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ZigZag is NOT ZigZag!
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Author:  Big Be [ Fri Aug 15, 2014 9:02 pm ]
Post subject:  ZigZag Channel - Alerts - Your Opinions Needed
Setting up the Alerts rules is tricky.

BreakPips seems to be very good filter, but you need to set it right for each timeframe and maybe pair.

To trigger an Alert, what existed before is that a single bar had to open below a line and move above the line by "BreakPips" amount in the SAME bar (or vice-versa).

I appreciate your opinions on these questions:

What if it takes a few bars to move that much past the line, from an open on the other side of the line? How many bars do you give it? 3? 6? 10?
Or do you just ignore the move?

Would you automatically increase the amount of Breakpips if it takes more than say, 2 bars? or leave it alone?

Or, Would you wait for the bar to close past the line before taking the signal?
AND to take the signal on the initial bar, multiply BreakPips by maybe 1.5?
So if set to 4 pips, it has to move 6 pips past on the initial bar, or close 4 or more pips past the line.

This may all seem picky but the point is to get more good Alerts and filter out poorer signals.

You will see these kinds of situations more often on the 1 minute timeframe (set Breakpips to 1), but they will come up on all timeframes.

Next challenge: When you have both red and blue lines showing, Do you give precedence to the most recent lines or treat them as equal? You could have situations where opposite signals could be generated at the same time or very close in time, with out a change in actual trend.
Author:  MKFXTrader [ Sat Aug 16, 2014 10:15 am ]
Post subject:  ZigZag Channel - Alerts - Your Opinions Needed
Big Be » Fri Aug 15, 2014 10:02 pm wrote:Setting up the Alerts rules is tricky.

BreakPips seems to be very good filter, but you need to set it right for each timeframe and maybe pair.

To trigger an Alert, what existed before is that a single bar had to open below a line and move above the line by "BreakPips" amount in the SAME bar (or vice-versa).

I appreciate your opinions on these questions:

What if it takes a few bars to move that much past the line, from an open on the other side of the line? How many bars do you give it? 3? 6? 10?
Or do you just ignore the move?

Would you automatically increase the amount of Breakpips if it takes more than say, 2 bars? or leave it alone?

Or, Would you wait for the bar to close past the line before taking the signal?
AND to take the signal on the initial bar, multiply BreakPips by maybe 1.5?
So if set to 4 pips, it has to move 6 pips past on the initial bar, or close 4 or more pips past the line.

This may all seem picky but the point is to get more good Alerts and filter out poorer signals.

You will see these kinds of situations more often on the 1 minute timeframe (set Breakpips to 1), but they will come up on all timeframes.

Next challenge: When you have both red and blue lines showing, Do you give precedence to the most recent lines or treat them as equal? You could have situations where opposite signals could be generated at the same time or very close in time, with out a change in actual trend.
BigBe,
I think you may be over thinking this. It would be best if you just set up the alert like the original. Alert of the break by x number of pips. That's it. A pop up alert. If you want a good alert and filter out the bad, you get that by trading the higher TF's. I can't speak about the 1/5/15/30 min TF's as I don't trade those TF's. It's best IMO to use this particular tool and strategy ONLY on the hourly and above. Hope this helps. Don't over think it. Pop up alert like the original on a break by x number of pips.

When trading you can choose to take the trade on the break by current candle or wait til the close of that candle. That should be up to the trader, and shouldn't be worried about coding it so. What's important is you get an alert each time price hits that line in the sand. Keep it simple my friend.

Cheers
Author:  Big Be [ Sat Aug 16, 2014 8:31 pm ]
Post subject:  ZigZag Channel - Alerts - Your Opinions Needed
MKFXTrader,
Thanks for your input. The existing rules would not alert this good trade for example, as the open above the lower line at 'X' does not drop 5 pips for two more bars (arrow).
Alert Missed USDCHFH1.png
Unfortunately, two days earlier, the third red candle that penetrated the bottom line DID qualify, but the trend kept going up.
Do you run a tight stoploss?

Can you tell us more about what you look for to take a trade?
Also, any particular pairs you watch / avoid?
Author:  Big Be [ Sat Aug 16, 2014 8:54 pm ]
Post subject:  Latest Channels Version
This also looks and deals with one more set of points earlier so will more often show lines when first put up or reset.
Also minor code improvements.
Author:  MKFXTrader [ Sat Aug 16, 2014 9:22 pm ]
Post subject:  ZigZag Channel - Alerts - Your Opinions Needed
Big Be » Sat Aug 16, 2014 9:31 pm wrote:MKFXTrader,
Thanks for your input. The existing rules would not alert this good trade for example, as the open above the lower line at 'X' does not drop 5 pips for two more bars (arrow).


Unfortunately, two days earlier, the third red candle that penetrated the bottom line DID qualify, but the trend kept going up.
Do you run a tight stoploss?

Can you tell us more about what you look for to take a trade?
Also, any particular pairs you watch / avoid?
Yes, SL is kept tight with the max SL set at the top/bottom of candle wick that penetrates the TL. The example you are describing regarding the missed signal from the previous two day scenario doesn't look like a TL would've been drawn there yet at that time since a lower high would've not been drawn yet. Put the zig zag corrected indicator on there with the same settings and you'll see what I mean. The only signal would've been after those two dojis. Beautiful drop from there, no? Look at the risk reward.

The Best advice is to cut losses early and let profits run. High R/R and use daily ADR's to measure movements. Most important is to trade pairs with high ADR's. This is just one major component of my trading strategy and you're involved in making it a reality. I thank you for your kindness in coding this channel indicator. Anything I can do for you, send me a PM.

Is the last attached indicator with the alert function?
Author:  MKFXTrader [ Sat Aug 16, 2014 9:24 pm ]
Post subject:  Latest Channels Version
Big Be » Sat Aug 16, 2014 9:54 pm wrote:This also looks and deals with one set of points earlier so will more often show lines when first put up or reset.
Also minor code improvements.
Can you elaborate? The last update seem to have been pretty solid except for the missing alerts.
Author:  Big Be [ Sat Aug 16, 2014 9:34 pm ]
Post subject:  Latest Channels Version
Alerts no longer work in the Strategy Tester. I added a comment (at the top left) to tell you when an alert triggers, though it stays up until the next one.

I will check the sequence you mentioned above.
Edit: Yes you are right about 11 Feb.
Author:  MKFXTrader [ Sat Aug 16, 2014 9:42 pm ]
Post subject:  Latest Channels Version
Big Be » Sat Aug 16, 2014 10:34 pm wrote:Alerts no longer work in the Strategy Tester. I added a comment (at the top left) to tell you when an alert triggers, though it stays up until the next one.

I will check the sequence you mentioned above.
I meant is the alert function now active for forward testing? I didn't mean for strategy tester.
Author:  Big Be [ Sat Aug 16, 2014 9:55 pm ]
Post subject:  Latest Channels Version
MKFXTrader » Sat Aug 16, 2014 1:42 pm wrote:
I meant is the alert function now active for forward testing? I didn't mean for strategy tester.
It should work - though haven't tested it forward.
And with limitations as described above.
Author:  MKFXTrader [ Sat Aug 16, 2014 10:08 pm ]
Post subject:  Latest Channels Version
Big Be » Sat Aug 16, 2014 10:55 pm wrote:
MKFXTrader » Sat Aug 16, 2014 1:42 pm wrote:
I meant is the alert function now active for forward testing? I didn't mean for strategy tester.
It should work - though haven't tested it forward.
And with limitations as described above.
Can you elaborate on the update of the most recent version you just posted? I didn't run into any problems with the version before that except that the alert did not work.
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