Hello short term (scalp)traders,
I finally found out how to trade with MetaTrader(4) based on tick charts.
This gives a much smoother price evolution over time in comparison with bar charts like M1 or M5.
Indicators acts much better (faster) this way, at least in my opinion...
I am a fan of Woodies CCI and my signals are much acurate then based on M1 or M5.
So anyway, for those who wiches to trade, based on tick charts,
i attached the two indicators needed.
After installing in your Indicators-list, do the following :
Open a simple M1 chart (EUR/USD if you want to trade this one)
Put the LogTickData-indicator on this "naked" M1 chart (enable DLL)
Drag the PostTickData-indicator into the same chart on the Price-window (enable DLL)
and choose your own preferred ticks per bar on the inputs-tab, (15 if you wish a 15-tick bar chart)
but 33 - 133 - 233 are more random tick charts and the 133 is the one i use most.
Then you open the offline-chart !TickEURUSD, M5 (leave the time as is)
This chart will start to collect tick data and you will see bars starts to form.
Wait until sufficient bars has formed, and then add your favorit indicators.
PS. Always leave the leading M1-chart open, don't close it !!
There is one big disadvantage on this system - once you close MT,
you must wait again building new data to produce a new actual tick
As an example, i included my Woodies template...please compare the two included snapshots for a moment.
Nice trading to all of you and you're always welcome to respond to this thread and share your own experiences.
PS. Via this link
you can read more about the advantages of using tick-charts.
Also more here and here
-You need two more indicators for my Woodies-template - sorry !
I attached two snap shots EUR/USD.
One on M5 price bars
One on 15 tick bars
See on the last downward how smooth the tick bars forms the price action in comparison to the M5 bars...
Thank you for sharing these tools.. much appreciated
Thanks for sharing Gilbert!
Thanks for sharing, I'll test this as soon as I can. Thanks again!!!
PostTickData - got error?
I try in my MT4 but all indicator (logtick & postick) not responded..can u give me more detail to install that indicator...tq for your help
I have been looking for something like this for some time. Looks good, will try it in the coming weeks... it loaded with no problems once I read everything. Greetings! El Jefe.
You are the best
I am not sure what is the difference between tick bars and regular bars. I looked at the images attached. Shouldn't tick bars be the same length for every single bar? For example, if you set the bars to 15 pips then every 15 pips up or down a new bar would form regardless of the time. Please someone explain this more.