I thought I'll share this dynamic trading tool here as it was coded for me by one of the great coders on this forum. Thanks Rene.
This is a follow up tool to a similar one, MADdash coded for me by Honestknave and shared on FF (http://www.forexfactory.com/showthread.php?t=545718). The idea behind the indicator is to match and trade the strongest currency group against the weakest group, so we can get better mileage on our trades. I successfully used this dashboard to scalp the market and if you read through my postings on FF, you will see how I doubled my accounts several times within a week, 2 weeks, etc.
I therefore wanted to take this concept to the next level and went back to the forex lab to do some brainstorming, thinking outside the box as it were. This is a work in progress but wanted to release the dashboard to members/traders with similar interest and idea, so you can play with it and share your feedback for possible improvement.
First if you have problem with lagging indicators, then this is probably not for you because these indicators are built on Moving Averages. Every trend always pause for a retracement before resuming the trend, and it is this pullback behind the MA that offers the opportunity for re-entry that interest me. Second, I am not sharing a trading system but a MTF currency analyzer and trade entry management tool. Therefore this is for experienced traders who already have their own trading system and just need to plug in their preferred MAs to derive information that will enhance entry and exit.
One of the drawbacks I noticed of dashboards is that you see signal arrows from M1 to D1 or even to MN but some of these signals may have been generated several hours or even days before and these signals may no longer be relevant to the current trend. I want to trade the NOW trend on my preferred time frame and therefore thought, if we could eliminate these "stale" signals, and then only current signals will remain on the dashboard thus showing ONLY current trending currency groups or pairs. I define "stale" signals as signals that remain on the dashboard because no new signals have been generated to override them even when price has reversed trend but yet to cross the reference MA.
Renexxxx has therefore coded for us an indicator that
1. eliminates stale signals by leaving ONLY signals generated within the last 4 or 5 hours as specified by the user (LookBackMinutes);
2. An audible alert will sound (and the column also highlighted) for current signals within the last 30 minutes as specified by the user (HighLighMinutes). A second version (now option) is available without audible alert but the columns are highlight instead for the time duration specified by the user (HighLighMinutes).
I will add screenshots of the indicator and chart examples to illustrate how I use the indicator in the next post.
Shalom, and God bless
George
Update: MADDY1.5
Multi Currency MTF MA Dashboard has been renamed to MADDY.
Other changes:
- There is a new parameter LineHeight (Default:20), that can be used to increase/decrease the vertical size of the table cells.
- The CSSDiffFilter now works on the current timeframe, not the next higher timeframe. In other words, an UP arrow on M5, is filtered by the CSSDiff filter, by looking at the value of CSSDiff on M5 not M15.
- As well as currency strength and weakness, there is a concept of exhaustion, that occurs after a currency group was strong or weak, but has lost many of its required UP or DOWN arrows. The forthcoming MADTrader is using these signals (strength/weakness/exhaustion) from MADDY to enter and exit trades. I decided to split MAD-EA, into MADDY (the dashboard/indicator/signal generator) and MADTrader (the EA/signal consumer). This split has several advantages.
Update: MADDY1.6
Three little problems were fixed:
(1) Someone reported to have a br0ker that has symbols with no extension, and symbols with the 'c' extension, and he wishes to use the symbols with the 'c' extension. Go figure! In addition, this br0ker was listing both NZDAUDc and AUDNZDc and GBPEURc and EURGBPc and several others. Why, I don't have a clue. This was throwing a spanner in the wheels for both MADDY and MAD-EA, but that has now been fixed. If you are one of the unlucky persons, who can not use Global Prime as your br0ker and have to use a dubious br0ker that has dubious symbols, you now have a way to use MADDY by properly configuring the ExcludeExtensions and/or IncludeExtensions parameters. You are already disadvantaged enough by not having Global Prime, so I thought to not add to your misery and make the changes in MADDY so that you can still run it.
(2) There was a bug if you both had the M1 and M15 timeframes selected, and clicked on an arrow under the M15 column, it would open the chart on M1, not M15. This bug has now also been fixed.
(3) Removed the zero-divide bug, if someone selects 'current' as one of the timeframes.
Update: MADDY1.7
It was requested, to have multiple columns for the same timeframe. Eg. D1 for period 3, D1 for period 5 ... etc etc. MADDY1.6 wouldn't allow that, as each column name had to be unique, and the column name only consisted of the timeframe, not the slow and fast ma period. This has been added to MADDY1.7. In order to know which is which, the column name(s) now also include the MA period that has been configured for that timeframe, in the form of eg. D1{13} (single line) or D1{13,5} (MA crossover). Unfortunately, this will make the column names slightly wider, and therefore the default CellWidth has been increased to 70 (from 50).
See http://www.stevehopwoodforex.com/phpBB3 ... 26#p133626 for more details about the dashboard
Update: MADDY1.8
Ability to display the tables for a selected subset of the 8 currencies. See: this post.
PLEASE Note: It is not allowed to publish this DASHBOARD outside of this SH FORUM!! |
