Those who don't believe in magic will never find it
I will code your EAs and Indicators for no charge
- #46,182
- Edited 6:51pm May 26, 2021 6:32pm | Edited 6:51pm
- Joined Mar 2013 | Status: Trader | 2,466 Posts
Hi, I would like some help with an indicator that I found on the MQL5 codebase. Unfortunately, I have no experience in programming, and can't do this myself. I think the change that needs to be made is minimal; although, that is a wild guess, and I have no experience in this at all. 3948982This is the indicator. It prints renko bars on top of the price action. Although there are some flaws with it, like it doesn't start to create boxes from multiples of 10 when the renko size is written as 1pip(10 pips). It creates from any start point(example,...
Mostly you was describing indicators specifications and flaws,if possible for you to exactly demonstrate your want with some example picture/s,may be and possibly somebody can help you
regards
{quote} double-cci-woody_mod_heat_wMA - ma on the trendcci histogram - heat map under the histogram line, the histogram is default to clrnone {image} {file}
Hi Jeanlouie,
May I make use of your service again, if it is possible for you to make line & text options for this fib indicator ?
Especially the red lines I'm loosing on my chart colours, and the text on the right edge, again the red the big culprit, and size are very small, it is getting lost in a Market Profile histogram on the right edge.
Kind Regards
PS
Uploading the file, now I see its .ex4
Hope you have the source code , or praying this chicken finds a way to cross the river
- #46,185
- May 27, 2021 6:54am May 27, 2021 6:54am
{quote} Not having a shot at you, you're just, approximately the 1 millionth person to have stumbled on this, this being round numbers/psych levels. Seeing trade opportunities on a certain chunk of a chart is one thing, making a trading system around it that has a profit factor over 1 is another thing. While on the topic you can have this, instead of drawing those levels manually, there is a pip adjustment so you can adjust it to what ever symbol youre using, check the printout for what a pip is. {image} {file}
Thanks for the advice Jean
Anything that helps me keep my dollars in my pockets is never frowned upon. As mentioned, I'm relatively new to this space so I'm open to advice. Thank you for the indicator too
2 things though: do you have the code in mq4, I'm hoping to incorporate telegram alerts too.
Secondly, is there a trading strategy/formula you could recommend for someone who's starting out?
- #46,186
- May 27, 2021 8:14am May 27, 2021 8:14am
- Joined Jun 2012 | Status: Trader , Analyst and Mentor | 5,884 Posts
Say something meaningful or Silence!!
{quote} Thanks for the advice Jean Anything that helps me keep my dollars in my pockets is never frowned upon. As mentioned, I'm relatively new to this space so I'm open to advice. Thank you for the indicator too
best advice for a newbie :
ass in seat, 10 000hrs, things will start make sense here from 7000 plus hrs
- #46,189
- May 27, 2021 1:16pm May 27, 2021 1:16pm
- Joined Dec 2010 | Status: Trader | 2,136 Posts
{quote} Thanks for the advice Jean Anything that helps me keep my dollars in my pockets is never frowned upon. As mentioned, I'm relatively new to this space so I'm open to advice. Thank you for the indicator too
do you have the code in mq4
is there a trading strategy/formula you could recommend
Short answer, no, or browse the long life threads on the trading systems subforum and spend time reading the development of something that makes sense to you
Long answer/rant, it's a process of discovery, trial and error, and testing. You learn/discover market patterns, of any kind, be it trends, ranging periods, volatility, mean regression, even time of day, or any combination, and start to build a system around it. You brute force through different conditions for entries/exits/sizing/breakeven/scaling, or go by some rationale. You test whatever setup you have, ideally totalling 100s of trades, separately over different tfs and instruments with same intended nehaviour and with seen and unseen charts, to ascertain the proper statistical likelihood you have a system that is in fact seemingly profitable. Keep in mind that a system isn't profitable because it has xyz indicators, all the indicators you come across will only be telling you things you already see on the chart, without tedious calculations. I'd encourage you to learn mql4/5 coding to make your own eas, and toss/test ideas around. You'll also see that most trading systems are not profitable, when commissions/slippage/swaps/actual spreads are taken into account eg a profitable ea with a 10pt spread is suddenly great at losing when the testing spread is raised to 30pts, so it's avg win per trade was less than 2pips... 2pips per trade broke it. This is also hinting that possibly all the $$$ eas you will see have margins that are so slim that you are reliant on unreasoably low trading costs, ie the actual trading edge is between razor thin and negative, which leads to the next point.
Appreciate what level of profitability you can expect, it is very thin. The first step to profitability is beating the spread. Sounds simple, but it isn't, if it was simple then there would be heaps of people living off trading, but there aren't, that's the proof it's not simple. Long term profit factor and robustness are the most important things. I leave out sharpe ratio because I doubt any aspiring retail trader is comparing their returns to risk free bank deposits, and pf is such a simple metric. Max drawdowns, smoothness of the equity curve and trading frequency are important too, but try to have any profitable system first, that's the inital hurdle. A profit factor of 1 means, on average, you win $1 for every $1 you lose, a pf of 1.3 means you're gaining $1.30 for every $1 lost, that is a sizeable win. A pf any higher than 2, as a long term measurement, with regular trading frequency, can not be taken seriously. Some people claim that a pf less than 2 is not worth the time, I think that's a ridiculous statment... on average winning $2 for every $1 lost isn't worth it? Nonsense. I think any pf above 1.1 is worth it, I give it at least a 10% bump, the 0.1 above breakeven is to act as a margin for the statistical likelihood mentioned below.
The goal isn't to have the highest profit factor, but the highest reliable/long term profit factor, this means intentionally not over-optimizing ie your system must be workable across all instruments and all tfs that share the same intended metrics of the system like similar ranges or volatility. The likelihood that your system actually has the profit factor that you've tested, with 95% confidence, will be a range of +-10% over 100 trades, or +-2% over 2000 trades, there are proper confidence tables floating around. If you don't have at least 100 test trades, then you don't know if you're onto something or onto a fluke for the current chart you've been looking at.
To help understand what pf looks like, the pic below has pfs for hypothetical systems of 50/50 win rates, with different rr rates, and then with higher/lower win rates. Just having a 50% win rate with reward:risk of 1.1, over the long term, results in a pf of 1.1, sounds low, to some people, but appreicate that that means you're gaining 10% over your losses. Depending on trading frequency that's an average gain on 10% a week, a month, a quater, its a serious number, add in position sizing as a % of balance and you have compounding effects, so it's a really serious number now.
tldr - I recall a thead somewhere, maybe babypips or here, about how just 20pips a week is a big deal, long term, keep that in mind, you can do anything you want but without consistency it's a dead end.
- #46,198
- Edited 3:24am May 28, 2021 12:19am | Edited 3:24am
- | Joined Aug 2019 | Status: Trader | 385 Posts
{quote} {quote} Sure I do, but wont be supplied for free ex4s. {quote} Caveat; I don't make a living off trading or am a guru of any kind or level, but as far as answering the question goes- Short answer, no, or browse the long life threads on the trading systems subforum and spend time reading the development of something that makes sense to you Long answer/rant, it's a process of discovery, trial and error, and testing. You learn/discover market patterns, of any kind, be it trends, ranging periods, volatility, mean regression, even time of day,...
Good Day Jeanlouie,
May I ask ( what I reckon is an "easy build..lol" ) indicator ?
Can you create a moving average " channel" in colour, where the user stipulates the MA, for example 21 exponential, then as levels for example 50+ and 50- , and then a colour option for the channel between 50+ and 50- ?
Easy as that.
I've been searching, find keltners etc, been there done that, needs a simple thing like described here.
Hope you can help
Kind Regards
PS
I see now I did not attached indie on previous post ( for line options )
It is an ex4 file, hope you have the source code to create the line option version
PPS
Forgot to ask, on the topic of creating channels.
The same way Im looking for a "fill in" on a MA with outside levels, if you draw line chart of price, and use MA1 High, and MA1 Low, it creates nice channel also, im getting tons of good value in my precision cut scalping with that channel, just needs the two of them here to be filled in colour, the lines are a bit too much..
Any chance you can make a fill in for that channels also please ?
- #46,200
- May 28, 2021 12:43am May 28, 2021 12:43am
{quote} Good Day Jeanlouie, May I ask ( what I reckon is an "easy build..lol" ) indicator ? Can you create a moving average " channel" in colour, where the user stipulates the MA, for example 21 exponential, then as levels for example 50+ and 50- , and then a colour option for the channel between 50+ and 50- ? Easy as that. I've been searching, find keltners etc, been there done that, needs a simple thing like described here. Hope you can help Kind Regards PS I see now I did not attached indie on previous post ( for line options )
https://www.mql5.com/en/market/product/28688