Great Step. Thanks to NewDigital, Igorad, and all others peoples who are involved.
Next phase : when we start ? (btw i'm OFF (holidays) from 16/12/2006 to 03/01/2007).
If we create some templated EA with all the components mentioned inside the code so it may be great. Just mentioned without any developing.
Use_MarketAnalyser = true or false
Use_EAChooser = true or false
Use_TradingSignals = true or false
and so on.
MarketAnalyser, EAChooser and so on will be in separated files and we may develop it later.
But if we create templated EA with name of all components which we need it will be great.
Just to create one very preliminary EA where all the components will be connected between each other.
Of course this preliminary templated EA will not work. It will be just for us, for the development.
I hope that when you come back in 03/01/2007 we will have some coded plan (templated EA).
Some usefull post for MarketAnalyser (M5 timeframe) about MTF_AbsoluteStrength_v1 indicator.
But we do not need it now. It will be necessary for the library files.
We need to create templated EA with all the function named.
Very difficult to start for me. Igorad agrees to start, Kalenzo agrees, everybody agrees. But it is difficult for me to start.
We should code some templated EA at least before New Year.
The first hurdle is detecting the market action (trending or ranging). There have been many indicators used that try to detect market action, and perhaps these will do ok. I've looked at slope indicators, with the help of Igorad, and you can get lost in timeframe issues (may be trending on 5m TF, but ranging on 1H, and trending again on the daily TF). Therefore, it might simplify things to focus on a single TF to start with, say the daily or 4H.
What I think would work best for detecting trends or ranging would be an indicator that utilized the correlation coefficient, or "r-value". If one tries to fit a line through a recent set of data, one will always be able to, and you could even calulate a slope factor. However, any trades based soley on this information would be misleading. The missing factor is the r-value of the equation describing the line. R-value's provide insight as to how tight the data points line up to the equated line. Therefore, if we had an indicator that calculated:
1. Slope of the best fit line through the recent data (i.e. 100 data points)
2. The p-value, to determine if the slope was statistically significant, and
2. The r-value, or even r-squared value indicating how well the data conforms to the line.
If the market is trending, you will obviously expect a trend with a slope (greater than some pre-determined value, positive or negative) that is both statistically significant (p-value less than 0.05), AND a relatively high (or low) r-value.
A ranging market would have a statistically insignificant trendline, and the r-value would be close to zero.
Is coding for something like this possible? I would imagine there would have to be a fairly large dll to handle the statistical elements.
One last thought that will have to be considered on ANY market condition indicator is how long the various "phases" run for, and how soon into any phase can an indication be made....
Just my $0.02 worth.
Using a data fit would be useful for detecting end of trending markets. In a trending market it will be easy to fit it in a linear equation (y=ax+b) and whenever r-square becomes 0 (not exactly 0, but you can test such hypotesys and consider it 0) then the trend you were following is over (or has change drastically in "speed").
My $0.02 too
Good public thread about support/resistance on different timeframes using just one sma indicator with different settings.
May be usefull for us as the other alternative way to estimate market condition and support/resistance.
I found this indicator on a Russian forum(poul I think) it has 8 MA'S with 8 different timeframes with a kind of like a traffic signal (green=up and red=down) for the 8 MA'S in the top r/h chart, this might be good for the trend part of the system.
Thanks. I will look at this indicator.
All we need to do before New Year is the following: we need to create templated EA where all the functions will be connected with each other including "switching". But those functions will not be described. Just named only. Because we will code library files later on.
Is this thread still active? It seemed like such a great idea, then everyone simply left ...
I'm guessing that this has moved to a private thread somewhere. If possible, I would like to continue. Please PM me (if possible) and let me know where to participate.
It did not start yet.
Some people celebrated Christmas. Igorad was busy with NewsTrader here and I was busy with Fozzy EA decided to test it here.
They left because of Christmas and News Year and now people are slowly recovering
Hi everybody, i'm back.
Slowly recovering, yes NewDigital ...lol... but back in the market... and now wake-up this thread....
Best wishes for 2007.