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Are you suggesting we use the ForexGT indicator in your screen shot instead? I do notice that now matter how I try to interpret RSI, Stoch in different time frame, it just seems impossible to get a consistent conclusion.
Hi joshuayip,
To stay with gg’s metaphoric wording I would say that driving a car is a death trap for the driver if he/she doesn’t know how to handle it properly. In the case of classic oscillators like Stoch, RSI, etc. and all of their descendants first thing to learn is how to handle the ambiguity of their interpretation. Get your driver’s licence!
Thoroughly studying a concise book on Technical Analysis, which clearly explains their mathematics and their interpretation, will help a lot. There are also many good online recources. It’s important to understand the math behind those more or less fancy graphs. Dive into it deeply, then practice should follow. And having an indicator or two does not mean you have a winning strategy – not even a loosing one!
My personal problem with indicators that come along as black boxes (i.e. no source code and no complete description of their math) is that I do not get the chance to dive in deeply. So I have no chance to really understand how they work. That’s why I don’t even think of installing them.
Even if you’re less strict in that regard than I am, learning the basics and classics of Technical Analysis will certainly be useful if you really want to get going as a trader.
Just my opinion.
Cheers, simplex
A good trader is a realist who wants to grab a chunk from the body of a trend, leaving top- and bottom-fishing to people on an ego trip. (Dr. Alexander Elder)
I want to share with you this indicator that I made that shows the currency Strength/Power/Value (whatever you want to call it)
What it’s doing is looking at all 28 pairs and then taking apart the movement as a percentage and reconstructing the individual components of each currency pair. There 2 display options that will give you 4 different outputs. Dear Saver0,
I’ve been reading this and the other Currency Strength threads recently. A simple idea popped up in my mind. Thanks to you, I was able to see the mq4 code and modify it for that simple idea. I wanted to see the difference between fastest 1 and fastest 2 (called it delta_fastest) as well as slowest 1 and slowest 2 (delta_slowest). And depending on the change of those delta_ variables -I thought- maybe we can deduct/anticipate the motion of the pair.
I’m attaching the resulting indicator window2s picture for USDJPY M15 today.
What do you think of the approach? Maybe we can add color change to the new delta line (slowest) or we may look for the points where delta_fastest crosses delta_slowest. Both options seemed promising to me (but of course I have to develop my mq4 coding skills quite a lot for this).
Best regards…
Nothing has ever motivated me more than this...
Something I found deep in the net posted from GG:
Individual currency weight – How to:
(info gathered from the internet- percent market share)EURUSD = 28%
USDJPY = 14%
GBPUSD = 9%
AUDUSD = 6%
USDCAD = 5%
USDCHF = 4%
EURJPY = 3%
EURGBP = 3%
OTHER = 28%Those numbers doesn’t change much – but you can update them monthly (or whenever…)
For current example – Let’s ignore the “Other” and deal with the 72% (above sum).
Now we take all the pairs that include the USD = 66%.
Divide in 2 (to extract the USD only) = 33%.
Since the 33% is only 72% of the market, USD = 33/72*100 = ~ 45%.Meaning – roughly 45% of the market volume consists of USD.
(Sorry if I caused some headaches…)We repeat the above calculation for each of the other 7 currencies.
Now go to the indicator (FXCorrelator in NVP case) and multiply each currency with its “factor”, i.e.:
USD = USD*0.45Just make shure that the total “factors” are equal to 1 or 100%….
Hi,i tried to apply “anchoring” to indicator. Please see the picture, any body know, if is this right ?
Thanks in advance.Edit: sorry the text at image is wrong. “NewYork closed” must be “London Closed”. NewYork + London means it is at NewYork opened.
Hi,i tried to apply “anchoring” to indicator. Please see the picture, any body know, if is this right ? Thanks in advance. Edit: sorry the text at image is wrong. “NewYork closed” must be “London Closed”. NewYork + London means it is at NewYork opened.
Hi smallcat
I think that this is not the correct “anchoring” , it seems to me that the position and values of the curves are identical and overlapping, so calculation start is the same and only visualization start point is different. Try to check if it is so.What do you think of the approach? Maybe we can add color change to the new delta line (slowest) or we may look for the points where delta_fastest crosses delta_slowest. Both options seemed promising to me (but of course I have to develop my mq4 coding skills quite a lot for this).
Not a bad idea at all! The two currency lines aren’t perfect mirrors so looking at the times went delta_fastest cross the delta_slowest and/or when slow_of_first_currency cross fast_of_first_currency and when the slow_of_first_currency_cross fast_of_first_currency_cross in the opposite direction can also give good signals at least to alert us to see if we should take any action
Perhaps someone can make this change and see if it will produce good results. Maybe an arrow when these happen. I wish I had more time to work on all the ideas. Pretty busy these days
Focus, Patience, Determination & Order in chaos
Hi smallcat I think that this is not the correct “anchoring” , it seems to me that the position and values of the curves are identical and overlapping, so calculation start is the same and only visualization start point is different. Try to check if it is so.
yes, you are right bro. Will check my code again. And thank a lot for your information.
What do you think of the approach? Maybe we can add color change to the new delta line (slowest) or we may look for the points where delta_fastest crosses delta_slowest. Both options seemed promising to me (but of course I have to develop my mq4 coding skills quite a lot for this).
Not a bad idea at all! The two currency lines aren’t perfect mirrors so looking at the times went delta_fastest cross the delta_slowest and/or when slow_of_first_currency cross fast_of_first_currency and when the slow_of_first_currency_cross fast_of_first_currency_cross in the opposite direction can also give good signals at least to alert us to see if we should take any action
Perhaps someone can make this change and see if it will produce good results. Maybe an arrow when these happen. I wish I had more time to work on all the ideas. Pretty busy these days Thanks for your reply and interest
. I’m trying to use that variable in another calculation. I’m certainly going to work on this in a spare time. Much of a similar condition to you that I have.Nothing has ever motivated me more than this...
Scalp worked. More testing to be done though – way too early to deduct anything. But if/when I do – we can tweak the code slightly or do a separate indi stripped down to indicate 1 single condition for short and 1 single condition for long. It may even present a pinpoint target under certain conditions.Not tested all pairs – only working with a few. This will end up a counter trend signal in the ideal scenario at times – or a continuation signal mostly.
Amazed at how good a job Saver0 has done here… investigate this gem. There is a lot on offer. Just step back – climb onto a hill with binoculars and watch the traffic go by way below. Slowly. Better than standing 3 feet from the rushing highway and attempting to make sense.
I’m not a coder. I hate myself for that. But I can pick up patterns quite quickly. We may have one..
Going out on a limb here. High probability to visit 1.5320 ( actually 1.5324 – but 1.5320 my TP) on GU in the not too far future.
I have entered long @ 1.5168 and 1.5158
An excellent haul if correct.
Are you suggesting we use the ForexGT indicator in your screen shot instead? I do notice that now matter how I try to interpret RSI, Stoch in different time frame, it just seems impossible to get a consistent conclusion.
Hi joshuayip, To stay with gg’s metaphoric wording I would say that driving a car is a death trap for the driver if he/she doesn’t know how to handle it properly. In the case of classic oscillators like Stoch, RSI, etc. and all of their descendants first thing to learn is how to handle the ambiguity of their interpretation. Get your driver’s licence! Thoroughly studying a concise book on Technical Analysis, which clearly explains their mathematics and their interpretation, will help a lot. There are also many good online recources. It’s important to understand the math behind those more or less fancy graphs. Dive into it deeply, then practice should follow. And having an indicator or two does not mean you have a winning strategy – not even a loosing one! My personal problem with indicators that come along as black boxes (i.e. no source code and no complete description of their math) is that I do not get the chance to dive in deeply. So I have no chance to really understand how they work. That’s why I don’t even think of installing them. Even if you’re less strict in that regard than I am, learning the basics and classics of Technical Analysis will certainly be useful if you really want to get going as a trader. Just my opinion. Cheers, simplex
Sorry for the (very) late reply…
You should also consider the fact that great Technical Analysts are bad traders… ;-}
G.
Scalp worked. More testing to be done though – way too early to deduct anything. But if/when I do – we can tweak the code slightly or do a separate indi stripped down to indicate 1 single condition for short and 1 single condition for long. It may even present a pinpoint target under certain conditions.Not tested all pairs – only working with a few. This will end up a counter trend signal in the ideal scenario at times – or a continuation signal mostly.
Happy to see you give life back to this thread my friend! Keep it up
Focus, Patience, Determination & Order in chaos
good day, Blackstack
Apology.
I’m using the Mod now. (Simplex) . The grey line would be indicated in the screenshot below.
Regards
Hello,
I have mistaken my entry on CAD. Loaded higher up to close in overall profit.I have now taken 6 trades on various pairs following the same rules. Some “signals” are instant. Some gives draw down or pullback. But I’m up 11.3% in the space of 7 days.
I will now continue testing. Let us see after 20 trades. The current trade open is on Swissy. Wanting 0.9260 as target. Current price is 0.9333. No mistake on level. Let us see..
Too early to tell..
All the best
Hello
Target reached.
Changed input now on indicator. Think we see similar action as opposed to RSI or Stoch. But more “true” – if such a statement exists…
Going onto scalping mode for a week or 2. Will report back. Seems to still give targets.
All the best
Going out on a limb again..
On CAD – 1.2019 shows up as a target price. Currenty 1.1985
So building longs towards that. Will report result.
Hi Arthur – what are the settings you are using on the indicator? I cannot seem to get mine to reproduce your lines…..
Sir,
There for you to find.
Suggestion – go place levels at 2 and 8 – go look at last option. Bring down from 24 to ?
Up 21% now. This thing like stoch – but true.
Regards
Will, I messed around with this for an hour or so this is the closest I came up with, ran out of time.
Sorry insert picture is not working for me.
What it’s doing is looking at all 28 pairs and then taking apart the movement as a percentage and reconstructing the individual components of each currency pair. There 2 display options that will give you 4 different outputs. 
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