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Thanks for your feedback.
I was not sure when to close the trades (its always difficult to decide when to exit).I believe your suggestion to close a short trade when the fast red line touches the slow green line is really good.
Now this is really interesting.
3 hours before the move happened on CHFJPY we see the orange M15 (fastest) line making a huge spike to the upside. Right before also the green fastest line made a spike to the upside.
On USDCHF we see a spike of the green M15 (fastest) line to the downside exactly one hour before the move happened.
It looks similar on EURCHF.
What do you think about these spikes, saver0?
Could we use your indicator for news trading?
Could we use your indicator for news trading?
Hmmm – did you never observe similar spikes of this indicator when no relevant news are about to happen?
My guess is: sheer coincidence.
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)
Now this is really interesting. before the move happened on CHFJPY we see the orange M15 (fastest) line making a huge spike to the upside. Right before also the green fastest line made a spike to the upside. On USDCHF we see a spike of the green M15 (fastest) line to the downside exactly one hour before the move happened.
Could we use your indicator for news trading?
Hmmm – did you never observe similar spikes of this indicator when no relevant news are about to happen?
My guess is: sheer coincidence.
It might not be a coincidence or luck, letme quote you this:
However Adam Myers, European head of FX research at Credit Agricole, said that some market participants appeared to have been aware that the SNB’s decision was coming before the official announcement.
“It definitely looks like to us,” he said on Friday. “There was a movement in the market well ahead of the headlines (from the SNB).”
Just follow the money and the footprints of the big boys?
Now this is really interesting. 3 hours before the move happened on CHFJPY we see the orange M15 (fastest) line making a huge spike to the upside. Right before also the green fastest line made a spike to the upside.
Wow, amazing! I didn’t even look at it yet.. haha I will confirm if its the same at Oanda. What broker are you using?
Focus, Patience, Determination & Order in chaos
Hey saver0, I am using FXCM. :-D
Wow, check this out.. I have Oanda and this is what the EURCHF looks like for me for yesterday. HUGE off the scale shorting signal in M15!
This is not a coincidence! There is something to the way of looking at currencies the way my indicator is doing.
Focus, Patience, Determination & Order in chaos
Interesting, which settings are you using, Saver0?
I am using M15 as fastest period, H1 as fast period (but invisible on chart), H4 as slow period and D1 as slowest period.
This is my EURCHF M15 chart:
Yea, I’m using the same settings @fguru
Focus, Patience, Determination & Order in chaos
Wow it looks really different. It would be interesting to see the charts of other brokers.
This is Alpari uk MT4.
Saver0, I have been using this indicator and TZ’s exclusively but I now have a new found respect for this indi!! Particularly the M15. Any chance of an MT5 version so I can see Alpari ECN data?
Below, settings are standard. Small dashes m15, large dashes h1, solid line 4h, bold solid line d1
I zoomed out so you can see the spike back in Dec!!! Inside job or is it someone like Soros positioning?
What's it all about? It's all about money.
Here’s how things look with US-based broker, MB Trading’s demo terminal, using Currency Multi Power on default settings:
No spikes before the big show, just a couple of mysterious flat-lines a few hours before.
I do not understand how the indicator decides to draw such a spike or a flat-line, let alone how it manages to find important and prescient data that other indicators completely miss. I get the impression that it uses price action more directly, eschewing moving averages and assumptions of sinusoidal cycles, which may make it sensitive to subtle differences in each broker’s chart data. ..But exactly what those differences are, I have no idea.
Fascinating stuff, one way or the other.
Just tried it out now, and, unsurprisingly, this indicator doesn’t seem to handle backtests. Do we know for sure that there is no repainting or anything of that nature?
It is a multi timeframe indicator so backtesting can’t be done with the mt4 standart backtest.
But be careful because in hindsight you see the correct values for the higher timeframes ( the slower line), but in realtime it takes four H1 bars for one H4 bar to close
Just tried it out now, and, unsurprisingly, this indicator doesn’t seem to handle backtests. Do we know for sure that there is no repainting or anything of that nature?
You can’t backtest any cluster indicator (like this one) because in backtests MT Terminal will only load price series of one pair at a time. This specific indicator permanently needs price series of 28 pairs to work.
It’s a limitation of MT4, not a bug or repainting issue of this indicator.
Regards, 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)
When showBoth = false and onLine = true the indicator doesn’t paint the lines correct. They are stuck at the top and bottom of the indicator window
It is a multi timeframe indicator so backtesting can’t be done with the mt4 standart backtest. But be careful because in hindsight you see the correct values for the higher timeframes ( the slower line), but in realtime it takes four H1 bars for one H4 bar to close
You can’t backtest any cluster indicator (like this one) because in backtests MT Terminal will only load price series of one pair at a time. This specific indicator permanently needs price series of 28 pairs to work. It’s a limitation of MT4, not a bug or repainting issue of this indicator. Regards, simplex
Perfect; thanks guys. I didn’t expect backtesting to work, but still wanted to see what would happen.
So, the flat lines on my chart preceding the move were caused by it painting the past, due to rudimentary MTF calculations of H4 closing after the event. That’s what I was worried about but didn’t have a clear idea of.
It still doesn’t explain why some of us have seemingly-usable signals even from the fastest lines. What is it about MB Trading that keeps the fastest lines within a range of 15, but Oanda goes up to 300?
@Saver0 When showBoth = false and onLine = true the indicator doesn’t paint the lines correct. They are stuck at the top and bottom of the indicator window
Could you please show a screenshot?
Focus, Patience, Determination & Order in chaos
Here
Here
Thank you muuh! I fixed it. Please download it from the first post again.
But be careful because in hindsight you see the correct values for the higher timeframes ( the slower line), but in realtime it takes four H1 bars for one H4 bar to close
Just tried it out now, and, unsurprisingly, this indicator doesn’t seem to handle backtests. Do we know for sure that there is no repainting or anything of that nature?
You guys are correct, this cannot be used in the strategy tester unless you load it up as an indicator in the code of an EA.
I just want to make a quick clarification about this indicator and how it may or may not repaint depending on the settings you choose. This is very important that anyone who uses this to understand. This indicator looks at the percent change of the time frames and the bar length that you specify to figure out the power of each individual currency in the pair. So let’s look at an example.
If your period is H1 and bars is 24. What it’s doing is looking at the current bar price and tells us where it is relatively to the high and the low of the previous 24 H1 bars. If you are loading this setting in M5, does this mean that the indicator could have repainted? Yes, BUT only when the price currently at the highest or lowest area of the past 24 hours. It gets the current price from the current time frame’s current bar so that doesn’t repaint.There is another trick to use if you do not want it to “repaint” in any shape or form. That is to use the current time frame for all 4 periods but increase the _bars by the factor of the time frame. For example, if the time frame you are attaching to is M5, set the YYY_period to M5 for all of them. Set the fastest_bars to 24. And if you want the fast_period to be M15, then that means its 3 times bigger so you simply multiply 24 by 3 = 72. By doing so you have effectively set the percent change to look at the past 24 bars of M15. And if your slowest_period is H4, then that would be 240 / 5 = 48, 48*24 = 1152 = slowest_bars. Now you will be looking at the past 24 H4 range.
Hope its clear
Please let me know if you guys have any questions. It’s important that you understand how this indicator is calculating everything so you can make proper use of it.Focus, Patience, Determination & Order in chaos
Thanks for the explanation, Saver0. So if I want to attach the indicator to M15 and want my fast timeframe to be H1, the slow timeframe H4 and the slowest timeframe D1, are these settings correct? All set to M15. Bars: 24 (M15), 96 (H1), 384 (H4), 2304 (D1)
are these settings correct? All set to M15. Bars: 24 (M15), 96 (H1), 384 (H4), 2304 (D1)
Yup, that looks correct! That’s if your zzz_bars is 24. You can literally look at any range
Focus, Patience, Determination & Order in chaos
Combine this with the following indicator of mine to create a strong strategy for yourself
http://www.penguintraders.com/forums/topic/bull-bear-power-indicator/
Focus, Patience, Determination & Order in chaos
Nice work, Saver. Love it for now. :D :)
CCI, RSI, Stochastic are death trap for traders and trading! See attached:
Hi gg53, I am fairly new to forex. 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.
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