Re: Various (Specialist) indicators for MT4

1012
vvFish wrote: Sat Mar 04, 2023 10:57 am :roll: :yawn:
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Two buttons are pressed ..... in turn ...

:lmao: :lmao:
:cry:
Attachments
From the domains of my desk and laptop Full of Porn and Charts I call upon the Spiritual Presence and Power of Richard Wyckoff, Jesse Livermore, George Soros and all the Wise in Volume and Standard Deviation to enlighten and make everyone get off their asses and go to study Market Structure, Liquidity Pools and Volume.

Selah

Re: Various (Specialist) indicators for MT4

1015
Jimmy wrote: Mon Mar 18, 2019 4:02 pm Trend Scalp
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Download

We like:
  • One of the most accurate indicators for scalping trends.
  • Works flawlessly on all timeframes including the smaller M1 & M5 charts.
  • Comes with a multitude of scalping options including Alerts on Break and Arrows on Retracement Levels.
Room for improvement:
  • For beginners, it can take a bit of time and practice to figure out how to use it.

After looking at the vvFish setup and many more pictures of this indicator in action, my opinion is that this indicator is being used wrong.

I do not see Trend Scalp as a scalping indicator. If you really look closer, it is far more accurate when you use it as an indicator to identify local and/or maximal tops and bottoms in a non-repainting way.

Take a look at the picture in the "Top 10 Non Repainting Forex Indicators" post I quoted. Based on when the blue lines and pink lines appear in the Trend Scalp indicator, you can see the overall market structure of USDCAD on its respective timeframe (unless you set it to a higher timeframe).

The only problem I see is when you don't have a perfectly even pattern going back and forth between blue and pink. You'll see numerous instances in the quoted picture where two or three lines of blue/pink are formed before the opposite color forms. This tells us there is more room to go up/down before a local low/high is formed.

Of course, it's much easier to see all this looking backward than looking forward.

So in order to avoid a premature buy or sell order that gets us stopped out and leads to a loss, Trend Scalp has to be paired with 1 or more indicators that measure trend strength and/or direction. With the right settings for the right instrument, you can stay in a trend for longer and avoid an early exit due to a larger-than-expected pullback.

Just my two cents. Feel free to let me know if you agree or disagree! :)
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Re: Various (Specialist) indicators for MT4

1016
Exequiel Cabrera wrote: Mon Mar 06, 2023 5:03 am Can you make this indicator arrows open at the open price?
Found this older version, updated and optimized the code a bit. Again putting arrows on open price will just make them repaint.
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Re: Various (Specialist) indicators for MT4

1017
FXSurf wrote: Thu Feb 23, 2023 12:06 am Beautiful!


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Added lines to the histo bars, to me looks better now, also on the recoded version had copy and pasted alerts from WAE but forgot to change them to match this indicator, hopefully all is well with it now.
These users thanked the author mrtools for the post (total 4):
Chickenspicy, saishala, FXSurf, RodrigoRT7


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