Larry Williams Greatest Indicators - page 4
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hi
Hello prasxz,
No I am starting this strategy to test it out as I just really liked the idea when I read it and it makes sense to use it as signal confirmation, stoploss and take profit level.
Hello fxbs,
Attached is a screenshot GPB/USD Daily to visualise what it should look like.
In the Main Window you can see the Part of the candle that are taken into account to calculate the average GSV (Greatest Swing value).
The bottom indicator (GSV-V1) shows that:
- the average GSV (green) for short candle at present is 35
- the average GSV (red) for long candle at present is 32
Now what does it mean:
=> On average for a short candle the price will only go up by 35 pips from Open before changing direction and go/close down.
=> On average for a long candle the price will only go down by 32 pips from Open before changing direction and go/close up.
1) Signal example
So lets say the Open of todays candle is at 2.0170 and I want to buy or sell at 1.8 of GSV.
=> Short GSV= 35*1.8 = 63
=> Long GSV = 32 *1.8 = 58
I will now place a Buy at 2.0170+0.0058 = 2.0228
and a Sell at 2.0170-0.0063 = 2.0107
2) Stop Loss example
Lets say one of my signal ask me to buy or sell
==> If I buy at Open at 2.0170 I ll place my stoploss at 1.5 GSV = 32*1.5 =48 => 2.0170-0.0048=2.0122
==> If I Sell at Open at 2.0170 I ll place my stoploss at 1.5 GSV = 35*1.5 =53=> 2.0170+0.0053 = 2.0223
3) Take Profit example
Now lets say that you buy or sell at Open of a candle from any of your signal, you could set a first level of take profit at 0.75 of GSV to ensure that even if it swing back you took a bit chunk of it.
=> 2.0170 buy 1st take profit will be 0.75*32 = 24 pip = 2.0184
=> 2.0170 sell 1st take profit will be 0.75*32 = 26 pip = 2.0144
Now those examples are just suggestions for D1, but this could be also use 1H/4H and even W1.
This can be a system in itself of price action but it can also be combined with other simple signal to find TP, Stop loss etc...
My goal now is to enhance this indicator, maybe do a version on the main chart with Buy/Sell, TP and stop loss lines/level. Then we might integrate this into an EA to develop it further.
Sunwesthi thanks for your explanation ...I'll try it first
Hi popeyex
Hi popeyex,
that looks very interessting. I use a lot of larrys indicators. They are great. But your indicator it try it again and again, but i don't accoblished.
So can I contact you per mail?
And I read your blogg. It's very interessting stuff. How do you trade in general. I read that you use GDs? Larry is not so positiv about GDs. Which one do you use and with which rule?
Thanks a lot in advance.
Mickey
Larry Wiliiams progo indicator progo.mq4
Larry Wiliiams progo indicator progo.mq4
Is that the original one?
Is that the original one?
As far as I know progo es never published
As far as I know progo es never published
Here is one example :
This is supposed to be metastock Pro-Go III formula
pds:=21;
public:=Mov(O-Ref(C,-1),pds,E)*200;
pro:=Mov(C-O,pds,E)*200;
public;
pro;
0
The problem is the O-Ref(C,-1) part (that should be the part where the "public traders"enter, not the "pros") : current open - previous close is almost always 0 or very close to zero (except in cases of gaps) and is unusable in forex. If that is the original Pro-Go, its usability is very, very limited for that part
Here is one example :
This is supposed to be metastock Pro-Go III formula
pds:=21;
public:=Mov(O-Ref(C,-1),pds,E)*200;
pro:=Mov(C-O,pds,E)*200;
public;
pro;
0
The problem is the O-Ref(C,-1) part (that should be the part where the "public traders"enter, not the "pros") : current open - previous close is almost always 0 or very close to zero (except in cases of gaps) and is unusable in forex. If that is the original Pro-Go, its usability is very, very limited for that partI see
How are we supposed to use that?
I see How are we supposed to use that?
One side story :
Take Williams %R an place it on chart
Take Stochastic set slowing to 1 and place it on chart
Compare the two
Even on some videos Larry Williams is using stochastic (with a name stochastic written on chart) and calls it percent range. So, no idea how to use that thing that is called pro-go. I do not know if that is actually that, and even if it is, taking into account Larry Williams's renaming history we should find what is that indicator actually and use the original .
Frauds - Larry Williams
good one...I always knew this guy was a fraud...don't understand why people create idols for themselves...
:):):) Frauds - Larry Williams