Blubbb's free indicator and expert advisor thread

If you don't know where to start, start here! Don't be afraid to ask questions.

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blubbb
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Postby blubbb » Thu Aug 20, 2009 8:46 pm

@Queenpip
Most of the indicators are based on ideas from the "Never lose again" thread in this forum, especially the part where MightyOne starts posting.

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Postby blubbb » Sat Aug 22, 2009 9:37 pm

Today I wrote my own indi to show past orders on the chart- from scratch. I included basic statistics (total and average wins and losses).

Edit: Longs are green and shorts are red, so the color reflects the direction of the trade and NOT whether it was profitable or not.

Edit^2: Current version is on page 1.

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Postby marypipins » Sun Aug 30, 2009 3:02 pm

i'm just posting because this is an important thread and want to keep it up on the index list...lol
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Postby cfabian » Mon Sep 07, 2009 9:13 pm

Hey Blubbb,
I've been using your visual orders EA and I find it useful, thus I would like to ask if possible for you, and if time allows it, have some tweaks:

1- to have the option of using it as is (opens 2 trades), or have it functional to open just 1 trade. I personally just open 1 trade and ride it till my targets, and having it partitioned somewhat complicates things.

2- to have the option to manually set the lots to trade instead of having the EA do the calculations solely.

3- to have an alert (pop up, mail) when price reaches X pips from your set trade, so you're aware your trade is about to kick in.

4- having 2 lines to close trades can be useful (1 for TP and 1 for SL). Sometimes is not a good idea to let brokers know in advance your SL, we can use them as contingency plan, but having one "internal" (or hidden) SL value can be of help.

I believe that's about it. Sorry for the burden and thanks for sharing your good work and time.

Best

blubbb wrote:I just created a new toy.

In MT4 I missed a "visual order" feature, where you can simply click anywhere and create a sell/buy limit/stop order. Without typing in prices and stop losses.
I also wanted to write some kind of a trading simulator.

This is what I came up with. It's an interactive expert advisor. To try it, do the following: Open the "strategy tester" window, choose this EA and a start and end date as well as a time frame. Enable"Visual mode" and hit "Start".

You will see two lines. One green "go long" line and one red "go short" line. Double click any of the lines and drag it to a price level where you want a trade to happen. After each dragging you'll have to re-double-click the line again in order to select it (this is intentional). You will see that the color will change. Dark red becomes light red and dark green becomes light green. Light means active. If you want to deactivate a line, just select it (double click) and hit delete. The line then will be dark again (until you drag it once again). Try it.

If you like it I'll incorporate a money management feature as well.

Edit: Deleted due to a new version (see below).
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Postby lukx » Fri Sep 11, 2009 8:56 pm

Blubb I got a question regarding your MightyZone indy.

Right now the mighty zone become old when price close below it (for longMO) or above(for short MO) .Would it be possible that indy would make Zone and ZL old as soon as price cut thru the ZL even when price didn;t still close?

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Postby cfabian » Mon Sep 14, 2009 7:03 pm

Hi Blubbb,
I know it's only asking, but I wonder if is possible to have the double alert indicator to send only one alert per candle? as every time price crosses the line, it sends alerts.

Also, if in the settings menu you can include the list of timeframes, so we can select only those we want to be alerted from.

Is there a way to disable the momo alert? As I only want the "wick" one. I tried setting an extremely large input, but does not work very well.

One question... what's the "maxbars" for?

Again, many thanks for your good work.
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Mighty zone to help non-traders

Postby pj9100 » Tue Sep 15, 2009 5:57 am

lukx wrote:Blubb I got a question regarding your MightyZone indy.

Right now the mighty zone become old when price close below it (for longMO) or above(for short MO) .Would it be possible that indy would make Zone and ZL old as soon as price cut thru the ZL even when price didn;t still close?


Blubb,

These days when the bank depositors are not getting any interest, a lot of people are feeling the pinch.

Many of them were doing forex currency deposits (carry trades) offered by their bankers to earn more interest in the past. But the carry trade is dead and there is no interest payable for bank time deposits.

I find Mighty Zone is a nice indicator for non-traders. If you can somehow link all the pip levels (increase and decrease) shown on the chart with $amount (based on a mini contract of US$10,000) it will help non-traders a lot. Particularly those who have done foreign currency deposits in the past and have experienced drawdown.

The idea is to show them a way to only enter when a pullback happens and always in the direction of the trend.

Now the trend has changed and based on my experience of 10 years I can say another year the uptrend will last.

I would advise the small investors to take profit at 200 pips and then wait for the pullback of 200 pips and then only enter. If no pullback happens don't enter and keep patience . I don't want them to get caught in a long period trend reversal.

if you can you put some kind of long-term trend indicator plus some indicator to show pullback/retracement as well as warn about trend reversal, the job will be done.

Can you put some kind of signs on Mighty zone and if you think outputting pips in $ terms will clutter the chart then you just put in label so that if I click mouse on the pips level I should be able to the dollars.

Just attaching a chart to show the $ display .

May be Might zone, and Tro the genius can do something to help small investors and put out a nice indicator .

Thank you in advance.
Attachments
dynamic range showing dollar on chart.jpg
dynamic range showing dollar on chart.jpg (195.43 KiB) Viewed 541 times

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Re: Mighty zone to help non-traders

Postby pj9100 » Tue Sep 15, 2009 6:17 am

pj9100 wrote:
lukx wrote:Blubb I got a question regarding your MightyZone indy.

Right now the mighty zone become old when price close below it (for longMO) or above(for short MO) .Would it be possible that indy would make Zone and ZL old as soon as price cut thru the ZL even when price didn;t still close?


Blubb,

These days when the bank depositors are not getting any interest, a lot of people are feeling the pinch.

Many of them were doing forex currency deposits (carry trades) offered by their bankers to earn more interest in the past. But the carry trade is dead and there is no interest payable for bank time deposits.

I find Mighty Zone is a nice indicator for non-traders. If you can somehow link all the pip levels (increase and decrease) shown on the chart with $amount (based on a mini contract of US$10,000) it will help non-traders a lot. Particularly those who have done foreign currency deposits in the past and have experienced drawdown.

The idea is to show them a way to only enter when a pullback happens and always in the direction of the trend.

Now the trend has changed and based on my experience of 10 years I can say another year the uptrend will last.

I would advise the small investors to take profit at 200 pips and then wait for the pullback of 200 pips and then only enter. If no pullback happens don't enter and keep patience . I don't want them to get caught in a long period trend reversal.

if you can you put some kind of long-term trend indicator plus some indicator to show pullback/retracement as well as warn about trend reversal, the job will be done.

Can you put some kind of signs on Mighty zone and if you think outputting pips in $ terms will clutter the chart then you just put in label so that if I click mouse on the pips level I should be able to the dollars.

Just attaching a chart to show the $ display .

May be Might zone, and Tro the genius can do something to help small investors and put out a nice indicator .

Thank you in advance.


Blubb,

I think I posted the wrong chart. My idea of using $ sign is not to induce people to trade long or short.

My idea is to warn them about the risks they face. I want them to know what drawdown risk they faced. The chart in Monthly/Weekly/daily will give them a clear idea of what kind of money they have to put as usable margin to ride out the drawdown.

If the drawdown for last two years is shown as 3,000 pips then they should understand that they should keep this kind of money in the account so that if by chance the trend reversal happens and lasts for months together then they have to just wait . No stop loss for them.

To make the concept clear I am attaching another chart.
Attachments
Drawdown in six months.jpg
Drawdown in six months.jpg (92.12 KiB) Viewed 578 times

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Postby blubbb » Tue Sep 15, 2009 5:48 pm

?

I do not endorse not using a stop loss...

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Simple Mighty zone system for traders and non-traders

Postby pj9100 » Wed Sep 16, 2009 4:23 am

blubbb wrote:?

I do not endorse not using a stop loss...


Stop loss is based on risk/reward concept. The idea is to go on taking losses in the hope that the profits will offset the losses and at the end of the day give net profit. Almost all (no exceptions) entering forex with this concept blow their accounts and get depressed. So it will not suit non-traders.

Non-traders will have to be educated on the following concepts:

(1) the patterns of breakout, counter-trend (consolidation, pullbacks and retracements) and trending. The Mighty zone can be the only indicator to be used and understood for this purpose.


(2) Timing of the trades: Only when trending and entry on a pullback.
TP fixed 300 pips.

(3) Money Managment: Essentially, the non-traders should be prepared to see big drawdowns in times of stop hunts and trend reversals.

Most of the bank depositors who in the past have put money in carry-trade based bank deposits have experienced drawdowns for a very long period and have waited for the recovery. Because most of the carry trade was with commodity currency pairs. So for them it is not a problem.

But new depositors need to understand that very clearly and not get affected by the drawdown. It has to be considered a paper loss because no major currency can go down or up indefinitely for years together.

Cross currency pairs linked to commodity currencies like Aud, NZ (both had big interest rate differntials) can go down or up continuously for a maximum period of 2 years. Those should never be touched for our strategy.

(a) No stop loss and should have enough money in the account to take care of the big drawdown.

(b) Hedging in same currency with one account and single margin for two positions: the non-traders can hedge in same currency if they are caught in long-lasting stop hunt or trend reversal and then wait for it to end and then release the hedge.

US brokers use two accounts to hedge and so two margins will be needed. This technique will not work for US investors. But for the rest of the world this will be fine.

It should be ensured that even if positions are hedged at least 15% of usable margin should be left in the account to take care of the spread widening during volatile periods like news announcement and holiday periods.

Rollover costs and spread costs are minimal and not worth taking into calculation.

(c) Stop-loss will not fit into this Mighty zone modified indicator for non-traders. It will demoralise and even depress majority of the non-traders which will defeat the whole purpose of the exercise.

I have to say Mighty Zone is a user-friendly indicator for traders and it can be further fine-tuned to be of use by non-traders as well.

The whole idea is for the investors to benefit from the trending market.

Say if they $3,000 and want to use fx trading for getting some income. Single contract of $10,000 (with leverage of 100%) will take $100 to open the contract. So they will have 2,900 pips worth amount in their account.

Euro/USD is th ideal currency pair because of its controlled volatility and momentum. And now this pair is trending up nicely and the uptrend is going to last another year or so.

The non-trader opens the position on a pullback or correction and then waits for the trend to resume.

Assume the trade is opened at 1.45. TP will be 10% (300 pips) on the capital. It will almost be like achieving annual target in one go.

Once that target is achieved he/she just takes profit and waits for a reversal of 500 pips (1.40) in a month or two to re-enter. THE TIME LIMIT FOR PULLBACK HAS TO BE THERE. If the desired pullback doesn't happen, he should not attempt further and call it quits.

If the price touches 1.4 within 2 months and a trade is taken up. And the trend reversal continues further with the level going down to 1.20 then hedging should be activated to lock up loss and trading should be resumed only after the price comes back to 1.4 at which point the drawdown of 200 pips (locked loss) will remain.

If price comes back to 1.4 and stays there or at a higher level for at least 44 hours (as per Mighty Zone Momo strategy) he/she should not liquidate hedged position immediately. 1.4 will be a transit trading zone, between the just-ended zone and the new to-be-formed zone. How long the transit zone will continue is difficult to predict. Some time should be given for the zone to take roots.

Once the zone seems to be in place around 1.4 level then the same strategy of 300-400 pips (net profit of 100-200 pips after taking care of 200 pips loss of liquidated hedge) profit should be adopted .

And if the pair refuses to move or goes down again you have to re-hedge. It is here many people get frustated and lose patience. But a person who has experienced drawdown and revcovery will not find problem with this hedging technique.

Three zones concept

In any case, whether or not you want to make the indicator for use by non-traders, please do consider introducing this concept of old zone, transit zone, future zone based on some momo rules (three colors, red, green and yellow) which I feel will enhance the value of Mighty Zones further.

Hedging: It's a old tested and effective technique used by Asian traders and brokers for more than 50 years or so for all markets. Brokers ensure the client doesn't lose money and they ensure more brokerage.

For Fx trading it is boon. The spreads and rollovers costs are minimal and can't outweigh the immense rewards you gain from proper use of hedging.

But for practising hedging you have to be very clear how the patterns
of breakout, counter-trend (consolidation, pullbacks and retracements) and trending work and exercise patience.

Anyone who is impatient or ventures on hedging technique without understanding these concepts will invariably get bogged down and end up in having a chain of hedged positions.

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