I found this indicator, and i think it has a really nice potential. I think there could be an expert programmed on the basis of this indicator. The simplest is to do the expert that would do the following:
Long position opens at the close of the bar during which the cross has taken place . Or on the open of the next bar. The position closes when the lines cross back, and right then a short position opens. And so on.
I have attached a chart with the indicator, and the trades it would make for the last two days. It is usdchf 1h chart. Also i am attaching the code of the indicator.
So i want to know, what do you think about this, and what improvements could be made, like filters, or different exit points and so on.
Seems interesting, I was wondering at first why it was late on every signal then I realized that you wanted to make it 1 candle late. I was thinking of asking if it was possible (to all the programmers out there) to make it check if the cross has been there for longer than (say 10 minutes) then it can make the trade instead of waiting for an hour to make the trade. I think if that was possible it would be great, that once a cross has been made, the expert will monitor it, if the corss stays and doesnt change after 10 minutes then it makes the trade.
Let me know, this seems interesting
Well yes, i thought about that too, when i was looking at it at the first time, but then i decided, that loose some pips is beter , than open a wrong position. But now i think your idea could make it a little earlier. But still, if we have an expert, we can see it perform, and then working on it would be easier.
True, I'll be playing around with it for a bit today, maybe theres a setting that will open bigger positions since yours only stay open for about 6-8 candles....
On the programing end of it, before I could answer one way or another, I'd have to know more about the indicator and how it is calculated. Detecting crosses are a little more tricky then they seem.
A quick guidline is that a lot of things are calculated on close, not always true, but if open prices makes it cross you be able to count it as a cross, even thu close could end up being somewhere it is not a cross, but if you have an extra filter or entry order of above high/below low, etc you could be okay.
I am really grateful of your help. The code is attached in the first post in this thread.
Again I missed it. I need to open my eyes wider or something.
I will look at if I get time, don't hold your breath thou.
There is an indicator like this in MT4, search the yahoo group downloads section, you can find the link in the links section on this forum
My first post here to tell you I'm very happy to know this community of forex and MT4 experts....
Thanks all for your generous contributions
Welcome, javajames to this forum and thread.