But, for that, simply try it for yourself (wasn't that the better way?)
The one on the right upper corner is another indicator
I have seen a web seminar on this indicator by a well known educationalist. He heaps eulogies on it but using MetaStock. but I wonder if this MT4 version is anything more that emas, MACDs set together on a bottom pane, can anyone expalin what the golden dotted line is? I am still unsure where the buy/sell trigger points are?
Metastock code of RMO (depth 10)
(CLOSE - ((Mov(C,2,S) +
Mov(Mov(Mov(Mov(Mov(Mov(Mov(Mov(Mov(Mov(C,2,S),2,S),2,S),2,S),2,S),2,S),2,S),2,S),2,S),2,S)) / 10)) /
(HHV(C,10) - LLV(C,10))
Lime line == SwingTrd 2
Dotted gold line == SwingTrd 3
Feel free to compare metastock and metatrader values for calculated RMO (after all, it should not be too difficult)
Mladen my friend
You are unbelievable,helping those 2 ...your patience is deign of a saint...Well,take care and keep implementing your exceptional coding...I frankly don`t know why anybody would want the Rahul Mohindar Osc when they can use your coding of DTOsc,specially the MTF version,which is a money machine IF you combine the right timeframes.
do you mean dto:https://www.mql5.com/en/forum/172919/page2
Simba, could you tell a bit more on dto? thank you
Yeah, I am interested to heard about, too... Specially if comes from Mladen.
Yes,I mean DT Oscillator coded by mladen,the second version he did with MTF capabilities,I just use it,standard settings, on 2 timeframes,H4 and H1 with these rules :Always fixate your attention on the red lines,you can even delete the blue ones if they distract you.
1-WAIT until H4 has confirmed a turn or flattened for 2 H4 bars above/below an extreme..How do I define extreme for H4?...Easy,below 20 or above 80...for the example used,we see that H4 has confirmed a turn,at bar close,above 80.
2-WAIT until H1(red line) either touches the limit(0,100) or turns above the extremes..which,for H1 are 10,90..then enter at bar close...In the example we enter at the arrow bar close,or next bar`s open,due to the fact that we needed that bar for h4 confirmation of a turn,so,at that bar we had BOTH the H4 flattening and H1 turning above 90..so,it is an entry.
3-Exits:H1 touch of the other extreme is a good area for tp,as is taking partial profits moving Sl at entry after 40 pips(use approx 1 ATR(100) on H1 of the pair you are trading plus common sense to finetune it )... use for initial stop a H1 bar close 2 ATR(100) above high of entry bar(for shorts) or below its low(for longs)...I always use initial stops at bar close ,so,if you don`t like this method of stops,just use 3 ATR(100) for stops...FYI at this moment GBPUSD ATR(100) on H1 is 33 pips,so,initially, you will be using stops of 66/99 pips and,usually,this volatility will correlate with targets of 100/150 pips in pairs like GBPUSD,and once your first TP is reached,after 40 pips,the risk on initial entry of the rest of the position will be 0(in theory ..usually it will be in practice too )...I haven`t done an EA so,my numbers are just derived from manual trading it(and improvable),I would say that the expected NET payoff is,on average 1.3 ATR per trade,so,if you do 100 trades in GU with this method and ATR keeps being 33 pips you can expect an average of 40/45 pips per trade NET((total wins-total losses)/number of trades)
4-Reentries:Usuallythe first reentry gives very good trades,for H4 you just need it to be sloping down(following our short example) and above 20(so that it still hasn`t reached an oversold area) and for H1 you need the same rules as for the first entry.
Additional comments:You can use them as standalone method,or you can add a 200 ema/sma to decide about trend,or you can add,as I do,Longer term Cycles or whatever you feel comfortable with,BUT it will be the combo of H1,H4 for DTOsc that will give you very good and safe entries.
NOTE:gbpusd.gif shows a typical first entry,gbpusd2.gif shows a typical reentry,and I have attached mladen`s indicator .
Looks good !
Will check his behavior in real chart.
How to overlay the same indicator with 2 different timeframes...
Okay, I give up, how do you overlay 2 dtosc indicators of different time frames.
Can someone please intervene and deliver me from my ignorance.
Many thanks in advance.
Didn't see the attachment at the bottom of post #18. Should be right now.