Dear fellow traders, after months of testing, coding and struggling, this is the first version of the MT5 system. I've been using this for a couple of weeks and am pretty happy with the results, but let me say that the system is still in testing mode, and perhaps it requires more study than the MT4 version. The goal is to provide the best set of information to facilitate the trader's decision process, not to create something to be followed blindly. Why an MT5 version? As many others, I am moving 100% to MT5 due to prop firms requirements and better features for back-testing and optimization. I prefer to keep two different threads as the MT4 and MT5 systems have unique ways to identify and confirm setups. I will answer about requests on bugs, feedback and suggestions on improvements but won't answer to questions about using it together with other indicators or outside of the rules.
Let's come to the interesting stuff.
INDICATORS
Here we find some new stuff, together with well known indicators:
MAIN CHART
-Trendlines, this indicator can help to avoid false breakout and identify the start of a new expansion phase.
-Market structure, it shows important points like Change of Character (CHOCH) and Break of Structure (BOS)
-Mercurial Arrows, it's a signal generator that looks for stochastic crosses and matches them with ATR deviation with optional EMA or ZLSMA filters.
-Black Levels, this version is more accurate and automatically draws London and Tokyo fixes, to maximize the visibility of real liquidity on the chart.
-Xard Legacy, my personal interpretation of the wonderful Xard zigzag with extra visibility of HTF Bias, automatically calculated.
-Xuma, it provides the trend by coloring the candles; I decided to remove the MAs on the chart to make it clearer but you can easily re-activate them.
-ADR, standard ADR with open line and BUY/ SELL pivots set at the usual -15%/ +15% levels.
BOTTOM
-EWO Squeeze, it's an Elliot Wave Oscillator with additional BB/ Keltner Squeeze that indicates trend reverses, and consolidation/ expansion phases.
-VWAP, my usual rolling VWAP optimized for low TFs.
RULES
First of all, the system has been created, optimized and tested mainly for the 5M TF. Additional tested TFs are 1/3/15M, anything else is not advisable.
Set your max bars on chart at 5000, to avoid excessive load on cpu and memory.
LONG ENTRY RULES
-Look for clear break of trendlines after a bullish CHOCH, respecting the usual SQUARE AND ARROW BIAS
-Candles must be bullish
-At least a bullish black level must be present below the price
-Second dot entries are the safest, but using market structure and mercurial arrows enables us to take even trades with no second dot.
-EWO oscillator must be bullish and dot must be gold (expansion). It's a good practice to wait for a break of the top band, meaning upward volatility.
-VWAP must be bullish.
SHORT ENTRY RULES
-Look for clear break of trendlines after a bearish CHOCH, respecting the usual SQUARE AND ARROW BIAS
-Candles must be bearish
--At least a bearish black level must be present above the price
-Second dot entries are the safest, but using market structure and mercurial arrows enables us to take even trades with no second dot.
-EWO oscillator must be bearish and dot must be gold (expansion). It's a good practice to wait for a break of the bottom band, meaning downward volatility.
-VWAP must be bearish.
NOTES
-The safest entries are the ones with a second dot while we have a CHOCH followed by a BOS, this means that the breakout is real. Naturally, being safest means less PIPS, so everyone needs to balance risk accordingly with his/ her own personal inclination.
-Regarding exits, a change of candle color happening together with the show of a contrarian arrow is a good moment to exit, together with the rejection from a black level, open line or fixes.
-I added three different color templates.
Hope this helps the MT5 few adventurers in their journey to many PIPS.
Love.
+C+
i get it max value is based of the "price" on 