XO_Method REVISED - page 11
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After successfully trading the new version of the RSI-5 on the 5M_Chart together with its improvements, I am happy to inform you that I have found the overlay of a 14-RSI over the 5-RSI to be extremely effective for change in direction.
Beauty of this method is that you can "back-test" the results as it does NOT repaint at all.
I have downloaded your post of RSI_Label_A and RSI_Dots, but I don't understand what you mean when you say they do not repaint. I thought you meant that for the current period (shift=0), they don't readjust at each price tick. Were you referring to these indicators when you wrote of the "new version of the RSI-5, or some other indicator? RSI_Label_A and RSI_Dots do repaint at each tick.
I'm sorry if I sound uninformed, but I'm new at this, and repainting of the indicators on the current bar has made decision-making a bit difficult for me.
I have downloaded your post of RSI_Label_A and RSI_Dots, but I don't understand what you mean when you say they do not repaint. I thought you meant that for the current period (shift=0), they don't readjust at each price tick. Were you referring to these indicators when you wrote of the "new version of the RSI-5, or some other indicator? RSI_Label_A and RSI_Dots do repaint at each tick. I'm sorry if I sound uninformed, but I'm new at this, and repainting of the indicators on the current bar has made decision-making a bit difficult for me.
Without sounding harsh, do you understand the concept of "repainting"? Any indicator when giving you the information of the current candle/bar, will "move" but that is NOT repainting. How can you make a decision in the middle of a candle anyway? Think through the process and you will see what I mean. MTF_indicators "repaint" afterwards but in realtime, should NOT.
Hope this clears it up for you.
Best wishes.
I'm sorry to interrupt your more serious trading discussion. I now understand that indicator movement during the formation of the current candle is NOT repainting. If I get your meaning correctly, backtesting an MTF indicator does not result in its recalculation. It's completely static, so the results should be predictable, just as displayed.
I'm sorry to interrupt your more serious trading discussion. I now understand that indicator movement during the formation of the current candle is NOT repainting. If I get your meaning correctly, backtesting an MTF indicator does not result in its recalculation. It's completely static, so the results should be predictable, just as displayed.
No Jimven, when you back-test a MTF-indicator, it does NOT give you the results you see in real-time. However, if it is worth it's weight in gold, you should be able to see whether it gives reliable signals and then (and only then) you look at it in real-time to see if it "repaints" every second candle, etc. If it is stable in real-time, it is a good enough indicator. There are people here that will disagree with me no doubt, but believe me I am trading the MTF_XO for more than a year now and it is extremely effective.
So therefore, the results you see in back-testing only shows you how reliable the indicator is AFTER it has re-set it self (I hate the word "repaint" as most people using it frequently, have no clue what they are talking about).
Hope this has finally cleared the cobwebs if any.
Best wishes.
I like the MTF RSI indicator (I'm not sure of the exact name because I'm at work). When setting it at 240 (4 Hour) TF and watching it on the 5-Minute Chart, you get horizontal lines over a 4-hour period. The only one of these that moves up and down with the real-time price ticks is the one to the far right, while it is still forming. The rest of them are stable and you can tell how they behaved relative to prices all the way to the beginning of the data. That helps consider what might be happening next, based on whether the indicator is rising or falling (just the most recent horizontal line).
I like the MTF RSI indicator (I'm not sure of the exact name because I'm at work). When setting it at 240 (4 Hour) TF and watching it on the 5-Minute Chart, you get horizontal lines over a 4-hour period. The only one of these that moves up and down with the real-time price ticks is the one to the far right, while it is still forming. The rest of them are stable and you can tell how they behaved relative to prices all the way to the beginning of the data. That helps consider what might be happening next, based on whether the indicator is rising or falling (just the most recent horizontal line).
I agree Jimven, that is if you're referring to the RSI_Label_A as shown in the post right above this one. The part that doesn't "redraw" is still a big help.
I have had several RSI_Label_A indicators but somehow lost the one like Joe SDF is showing above. Will someone please direct me to where I may find that one or post it.
Thanks!
RSI_Label indicator........
I agree Jimven, that is if you're referring to the RSI_Label_A as shown in the post right above this one. The part that doesn't "redraw" is still a big help.
I have had several RSI_Label_A indicators but somehow lost the one like Joe SDF is showing above. Will someone please direct me to where I may find that one or post it.
Thanks!Attached, Poocher.
Best wishes.
Joe sdf,
What's your settings for the 4-tf-xo 2 ?
As i don't have the same graph like you.
Thanks