my main charting program remains MetaStock, ime there's no single charting program that
does everything I want it to, MS has a fibo tool I like plus the Standard Error Channel but doesn't
come close to being able to code the sort of indicators available for MetaTrader
lately I've started to use MetaTrader more, initially to find or design a 'scalping' method
looking for a Green-light-Red-light system that required no thinking, just click Buy or Sell
(there's a thread about trading e-minis, mkt trades about 8 hrs, day trade margin is $500
rt comm is $5 ? tick value is $12.50; the guy does 72 trades one day and nets $360 but I
look at a l l t h o s e g a p s on charts and wonder, wth ?)
there's already thousands of MT indicators
many forums, sites, blogs etc post / database indicators, testing them to see what they do
along with reading about various systems etc is almost a fulltime job in itself, I've now got so
many 'keeper' indicators I need to stop looking and adding, wharehousing unused keepers and
concentrate on a system - -
since I don't live there I've changed from Euro to Pacific time, sparrow time instead of owl time
and limiting scalp trading to comfortable hours meaning I'm not working to ' best trading times '
rather what's available on the chart at the times I'm in front of the monitor
notes:
- - MT4 indicators have the .mq4 file extension meaning you can see the code in Notepad or
better see and change the code in the MT Editor; not sure what the .ex4 is but you can't read
or change the code. sometimes an indicator is coded as an Expert Advisor but if you can't load
an .mq4 it's likely to be an EA and not an indicator
- - after downloading an indicator to Desktop I copy it to the Experts/Indicator folder and after
trying it but not wanting to keep it, will immediately delete it via the Navigator and also from the
Desktop, or keep it and move the Desktop copy to a 'MT4 Indicators' storage folder
- - the MTF designation means the indicator can be placed on a chart, the tf changed and the
indicator will read correctly for that tf; some 'MTF' indicators need to have the tf being used to be
entered in a line in the ' Inputs ' page of the indicator prior to being ok to chart page
- - if you want to change the code of the original indicator, in Editor, make a copy using SaveAs
with a new name or ' v 2 ' then if mistakes are made the untouched original is still available
- - ' repaint ': indicators signals - arrows, bars, colors etc will change / fluctuate until the Price
bar period ends and that's ok; but some indicators repaint ie change after the completion of the
Price bar period - not ok; some of those indicators remain stable if placed on a specific tf chart
and the tf is not changed; some such indicators are not reliable at all
- - when I do a weekly backup of files I also copy the Experts/Indicator folder
ok, most know MTers produce some real eyecandy charts and who knows why, for whatever
reason I liked the ' G#MACD_MTF ' as soon as it was on the page, but it was some time before
I realized it was a MACD ! previously I've never used the MACD, never found it that useful and
while I've not yet finalized a system and traded the G#MACD, think it's a worthy component of
a trading system
now Woodie and his CCIers state one trades the indicator without viewing the Price chart, which
digresses me to Digital / Analog; I don't find digi indis useful, but, could 'they' alone be used to
trade with ? or a combo of indis only ? then there's the guy Trading Naked, we won't go there . . .
it surprses me the Phil Nel 4H and 5min MACD traders on ForexFactory aren't using the
G#MACD, I think it's a much better indicator than the MACDs they do use
oh and this thread isn't about using indicators or not but about employing indicators that add
some practical advantage to trading decisions
so on the attached chart are 4 indicators:
Separate Windows: G#MACD_MTF and ' G#MACD_Signals ' which is a mtf digital version of
the G#MACD
Chart: ' Trendlines_ mtf ' - yellow and magenta lines and ' Instant TrendLine1 ' - green red lines
all indicators using the default settings, colors changed
the zip contains all of the G#MACD indicators I know of incl a brief note from the G#MACD
author CJA - ForexTSD - about trading with the GMACD
the Instant TrendLine is for me a 'stay-in-the-trade-longer' indicator, or is the Trendlines better ?
obviously one's profit potential is greater the longer the trend, and in a sense that's what one's
trying to trade — extension — primarily Price, but Time also IF, there's a reliable indication to
remain in the trade, which is why people use MAs, tls, channels
one doesn't want an over-optimized indicator, one can't in any case unlike the e-mini trade
for a single tick, so we're -- or at least I'm looking for that stayin-getout indicator or combo of
that ' scalping ' wise secures the most profits
. . . . .
does everything I want it to, MS has a fibo tool I like plus the Standard Error Channel but doesn't
come close to being able to code the sort of indicators available for MetaTrader
lately I've started to use MetaTrader more, initially to find or design a 'scalping' method
looking for a Green-light-Red-light system that required no thinking, just click Buy or Sell
(there's a thread about trading e-minis, mkt trades about 8 hrs, day trade margin is $500
rt comm is $5 ? tick value is $12.50; the guy does 72 trades one day and nets $360 but I
look at a l l t h o s e g a p s on charts and wonder, wth ?)
there's already thousands of MT indicators
many forums, sites, blogs etc post / database indicators, testing them to see what they do
along with reading about various systems etc is almost a fulltime job in itself, I've now got so
many 'keeper' indicators I need to stop looking and adding, wharehousing unused keepers and
concentrate on a system - -
since I don't live there I've changed from Euro to Pacific time, sparrow time instead of owl time
and limiting scalp trading to comfortable hours meaning I'm not working to ' best trading times '
rather what's available on the chart at the times I'm in front of the monitor
notes:
- - MT4 indicators have the .mq4 file extension meaning you can see the code in Notepad or
better see and change the code in the MT Editor; not sure what the .ex4 is but you can't read
or change the code. sometimes an indicator is coded as an Expert Advisor but if you can't load
an .mq4 it's likely to be an EA and not an indicator
- - after downloading an indicator to Desktop I copy it to the Experts/Indicator folder and after
trying it but not wanting to keep it, will immediately delete it via the Navigator and also from the
Desktop, or keep it and move the Desktop copy to a 'MT4 Indicators' storage folder
- - the MTF designation means the indicator can be placed on a chart, the tf changed and the
indicator will read correctly for that tf; some 'MTF' indicators need to have the tf being used to be
entered in a line in the ' Inputs ' page of the indicator prior to being ok to chart page
- - if you want to change the code of the original indicator, in Editor, make a copy using SaveAs
with a new name or ' v 2 ' then if mistakes are made the untouched original is still available
- - ' repaint ': indicators signals - arrows, bars, colors etc will change / fluctuate until the Price
bar period ends and that's ok; but some indicators repaint ie change after the completion of the
Price bar period - not ok; some of those indicators remain stable if placed on a specific tf chart
and the tf is not changed; some such indicators are not reliable at all
- - when I do a weekly backup of files I also copy the Experts/Indicator folder
ok, most know MTers produce some real eyecandy charts and who knows why, for whatever
reason I liked the ' G#MACD_MTF ' as soon as it was on the page, but it was some time before
I realized it was a MACD ! previously I've never used the MACD, never found it that useful and
while I've not yet finalized a system and traded the G#MACD, think it's a worthy component of
a trading system
now Woodie and his CCIers state one trades the indicator without viewing the Price chart, which
digresses me to Digital / Analog; I don't find digi indis useful, but, could 'they' alone be used to
trade with ? or a combo of indis only ? then there's the guy Trading Naked, we won't go there . . .
it surprses me the Phil Nel 4H and 5min MACD traders on ForexFactory aren't using the
G#MACD, I think it's a much better indicator than the MACDs they do use
oh and this thread isn't about using indicators or not but about employing indicators that add
some practical advantage to trading decisions
so on the attached chart are 4 indicators:
Separate Windows: G#MACD_MTF and ' G#MACD_Signals ' which is a mtf digital version of
the G#MACD
Chart: ' Trendlines_ mtf ' - yellow and magenta lines and ' Instant TrendLine1 ' - green red lines
all indicators using the default settings, colors changed
the zip contains all of the G#MACD indicators I know of incl a brief note from the G#MACD
author CJA - ForexTSD - about trading with the GMACD
the Instant TrendLine is for me a 'stay-in-the-trade-longer' indicator, or is the Trendlines better ?
obviously one's profit potential is greater the longer the trend, and in a sense that's what one's
trying to trade — extension — primarily Price, but Time also IF, there's a reliable indication to
remain in the trade, which is why people use MAs, tls, channels
one doesn't want an over-optimized indicator, one can't in any case unlike the e-mini trade
for a single tick, so we're -- or at least I'm looking for that stayin-getout indicator or combo of
that ' scalping ' wise secures the most profits
. . . . .
Good luck!
