Manta Support & Resistance

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PTG
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Postby PTG » Sun Jul 19, 2009 4:09 pm

Thanks Manta, looks good ! :smt023

I have loaded it and will check it out this week. Noticed that the target lines for H4 are not far off a couple of zero-lines that I've drawn on H1. Setting BackSteps you can look back at previous instances of the indi. Interesting to see that the targets are almost always hit.. :shock: 8)

Question: what is the refresh rate ? In other words, how long are the lines going to stay before they change ?

Other question: what is the other indicator you have in the picture ?

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Postby PTG » Sun Jul 19, 2009 5:11 pm

Thanks.

Had a quick look at GU, M15. Last 10 instances only one looser for a s/l at 50% in between s/r and the first target on the other side, ALL first targets were hit, and in case you'd have had a t/p of 3 pips under the 2nd target, ALL second targets would have been hit as well :shock:

Very nice, this.. :shock: :twisted: 8)

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Postby aVi » Sun Jul 19, 2009 10:46 pm

=D> Thank you.
Wake up Mr. Green...

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Postby PTG » Mon Jul 20, 2009 3:13 pm

Thanks. Will check the new version 8)

Now that you are mentioning ideas :shock: how about an optional alarm (can be turned on/off by the user) when a new instance is being put in place ?

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Postby PTG » Mon Jul 20, 2009 9:51 pm

Jury's still out. Can't say if it is better or worse. It also depends on what you want to achieve with the indicator I guess.

I like the 2.1 version's ability to set e.g. H4 and daily at the same time, can't do that with 2.2. The advantage of being able to do both is that you can use the SR lines of the greater timeframe as targets in case of big momentum, which at times shoots rights past even the daily SR. This might also be solved by recalculating the new lines earlier in case of high momentum.

Also (this is on EU) I have the impression that many a times you're missing out on pips when trading from the solid green and red lines, instead of from the SR line that is positioned in between those too in 2.1

When ranging (congestion) price bumps up and down between solid red and green and/or the one of those and what used to be the 2.1 SR line which is in between those two. Clearly the red and green solid as well as the 2.1 SR line are SR areas and usable as targets.

Perhaps it might be a solution to integrate the red and green line option into the 2.1 version, where you enable or disable these two together, same for the 2.1 SR line, and define the line colors of course. But then again I don't know what else you have in mind.. :shock: :lol:

Hope this helps !

Manta wrote:Im really curious what you say to this new version. Im checking it now for 2 or 3 hours on different pairs and TFs and cant believe my eyes what kind of monster I have made... :shock: :twisted:

If you want to see more history just increase MaxBar number in settings

Yes, optional alarm is on the list...



PTG wrote:Thanks. Will check the new version 8)

Now that you are mentioning ideas :shock: how about an optional alarm (can be turned on/off by the user) when a new instance is being put in place ?

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Postby Fxtraveller » Mon Jul 20, 2009 10:43 pm

Just a horizontal Line? im in :)

Manta, would you please describe in few words what the plot of the lines are based on? It may be useful to one if one knows how the tools that he uses work.
I see that in the new version the grey line is the SR line of the old version, now the "neutral zone", and the Red/Green support resistance lines are placed at somewhat equal distance from it....

Also noticed that the TP1= distance between Green/Red lines... is this correlated for the Risk/Reward Ratio?
all of this is quite interesting :)
Regards.
FxT.

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Postby Humble » Tue Jul 21, 2009 7:12 am

This way you can also set a different colour for different timeframes.
Is price closing higher or lower than something? Simple yet powerful question. ..MO

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Postby SMScom » Wed Jul 22, 2009 6:53 pm

Good job, Manta!

I have nothing but the highest respect for programmers and their willingness to put their best work out there and then wait to be shot at. It is not my intention herein to criticize and should anything I write seem offensive, please accept my deepest apologies in advance. With that being said...

What we have here is basically a Pivot/SR method. I've employed pivots sporadically throughout my time trading FX for the the very reason that they are too static and are only effective once or twice each trading day as they are largely based on the previous day's numbers. Thus the challenge to produce a truly effective pivot method is wholly based upon the refresh or data recalculation rate as has been alluded to in previous posts. Under that premise, please consider the following:

a) A User Input for the "Start of Day". We're all using MT4 but each broker employs a different time basis. Mine is GMT but I prefer to start my day with the NY Close which is a four hour difference on my platform.

b) A User Input for "Refresh Rate". For example, my preference would be to have a 1 Hour 'Refresh" on the Daily Pivot whereby the numbers would recalculate every 24 Hours to account for ensuing price action. Another user might prefer a 4 Hour "Refresh" and another user might want no "Refresh" at all, etc.

c) And, of course, an Alarm function to indicate when price has closed above/below SR.

The objective is to create a Pivot Indicator with greater viability throughout the trading day. Maybe none of this is doable. I'm not a programmer and therefor blissful in my ignorance. I just had to throw it out there and appreciate your consideration. Take care.

Steve

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Postby Patch » Sun Aug 09, 2009 12:57 pm

Manta

Thank you for your revision of your S R indicator.

You mentioned you are working on an EA in your post on Simple System. How is that project coming?

Patch
In VA
ENOUGH being a Yalie for me Back to the Sea. "What i can lose, i can win" "YES YOU CAN" - dragon33 -"Pick one method and one pair and stick with them until you master it. "The choice is yours - success or failure." TRO

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Postby flinux » Mon Aug 10, 2009 12:12 pm

Hi.
Where is the 3.01 version ?
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