2 questions

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Is it possible to -

a. get this indicator to show as background rather than over the candles on the chart? (Because it is hard to see in live trading when the indicator goes over the top of the candle.)

b. use this indicator as a basis for a stop (the star signal) in an EA?

I have the Semafor version 4 (the newest code) but I do not have the mq4 folder but they appear identical (version3 and version 4).

Thanks

TEAMTRADER

 
TEAMTRADER:
Is it possible to -

a. get this indicator to show as background rather than over the candles on the chart? (Because it is hard to see in live trading when the indicator goes over the top of the candle.)

b. use this indicator as a basis for a stop (the star signal) in an EA?

I have the Semafor version 4 (the newest code) but I do not have the mq4 folder but they appear identical (version3 and version 4).

Thanks

TEAMTRADER

1. The only thing you can do is to set "Chart on foreground" in chart properties

2. That indicator is based on ZigZag so it will do all that goes with ZigZag - changing signals backward, for example

 

That is a shock, I understood it to be an Elliott Wave based indicator.

I copied this from a site many months ago but it is obviously incorrect as I cannot find it again.

"What we know about the Semafor is that -

a. It repaints the current yellow star/dot (wave 3).

b. It does not repaint the penultimate yellow star/dot (wave 3)."

Thanks

TEAMTRADER

 
TEAMTRADER:
That is a shock, I understood it to be an Elliott Wave based indicator.

I copied this from a site many months ago but it is obviously incorrect as I cannot find it again.

"What we know about the Semafor is that -

a. It repaints the current yellow star/dot (wave 3).

b. It does not repaint the penultimate yellow star/dot (wave 3)."

Thanks

TEAMTRADER

No, it is strictly ZigZag - you can check that by placing 3 ZgZag indicators set to 5,5,3 first, 12,5,3 second and 35,5,3 the third (and that way ot will be much clearer how it works - see the example bellow). Not a bad idea but it should have been clarified exactly what is it in order to let the user of it know what to expect

As of repainting : you are right - it is how ZigZag works - the last leg can change but the penultimate can not

Files:
1.gif  52 kb
 

Thanks again.

My personal preference for the settings are 13/21/34 or 34/55/89 depending on the offline chart setting for Range or Renko.

I see what you mean and it matches perfectly the zigzag - which has an uncommonly close reproduction of the Elliott Wave so I can see why it was mistaken for it.

Regards

TEAMTRADER

Files:
dj30m3.png  98 kb
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