Re: Various (Specialist) indicators for MT4
Posted: Sat Sep 14, 2019 2:15 pm
another channel.
In my long trading career, most indicator based systems (as they give many not emotional trust on most situations) only work on strong trending or others on wavy markets. As I say for years, bands are the best option to filter ranging markets or trade their borders. They are also the best exit sign.
I just found a great not repainting, not hacked indicator as great add-on to this concept to share with you. BMI_long is an interesting free combination of a long MACD, Stochastics and a fast Osma as a complete system. Believe me, old indicators are sometimes better than new shiny ones.
Trades are in direction of white-pink MACD line, especially on 0 break and when blue OSMA crosses with 0 (next OSMA 0 cross can be used for exit). Also divergence on MACD can be interpretated. The creators also use ema 72 with bands as filter on M15 and H1, but they stopped posting since years. Some settings like MAprecision, BBprecision, MACD_Multiplier may need to have more effect. Maybe you can add adaptiveness, filter. Also alerts on Osma crossing 0 or macd changing slope would be great. The text portion may be better on the left side. A cleaner version may be very interesting.
BMI gives an early signal on trend changes and strong moves before they happen, especially in volatile and wavy markets. On strong trends wait for band breaks (also sideways is filtered this way) and ma on chart changes direction. When brown bollinger bands on MACD (BBonMACD true, BBonSignal false) are near together (quadrats on BMI), a strong spike comes often as others just trade the shortterm trend. Longs on M30 Dow Jones are green, shorts red, exits brown vertical lines. This was the abstract of 5 pages by the authors BlueMental, Mod by T_Kiads.
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