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marcovth 2013.08.01 15:23 

Hello ...

I am working on two scripts which makes it possible to copy over cumulative delta bars from other programs (in my case sierracharts) to MT5.

Here is an example screenshot from this morning showing the EURUSD chart with sierra 6E futures delta bid/ask candles. 

The price candle where the delta started its down move was tested. First with a bright green (high volume) price candle, and then with a white (very low volume) doji [no-demand] type of candle, indicating the buying dried up. The next bar was a down bar, confirming the weakness. This should have been a high volume (bight green) large range up bar that pushed through resistance, but this was not the case. The market needed a shake-out to attract new buyers.

This was also confirmed by the lower delta level, both leading to the large down turn with the pink and purple price candles. Both colors are ultra-high volume (pink: close<midpoint, purple: close>=midpoint).

Anyway, I though it was a nice little example how both the Wyckoff method and delta tracking can significantly help your trading.

Learn Wyckoff at [url deleted by mod] or [url deleted by mod] both highly recommended.

And learn delta tracking at [url deleted by mod]  also highly recommended ... but they blocked customers who signed up one/two+ years ago from returning to their website to watch the video's again. Bad policy !

As for the MT5 / sierra charts scripts ... they are not finished. I will need a couple of days / weeks to finalize them. I find scripting for MT5 more difficult than for sierra. 

Sierra has bid/ask, Up/Down tick, and Up/Down Number of contract delta bars. So far I was only able to copy over bid/ask bars, with the last bar missing until the next price bar gets created.

I also have issues with MT5 blocking the text file that sierra writes into. It's not constant, but some times long enough to stop sierra from using it until the next attempt 30 sec later. 

For those who want to know why not simply use sierra for all analysis? I use sierra with renko bars, and I have come to like MT5 for time (Wyckoff) analysis. With MT5 it's much faster to browse through the different time frames. Also, my sierra data is with futures markets, while obviously, MT5 is the cash market. Some times MT5 is leading while other times the futures are leading. I have them side-by-side, works very well. 


marcovth 2013.08.01 15:33  

Update: we had a little shake-out. Price pushed through, after delta push through the resistance. 


Update 2: Notice where delta moved through the resistance level, making the way free for price to follow. Price tested a bit, but delta didn't go much lower confirming the previous upmove and causing the large up bar. 


Update 3 


Update 4: Nice example how a price-delta divergence can lead to a shake out. 

Chart EURUSD, M2, 2013.08.01 13:30 UTC, RoboForex, MetaTrader 5, Real
Chart EURUSD, M2, 2013.08.01 13:30 UTC, RoboForex, MetaTrader 5, Real
Chart EURUSD, M2, RoboForex: temp_file_screenshot_15316.png
Rodrigo Malacarne
Rodrigo Malacarne 2013.10.18 13:33  

Is there any way to compute the indicator through MetaTrader? I mean, instead of importing the indicator from another software, it could be possible to calculate it using MT5.

I think it can be done, once the delta calculation is very easy. The only problem would be to save the indicator data to a local file and then plot the data accordingly in the chart.

Any idea how it could be done? 

chappy3 2014.11.06 10:27  
i t would be great to get this indicator is it available anyware
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