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Trade Station Indicator for MT4? ttMExR

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nutmg1
14
nutmg1  

Hello,

   I am trying to find the equivalent of the Ninja Trader and Trade Station momentum indicator ttMExR for MT4 used in this system on Renko Bars.




http://tacticaltradingstrategies.com/renko-trading-system/renko-day-trading-system-indicators-trade-setups/



Has anyone ever seen this before?

Renko Day Trading System Indicators And Trade Setups
Renko Day Trading System Indicators And Trade Setups
  • Barry Lutz
  • tacticaltradingstrategies.com
Renko day trading system video that discusses the trading indicators and chart layouts used, along with the rules for the 2 system trade setups.
nutmg1
14
nutmg1  

Here is more info on the indicator and a better link.


http://tacticaltradingstrategies.com/renko-charts/renko-chart-trading-indicators-parameters-and-setup/



ttMExR Indicator

Although ttMEx has user inputs that can be changed, I am sending this out as a separate indicator with the renko default setting.

I think it will be easier to simply apply this indicator to the renko charts, as well as being less likely that the different parameters get used on the time or tick charts.

ttMExR Parameter Defaults:

  • Length = 8
  • Smooth = 8
  • xL = 60
  • xH = 60

I made the ttMExR parameters faster, because I could see that it gave better synch with the renko bricks and the ttEnvelopeR indicator.

This is likely a function of getting fewer of the renko bricks that we would tick bars or time bars.  I made the ttM indicator parameters, which are used as a dot shift condition, faster also.

ttEnvelopeR Indicator

The ttEnvelopeR indicator is new for the renko charts and will be used instead of ttDC.  This indicator is a price envelope that shows a moving average line and dots for the outer envelope that are green or red, depending on 2 conditions:  (1) whether price is above or below the moving average (2) whether momentum is position or negative.

Note:  The momentum condition uses ttM, but with different parameters than we normally use that will be mentioned in a moment.

TS ttEnvelopeR Parameter Defaults

  • PriceH PriceL Price = close
    • These are parameters that use the last price for doing the calculation – I will not be changing this indicator input
  • Length = 9
    • This is used to calculate the moving average or what I have been calling the midline
    • This is the dot shift condition1
    • The renko brick must be below the midline to get the red dots on top or above the midline to get the green dots on the bottom
  • LengthM1 = 9 LengthM2 = 12
    • These are the ttMR momentum inputs
    • Momentum is the dot shift condition2
    • Momentum must be negative to get the red dots on top or positive to get the green dots on the bottom
      • At the same time as the midline dot shift condition1
  • PctAbove = 1 PctBelow = 1
    • These are the parameters that are added or subtracted from the midline to set the dots location
    • This is a parameter that will frequently change for different underlyings and renko brick setting
      • This is a function of the amount being a percentage
      • Where 1% of a $45 stock is .45 – and will synch with the brick extremes
      • 1% of a $500 stock is $5 – and would be a lot higher or lower than we want the dots to be located
Renko Chart Trading Indicators Parameters And Setup
Renko Chart Trading Indicators Parameters And Setup
  • Barry Lutz
  • tacticaltradingstrategies.com
Video discussion for our renko trading indicator parameters and conditions, along with setting them up on TradeStation and NinjaTrader renko charts.
nutmg1
14
nutmg1  

Adding a picture




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