Again a new approach on trading range bars on the NinjaTrader platform !
The chart snapshot should speak for it self...
Install all the indicators and copy the template Range bar Trading (unzip template first)
in the template-folder as already mentioned earlier in this thread.
Included a upcoming news flash window...
In your Renko Template (Gann Trading) I noticed you go back (5) for the Gann HiLO but what levels are you looking for in the Woodies CCI? Should it be a certain color or level?
Have you ever had any issues with the CCI repainting?
Every indicator that you would find that as you put it "to indentify the current market mode" is actually going to show you a result that you can actually see with your own eyes on the price (chart) itself. Meaning that if an indicator would show you an indication of strong trend and if you would watch the chart or price itself you are going to think "yep I can see that also".
When it will show you that the market is consolidating you gonna have the same reaction again "yep I can see that on the chart also"...
So when you think about this you don't need an indicator to tell you the same thing as what you can see for yourself.
So then one starts to think that he would like to have an indicator that is a step ahead. Meaning that it could tell you from the very beginning if it is GOING to trend or if the market is GOING to range.
But that is the same as looking for a cristal ball indicator.
No indicator in the world can tell you, based on the information it has on that moment, what the market is going to do next.
If price turns 20 pips in the other direction an indicator does not know if that is the beginning of a major trend reversal or if that is going to be a little retracement or if that will be a bigger correction. And that is for every move that would follow next.
That means that an indicator is going to show you a distorted patern (consolidation) if to many of those fals moves will follow up on each other but by then you noticed that already also on the chart itself or the severall losses you made.
If no false moves would be followed up on each other but that price moves in a more or less straight line that indicator is going to tell you that (trend) but then again you will see that on the chart itself.
Whatever the name of that indicator or how colourfull that indicator maybe or whatever woow-feeling you will have at first site when you look to one of those indicators, the outcome will always stay the same: Not possible to predict if price is going to trend or range or consolidate.
Just trade a system or devellope a system that can cope with the fact that price can range or can trend and accepting that losses are a part of trading as breathing is to life.
The advice would be: concentrate on improving your system but accept its negative elements and don't try to waist any time on searching for something that can so called identify the difference between trend and range.
And price itself is the best indicator that you will find. Trust on what you see, no trend-range-indicator will do better then what you see. If price is moving sideways over a longer time it is ranging if price is making new highs or new lows over a period of time it is trending....as simple as that...why would you need an indicator that would tell you the very same as what you can see on your charts. And if your reaction or feeling would be that it is not always that easy to recognize it then that feeling on itself is a very good indicator to you that tells you: if you can not recognize it then an indicator would also not recognize more then what you can see and then just stay away from it till it becomes clear.
Thanks to IgoRad for this clear explanation.
Looking for more stable way of trading, based on Renko bars.
See the chart and install indicators and template if you like it.
Rules are on the chart...
Yes, slowly it starts to llok easier and easier.
Will trade a bit with it to be able to report on the results.
How are you using the Woodies CCI from the other template?
Did you give up using the range bars on Tradingfx?
thank u Gilbert for valuable info.
thanks a lot
u sent me renko indicator. I tried to install it on mt4.
but I couldn't. Would u pl help me for completely installing it?
pls can you just pls re-attached the EA & indi without Zipping them?