Discussing the article: "Price Action Analysis Toolkit Development (Part 3): Analytics Master — EA"
Hi Chris,
I have been reading about your script on Price Action Analysis Tool Part1, I am new in trading and have an interest in the coding part of forex, Today I come across Part3 which I see the script has been improved to an EA due to shortcomings you mention up untill here I follow but I get cnfused on how does this new version EA manage to execute trades, sorry for being this dumb, but I have already mentioned myself being an old newbie, I am trying to learn to use price action in my day trading. Thank you for reading this,
Hello!
This proves to be a very good tool.
May I ask two questions:
- Does it open trade or do you do that manually based on its prediction?
- Is it applicable to the days opening or does the signal change based on market information throught the span of the session i.e comment of a bearish state changing to bullish realtime based on the EA's trade analysis?
Hi Chris,
I have been reading about your script on Price Action Analysis Tool Part1, I am new in trading and have an interest in the coding part of forex, Today I come across Part3 which I see the script has been improved to an EA due to shortcomings you mention up untill here I follow but I get cnfused on how does this new version EA manage to execute trades, sorry for being this dumb, but I have already mentioned myself being an old newbie, I am trying to learn to use price action in my day trading. Thank you for reading this,
Hello Qhumanani
I apologize for the delayed response, and thank you so much for reaching out. I'm really glad to hear that you're following my work on the Price Action Analysis Tools.
Please don’t feel dumb because everyone starts somewhere, and it's totally normal to feel a bit overwhelmed with all the new information. Just to clarify, the current version of our tool doesn’t automatically execute trades; it’s primarily designed for analysis and to provide continuous updates based on price action. I truly appreciate your interest in automated trading, and we’ll definitely consider incorporating that feature in future updates.
Thanks again for your engagement!.
Hello!
This proves to be a very good tool.
May I ask two questions:
- Does it open trade or do you do that manually based on its prediction?
- Is it applicable to the days opening or does the signal change based on market information throught the span of the session i.e comment of a bearish state changing to bullish realtime based on the EA's trade analysis?
Thank you for your positive feedback! I'm glad to hear you find the tool to be valuable.
To answer your questions:
1. The tool does not open trades for you; instead, it provides analysis and signals that you can use to make informed trading decisions. You will manually execute trades based on its predictions.
2. The signals are periodically updated, roughly every two hours, allowing you to adapt to changing market conditions. While they do not reflect real-time changes throughout the session, the updates will help you understand market sentiment shifts, whether it be a bearish state changing to bullish or vice versa.
Your views and further suggestions are welcome for discussion.
Hello Ifeanyichukwu Ikwecheghe,
Thank you for your positive feedback! I'm glad to hear you find the tool to be valuable.
To answer your questions:
1. The tool does not open trades for you; instead, it provides analysis and signals that you can use to make informed trading decisions. You will manually execute trades based on its predictions.
2. The signals are periodically updated, roughly every two hours, allowing you to adapt to changing market conditions. While they do not reflect real-time changes throughout the session, the updates will help you understand market sentiment shifts, whether it be a bearish state changing to bullish or vice versa.
Your views and further suggestions are welcome for discussion.
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Check out the new article: Price Action Analysis Toolkit Development (Part 3): Analytics Master — EA.
Moving from a simple trading script to a fully functioning Expert Advisor (EA) can significantly enhance your trading experience. Imagine having a system that automatically monitors your charts, performs essential calculations in the background, and provides regular updates every two hours. This EA would be equipped to analyze key metrics that are crucial for making informed trading decisions, ensuring that you have access to the most current information to adjust your strategies effectively.
Having developed the analytic comment script in the previous episode, I have identified its limitations regarding script properties, which I will outline below. While I acknowledge the considerable impact that the analytical comment script has had within the trading community, I have developed an Expert Advisor (EA) called Analytics Master. This EA offers the same analysis while also providing extra metrics for better trading insights. This new tool offers several advantages, including the ability to continuously update metrics every two hours, in contrast to the script, which could only write metric information once. The EA enhances analysis and keeps users updated.
In some instances, an Expert Advisor (EA) can integrate script-like functions to enhance its functionality. This means you can implement specific tasks within the EA's code that resemble the actions typically executed by standalone scripts. An EA effectively combines coding, customizable settings, trading logic, and risk management to automate trading strategies efficiently.
Author: Christian Benjamin