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Thanks MLaden. The system is to be used on range bars and not timeframe charts. The levels I have detected apparently change with the chart - which makes it difficult to assess the validity of creating a safe EA (the objective) unless there is an EA for each chart.
I will check it live overnight on video when the market opens so I will be able to tell tomorrow if the indicator is suitable for adaptation as the first of three criteria for a safe EA.
Appeciate your input as always.
TEAMTRADER
semaphortrue2.mq4¿Can someone add sound and email alerts to this indi? SemaphorTrue2.mq4 Thank you!
semaphortrue2.mq4¿Can someone add sound and email alerts to this indi? SemaphorTrue2.mq4 Thank you!
Hermes added the alerts.
God bless you, thank you very much!
And these are the last few indicators - I presume you know that the range bar indicator is attached to the 1m chart and the trading chart is obtained via the off-line function.
Template on next post.
TEAMTRADERhi Teamtrader, your scalping method is very interesting indeed.
one question for you - do i have to keep my live account metatrader turned on 24 hours a day for the RangeBarIndicator on a 1 minute chart to produce range bars for the 2 minutes chart without any gaps?
thx again, kevin
Hi Kevin,
Two answers - the first is yes, you can leave your computer on 24hrs a day as you wish.
The second answer is easier - you refresh the range bar indicator every time you turn your computer on. The data will then put the range bars in correct order.
I am still looking at further ways to enhance this system (as my ultimate aim is to get an EA that is low risk with daily, not weekly, profits) but I am on holiday from tomorrow and will not be back for 8 days so realistically it will be 2-3 weeks before I can (hopefully) get a system that can be both traded automatically with daily profits and very low drawdowns as well as manually. It can be traded manually but this is not my objective.
Regards
TEAMTRADER
MrTools and MLaden,
The 'Bandwidthratiohisto' indicator does not repaint so this looks a very good start to find an alert that when it goes under a set level, the squeeze is indicated.
I've tried it on two charts, USDDKK 10 range and EURUSD 5 range, and although they have different settings for the squeeze levels, it appears very accurate.
I think this will do as a 'first signal' and the other two 'filter' signals will be checked when I return from holiday.
As I understand an EA we need signals to trigger an entry/exit.
Regards
TEAMTRADER
MrTools and MLaden,
The 'Bandwidthratiohisto' indicator does not repaint so this looks a very good start to find an alert that when it goes under a set level, the squeeze is indicated.
I've tried it on two charts, USDDKK 10 range and EURUSD 5 range, and although they have different settings for the squeeze levels, it appears very accurate.
I think this will do as a 'first signal' and the other two 'filter' signals will be checked when I return from holiday.
As I understand an EA we need signals to trigger an entry/exit.
Regards
TEAMTRADERTEAMTRADER
You do not need a signal when using an indicator from an EA
You simply check the values of the indicator against the desired level from the EA itself (that way the EA will be completely independent). Something like :
if (currentValue > level && previousValue < level) // it is a signal
Excellent - I am testing three indicators with the 'Bandwidthratiohisto' and I think today is too good to be true (TGTBT) so I must test another chart.
I attach the live charts with the 'Bandwidthratiohisto' signals manually drawn with a vertical line.
Following that signal the EA will wait for the top and bottom indicators to have crossed zero, stochastics to be the correct side of 50 and finally the MACD (on a different setting to the top indicator) to have crossed zero also.
The writing on the 'Bandwidthratiohisto' indicator on the lower illustration is my check that nothing changes in value at the key areas.
It is impossible to get such good trades usually but I am confident the theory will hold up to other charts when I get the settings correct for those too.
The USDDKK and EURUSD are finished and both different settings and I will test them live tomorrow morning before going on holiday in the late afternoon. I will have internet access whilst I am away but it is not a time when I can concentrate on this.
I will post to the best of my ability when it is completed. You already know that coding is a foreign language to me.
Regards
TEAMTRADER
MLaden/MrTools,
I've been testing almost non-stop live with the BetterBB in order to achieve a reliable EA - results are shown on the attached charts - with the two differing templates on them but the same EA rules.
The top and bottom charts are of my original EA rules with the original EA template that I use for checking.
The centre chart shows the Better BB template - I have trialled several settings of this indicator and run them live so you may already know that the outer bands cross and recross as the price moves on. THIS IS NOT A PROBLEM as it is only one signal (value of the outer band of one indicator against the value of the outer band of the other indicator) and the eventual EA would use several signal to filter out any early incorrect signals.
Small Question - when I am testing I need to enter 'Guppy type' ma's in the coloured version several times as I use separate Fibonacci values for these ma's. Do you know of an indicator/mq4 folder that gives these lines as each time I have to enter them separately, very time consuming?
Big Question - if I write down the criteria for the EA who would have the time and knowledge to put it together?
Bear in mind that it it will use initially the 3 specialist indicators on screen, have certain filters to be added at a later date if necessary and will operate on a range or renkorange chart.
It has taken a long time to get to this point and whilst the EA can be made to work using the Fib/Guppy illustrations, the Better BB indicator has the edge when it comes to entries and exits.
Regards
TEAMTRADER