New indicators - feedback requested: - page 2
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MTF Magic
Nice work Bluto
I have been a champion of MTF trading for a long time and this methodology is a step in the right direction.
I prefer the use of stochastics since they tend to lead price in predictive nature but the programming is ever so difficult in the case of EA's since stochs are best viewed with the human eye for divergence. But I digress.
I was thinking rather than having the plethora of MTF lineage dazzle the eye and confound the mind on the Delta9 compass and Price throttle, why not blend these into one overlay. you would only end up seeing one line and only when all 4 TF's agree would the dots/stripes be green/red.
Signal 'stepping' could could be adjusted by a number of methods.
1) Each TF should have the ability of being able to have individual variables set
2) 'Stepping' factor could be introduced on each TF for the end result overlay to give a signal. E.g - Let us assume for ease of explanation, each TF is running on the same variables of heiken. However, you might demand that (In the case of Buy signal) M5 must wait for the 5th green dot to complete, the M15 must wait for the 3rd, the M30 for the 2nd and the H1 for the 1st to close. Only when all these underlying factors have been satisfied would the single bar generate a buy signal.
FxN
hi, bluto
great works, may be a profitable system and stable using your signals generated from indicators.
i like , in particular, the combination indicator and different timeframe
best regards
giapel
Your contributions are always GREAT in many forums, Thanks Bluto
I think you meant "price velocity"..I'm not using any volatility measures. I'm using several Jurik based algorithms to determine the velocity factor which could be thought of as the intensity or strength of the price movement as well as the rate of change of that movement over time. The compass tells you general price direction...when price is going up or down, but not necessarily how strong the movement is throughout the duration of that direction....it's the combined job of the Throttle and Velocity indicators to convey that strength as price accelerates and decelerates. Velocity & Throttle could probably be used without the Compass but I like 'em all on the chart.
Wow jurik, I think you must be rocket scientist to do that.
Yes, "velocity" what I meant.
Did you try any other measure to determine velocity such as StdDev, Momentum, T3 etc or combination of those ?
Any more clues about setting of those indicators ?
Hi, Bluto,
Nice Look. I like the Heiken Ashi (the true Ashi algorithm). True to its color.
Any way to consolidate the price movement on the MTFs into one or two general indicators--or aren't there enough buffers in MT4 to do that?
Also, what about a demonstrative (read "clear signal" here) signal on the longer TFs (like the 60 and 240) when the "paint" has completely dried (ie. bar close)?
How does this compare with CJA's Signal Bars? Your setup is based on Jurik where CJAs Bars are not?
Oh, by the way, from your first post what is the difference
between the terms Price Velocity and Price Momentum?
Really like the "golden histo" bars for choppy markets. That is fantastic! With all of this, you must be running into some platform limitations. GJ!
COTtrader
"Ken"
Hi Bluto
I like the format of the displays - very clear to see what the signals are telling you.
However, maybe I'm being dumb (I'm good at it believe me) BUT, I really don't see what value added the price compass achieves to any trade decision - it appears to me it's a 100% replication of the price throttle signal on the chart you posted.
Or am I about to kick myself yet again?
Bugsley
Looks great, Bluto. Can't wait to see more.
Attached is a screenshot of 3 new indicators I've built that were inspired by the MTF Heiken-Ashi system currently being manually traded. I'm building a new EA called "Delta9" based around these indicators, but I'm curious to know what you think of their visual appeal for manual trading. The first indicator shows Price Velocity bars and a MA line. The velocity is based on some adaptive moving averages. The 2nd indicator gets direct inspiration from the MTF HAS Bars and I call it the Price Compass....it simply shows whether price is rising or falling over multiple timeframes. The 3rd indicator is what I call the Price Throttle and it's designed to augment the Price Compass by showing the relative momentum of the trade direction. Dark Red & Green bars indicate full steam. Light Green and Light Red bars indicate slowing momentum and possible approaching change in trend....transitional bars. Gold bars indicate chop periods to possibly avoid trading. The indicators self configure to the current chart timeframe but you can add any number and/or combo of them on a given chart for all possible timeframes. Thanks.
Hi Bluto
I like the format of the displays - very clear to see what the signals are telling you.
However, maybe I'm being dumb (I'm good at it believe me) BUT, I really don't see what value added the price compass achieves to any trade decision - it appears to me it's a 100% replication of the price throttle signal on the chart you posted.
Or am I about to kick myself yet again?
BugsleyYour observation is a good one. You could trade using only the Throttle indicator. What I like about the Compass though is it confirms the relative price trend direction independent of the increases and decreases in momentum. Used together, the throttle can warn of upcoming reversals, allow you to grab a lower TF dip within a higher TF trend, etc. Trading with the Compass only is sort of like...you can see when the tide is coming in or going out, but you can't see the direction of the currents under the surface, and visa versa.
You get to see both when using both indicators.
Hi, Bluto,
Nice Look. I like the Heiken Ashi (the true Ashi algorithm). True to its color.
Any way to consolidate the price movement on the MTFs into one or two general indicators--or aren't there enough buffers in MT4 to do that?
Also, what about a demonstrative (read "clear signal" here) signal on the longer TFs (like the 60 and 240) when the "paint" has completely dried (ie. bar close)?
How does this compare with CJA's Signal Bars? Your setup is based on Jurik where CJAs Bars are not?
Oh, by the way, from your first post what is the difference
between the terms Price Velocity and Price Momentum?
Really like the "golden histo" bars for choppy markets. That is fantastic! With all of this, you must be running into some platform limitations. GJ!
COTtrader
"Ken"There's a very fine line between the definitions of velocity & momentum. I like to think of momentum as force and velocity as the speed behind the force. I don't know anything about CJA Signal Bars. The two indicators could be combined, but actually the Throttle indicator tells you indirectly what the Compass does plus more...it's just easier to look at the two in tandem. But yes, programming indicators in MT4 is a pain in the ass due to limitations such as indicator buffers, especially when you want to build something like the MTF Compass and have each TF row be capable of multiple colors. I hope our commrades in Russia someday open up MQL with an API to allow us to build plug-in indicators using C++.
There is no performance lag or platform limitations for the indicators if that's what you were referring to. All of the code is in the indicator and uses arrays to store everything for calculation...the indicators don't call other indicators for values except for a few standard MT4 price series arrays.