PowerX Strategy "PowerZ"

[BambinoFlex]

Bump bump Bump, Where ya at? LOL

Did you miss me? how sweet of you

I sold all of my crypto a good while back. . .
hope you all got out alive.

Here is a welcome back gift for all of you.

There might be bugs here and there, as it was created with inexpensive labor
THE_SETUP.png

Thank you, liked the cross hair indi too. Hope you've been well

[IgazI]

Price is either up or down: you can draw an up-trend or a down-trend.

Price is either in or out: it is at a place of origin or it has moved away from such a place.

You can either trade up and out or down and out.

Would you believe that people still ask me for entry and exit rules? UP, DN, IN, OT, know where you are in the larger picture, and decide where it is that you are going. Did you draw an up-trend? are you in 'something'? good! trade 'up and out' of it

I use three charts, sometimes four:
1) the "it's time to place my limit order, I need to see more clearly" chart can be anything from 1 to 15 minutes.
2) the middle period, that I use to see where I am going, can be anything from 30 minutes to 2 hours.
3) the largest chart is best just left as a daily.

The closing price of the day is not going to help you day trade: if you need more information then take more samples, increase the frequency of the closing prices:

multiple_and_multi.png (36.19 KiB) Viewed 858 times

"Derp, derp! wicks are the best!"

Are they though? or was price already trading above ranges and moving in that direction to begin with?

What did the wick show you that price being above the previous range did not?

Prices rise or fall on closing (consistent/stable) prices, they do not rise or fall on wicks (inconsistent/temporary):

If price closes above a range of closing prices then price is going up, if price closes below a range of closing prices then the price is going down, it's that simple!

If I need more clarity then I can just look at the closing prices of the M3, 2, or 1: that's all that wicks are anyway, the time between two closing prices.

derp_derp_but_wicks_show_future.png (10.04 KiB) Viewed 858 times

I don't trade Forex: I am working on having all of my indicators coded for MT5, and we're not there yet.

[IgazI]

I've hired another developer to look at the code, fix bugs, and add new features:

I am into this indicator for $227. . .

Cell me cheap, but I try not to spend more than $500 in the creation of each indicator

[kiwiarian]

I've hired another developer to look at the code, fix bugs, and add new features:

I am into this indicator for $227. . .

Cell me cheap, but I try not to spend more than $500 in the creation of each indicator

You appreciate the value of money

Thanks for sharing it Igazi.
It didn't seem to load on MT4 for me but I downloaded MT5 to have a play with it where it loads fine.
I will leave it up on the screen to let my brain adapt to seeing ranges and not candles and how far price will move ATRx3 etc per drawn range.

[IgazI]

I've hired another developer to look at the code, fix bugs, and add new features:

I am into this indicator for $227. . .

Cell me cheap, but I try not to spend more than $500 in the creation of each indicator

You appreciate the value of money

Thanks for sharing it Igazi.
It didn't seem to load on MT4 for me but I downloaded MT5 to have a play with it where it loads fine.
I will leave it up on the screen to let my brain adapt to seeing ranges and not candles and how far price will move ATRx3 etc per drawn range.

PS: did you try compiling the MQL5 file in the editor? maybe that's how you get it working in MT4? I don't know.

It's not about what you take away, but what you keep:

when you remove the data that isn't required for taking trades then what is lost? they all still look the same, don't they?

simple_as_123.png (35.89 KiB) Viewed 780 times

Here I have doubled the frequency of the closing prices and left the line and candlestick charts the same. . .

changing_freq.png (35.75 KiB) Viewed 773 times

[prochargedmopar]

I've hired another developer to look at the code, fix bugs, and add new features:

I am into this indicator for $227. . .

Cell me cheap, but I try not to spend more than $500 in the creation of each indicator

You appreciate the value of money

Thanks for sharing it Igazi.
It didn't seem to load on MT4 for me but I downloaded MT5 to have a play with it where it loads fine.
I will leave it up on the screen to let my brain adapt to seeing ranges and not candles and how far price will move ATRx3 etc per drawn range.

PS: did you try compiling the MQL5 file in the editor? maybe that's how you get it working in MT4? I don't know.

It's not about what you take away, but what you keep:

when you remove the data that isn't required for taking trades then what is lost? they all still look the same, don't they?

simple_as_123.png

Here I have doubled the frequency of the closing prices and left the line and candlestick charts the same. . .

changing_freq.png

I'm not sure who is having trouble seeing which way price is moving.
Place an order, you will soon find out by the P/L column.
Trade accordingly. LOL

[BambinoFlex]

Took about two days to get my eyes adjusted to seeing 30 bar ranges. I'll be honest and say that I wanted to look for wicks lol

Looking at the 30min, it actually works really well. Matches almost to what I would draw on the 4hr regular candles. I guess I didn't try hard enough before, but this indicator made it easier.

[IgazI]

I'm not sure who is having trouble seeing which way price is moving.
Place an order, you will soon find out by the P/L column.
Trade accordingly. LOL

It's not about "seeing which way price is moving" it's about the amount of information on a chart that is required for trading:

Trading candlesticks, you've got: 99 opens, 99 highs, 99 lows, 99 closes, and 99 colors; 495 things to consider. . .
grab your measure tool, and see what how much of your chart is covered by 99 bars

Here is what you don't get, your brain is actively trying to process all of that information, whether you want it to or not.

By only using 1 type of data you have 396 fewer things to consider and 4 fewer types of information to try and process; even if you quadruple the data, one type of data is easier on the brain than trying to juggle 5 types.

The closing ranges remove 1/3 of the closes: of the last 99 closes I am only seeing 66, and they are stacked so that there are 33 high prices and 33 low prices; compared to 495 things, that is a lot less to think about!

Again, do you need the data to trade or does it simply exist on your chart until you invent a reason why it was needed at a particular point in time?

[BambinoFlex]

It really does eliminate a lot of the extra stuff, makes it look really clean. 30min bar charts might be my to go chart now!

[IgazI]

It really does eliminate a lot of the extra stuff, makes it look really clean. 30min bar charts might be my to go chart now!

These are my favorite charts! that's why I ported them over to MT5! Glad you like them

Here is the updated version:

1) you can now color the bodies so that it is easier to see when using lighter colors or smaller windows.

2) you can turn off the wicks so that you can trade the 'vertical line chart'; closing prices stacked vertically in pairs. . .
it's more of a line chart than closing ranges.

I personally don't prefer either option, but there you go

The charts are also now less buggy.

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That's how zoomed in you have to be to see candles --->

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