USDJPY and USDCHF) for M15 or H4 timeframe for example - because we do not have many valid signals to open the trades even if we are using M15 timeframe.
Thank you for clearifying!