RSI Histogram indicator is here.
I prefer a different template but it's just because I like to see the things on this way. And because colored bars does not mean too much.
If you don't want to see the colored bars just change "ColorBar" option to 0 into LabTrend1.
Because we can trade almost every timeframe (depending on which pair we like trade of course) I will try to post trades in real time.
Could you please post or direct me to your multi momentum indicator
I'm using this indicator with a slight variation as well.
I've used the LabTrend1_v4 with Igorads StepMA_v7 and the OsMA on the hourly charts of nicely trending and volatile pairs.
The way I've set mine up is to take trades on signal from the LabTrend1 in the direction of the StepMA....so blue with blue and red with red.
I open the initial trade at a close of the first bar on a change of the StepMA with two lots and shed one lot at the first sell (or buy) signal of the LabTrend1, keeping the other lot open. Then re-enter at the next buy signal (or sell) with another lot. Once the trend has changed overall direction as indicated by the StepMA, I close out both lots unless they've already been taken out by the trailing stop @ 125 pips. This keeps me trading in the direction of the prevailing trend and in the trade for as long as the trend lasts.
I have to admit that I'm more impressed with this system than I have been with ANY other system I've used. It's a beautiful system for the hourly charts and Igorad, linuxser, and their team have done excellent work.
Very interesting. When do you put your trailing stop on?
Since I'm using 125, anytime really.
If the StepMA trend change is indicated while price is still fairly close in proximity, then I will wait to place a stop to ensure the direction and give my position some swing room.
I've been using the StepMA line as the hard stop level regardless of the point count in distance, yet still trailing at 125 to ensure I don't get prematurely bumped out until the trend is truely ready to change.
One more useful tool for LabTrend System - LabTrendZigZag_v1.
Thanks a lot.
I updated first posts of this thread https://www.mql5.com/en/forum/general with more links.
Nice thread developing. Please continue.
Hi Linuxser, can you tell me what condition to determine a valid signal ? and u mean wait for the indicator aligned ? how can i tell if it aligned, im completely new with the system, can you tell me more about this..