This is a very good indicator, here are my trades today :) merci agha Rasol, damet garm...

Hi, If I like to use 5 minutes chart to trade, do I need to change the indicator input setting of 'Trend Period' to 5 from 15 (default)?

 Secondly, what is the best min/max number of group bar for 5minutes chart setting?

 Thank you 

Hello,

It looks very good and  i confident that i will buy it very soon..

a few questions before my purchase please:

1. how do you determine SL and TP????

2.are settings is for M1,M5,M15 are the same???

Thank you 

or.... what TP and SL do you use on each time frame?

Thanks

Thanks for your interest in the Trendometer indicator.

1. In general, setting SL and TP for scalping purposes has not been strictly defined. Please notice that we are going to keep the position for a short time. My own strategy is to set an initial SL level below or above the two previous bars according to which Trendometer generated a signal and I opened a LONG or a SHORT position accordingly. As the price moves to my favorite direction, I move the SL level towards the current price to lock my profit. I usually do not set a TP level for scalping, your locked profit by SL acts as a TP level.

2. Yes, the initial settings can be used for M1, M5 and M15 time-frames. Nevertheless, if you increase 'Trend Period', basically it means that you are interested in the prediction of a longer time in the future and vice versa.

Timeframe M15

- Trend Period: 17

- Min Number of Group Bars: 9

- Max Number of Group Bars: 12

Timeframe M5

- Trend Period: 21

- Min Number of Group Bars: 9

- Max Number of Group Bars: 15

Timeframe M1

- Trend Period: 24

- Min Number of Group Bars: 9

- Max Number of Group Bars: 16

After How many green or red bars do you enter?  Thanks

I explain my own strategy of scalping using the Trendometer indicator with an example trading day. There is no guarantee that this strategy would work 100% of time, but it shows a high rate of win for me. As a general rule, avoid trading around high impact news releases.

- First of all, I trade only between 7:00 and 17:00 GMT, 1 Minute Chart. The input settings of the indicator used in the following charts are (30, 15, 19).

- Let's start from 7:00 AM GMT (see below chart). We observe two consecutive green bars at P1 point after a market consolidation. We open two BUY positions with 0.1 and 0.2 lot sizes, 10 pips stop-loss for both positions, 20 pips take-profit for the position with 0.1 lot size, and 10 pips take-profit for the position with 0.2 lot size. We can see that trend goes up to 15 pips. In this trade, the TP level of the position with 0.2 lot size will be hit, and we close the position with 0.1 lot size after retracement of price to 10 pips TP (i.e., trailing stop). So far we have a benefit of 30 pips (=10x2+10x1). Now, we wait for the next signal which appears at P2. We do not trade this signal, because it does not appear after a consolidation nor the end of an uptrend.

- In the following figure, we continue trading the above chart. We observe two consecutive green bars at P3 after a consolidation in the market. Similarly to what mentioned above, we open two BUY positions. The trend goes up to 22 pips, so our both positions' TP will be hit, which gives us a total profit of 40 pips (=2x10+1x20). Thus, so far we gained 70 pips (=40+30).

- In the following figure, we continue trading the above chart. We wait for the next signal. We observe two consecutive green bars at P4 after a consolidation in the market. In a similar way to what mentioned above, we open two BUY positions. The trend goes up to 27 pips, so our both positions' TP will be hit, and we gain another 40 pips. At this time, we will have 110 pips (=40+70) overall.

- The above procedure continues until 17:00 GMT when we stop trading.

I hope that this short tutorial of my own strategy helps users of the Trendometer indicator to collect as much pips as possible.