Is It Even Possible to Create Something Profitable for the 5 Min Timeframe? - page 2

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Conor Mcnamara #:
that's because even when you have good intentions to trade on the known trend, the indicators are less stable on M5 and they can repaint easily. So while some indicators are truly not repaint, some others are only non repainting on timeframes after M30...while the same indicators give False signals on M1 - M5. A human will ignore a false signal, but the indicator signal has to be more controlled so the EA doesn't trade upon a flickering signal. The moving average value on the current bar repaints constantly, but volatility based tools don't change their information so soon. Multitimeframe indicators were one solution to prevent false signals, also an MA with standard deviation filter and cluster filters.

I don't use indicators that repaint I have a healthy fear of that don't worry 

 
James McKnight #:

It's possible but I'd have to ask: why do you care? If you can make a profit using any other time frame, then so be it. Go make your money. Why does this have to happen on a 5-minute chart?

Say I use a daily chart with a TP/SL of 100 pips and a 1 pip spread, while you use a 5 minute chart with a TP/SL of 5 pips and the same 1 pip spread. I'm spending 1% on fees while you spend 20% on fees.

I don't know about you, but I wouldn't be so concerned with working harder for less money.

But you might think "yeah but on the 5 minute I can catch all the up and down movements!" ... first, don't kid yourself, it's not going to happen like that. And even if it did, it's simpler to get more funding than it is to trade more. If I double my funding compared to you, it's not going to matter how many 5-minute trades you pull off. I'm still far more likely to end up with more money in my pocket when it's all said and done.

Very well said! More funding on a consistent winning strategy that has proved itself, will achieve greater result than optimization something new totally from scratch. 
[Deleted]  
It is possible. I have an EA from the market that works very well and is very stable on the 5min timeframe.
 

IMHO, noise reduction is job 1. If you can see through the noise on an M5 chart, power to you. Just remember that MT5 supports custom timeframes too. There may be 12 five-minute time segments in 1 hour, but there are also 10 six-minute time segments in 1 hour. Maybe consider an M6 timeframe?

Personally, I rely on Renko bricks for noise reduction. I either take a rounded-up ATR(14) of the desired timeframe to model, or simply run through the Fibo sequence, i.e., 3, 5, 8, etc. to determine the brick size. I mean, traditional Renko--no wicks.

 
Ryan L Johnson #:

IMHO, noise reduction is job 1. If you can see through the noise on an M5 chart, power to you. Just remember that MT5 supports custom timeframes too. There may be 12 five-minute time segments in 1 hour, but there are also 10 six-minute time segments in 1 hour. Maybe consider an M6 timeframe?

Personally, I rely on Renko bricks for noise reduction. I either take a rounded-up ATR(14) of the desired timeframe to model, or simply run through the Fibo sequence, i.e., 3, 5, 8, etc. to determine the brick size. I mean, traditional Renko--no wicks.

What Renko stuff do you use the generate the chart? Tried Renko once and understood brick size but not all the extra inputs it came with. 

 
What I learned from backtesting is that the price psychology on M5 will inevitably change more frequently than on higher timeframes. So if trading on M5 (with no other timeframe analysis), it will be profitable temporarily with the settings that fit the current price psychology. The moment it stops being profitable, you have to change the input settings again.

 
Casey Courtney #:

What Renko stuff do you use the generate the chart? Tried Renko once and understood brick size but not all the extra inputs it came with. 

Articles

Custom symbols: Practical basics

Stanislav Korotky, 2020.11.30 08:27

The article is devoted to the programmatic generation of custom symbols which are used to demonstrate some popular methods for displaying quotes. It describes a suggested variant of minimally invasive adaptation of Expert Advisors for trading a real symbol from a derived custom symbol chart. MQL source codes are attached to this article.

Pay attention to the Discussion that appears below that Article as well.

I also Messaged you a simpler solution as an alternative.

 
6 min chart is better , you'd be surprised how much better . 
 
Victor Paul Hamilton #:
6 min chart is better , you'd be surprised how much better . 

It makes sense in a way because institutions and hedge funds are likely focusing on common timeframes like M5 to wipe out the retailers, they want to make the M5 trend look predictable, and then launch sudden divergences in the opposite direction with massive LIMIT orders

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