Information
| Username: | solid |
| Member since: | 08 Feb 2018 |
| Last login: | 08 Feb 2018 |
| Status: | Active |
Activity
| Where | Created | Comments |
|---|---|---|
| Algorithms | 2 | 3 |
| Forum Topics | 0 | 0 |
| Jobs | 0 | 0 |
Last Algorithm Comments
Yay!
Thank you for the kind words; indeed, the idea was to make it useful. As, the idea developed, it became more about a risk control. So, not about how much you could make, but about how much you would stand to lose.
In that regard, I need to add to my answer to the other question; as now, I've realized which dotted lines were in question. Thoses dotted lines are the ones that show you, where to place your bets when market moves against you. And the longer one, is where you should probably give up on the idea all together.
To answer the question about different time-frames, in fact the indicator already does calculate that, so the top - middle - 3 lines are actually showing local, and "global" trend of an instrument. (I think they should anyway, as lots of beers were involved, as can probably be seen by some of the variables names). But yep, there you will see local trend vs global.
Regarding, MT4 - nope, have stopped using the platform a while back, while it's a great platform, just didn't feel it was as easy to cope with as ct.
Yo!
thanks for the feedback; glad a couple of guys found it useful :)
To answer your question: the dotted lines are FIB retracement levels of the larger trend; so if you zoom out, you will see yellow lines showing the "local" price action max/min levels, so the dotted lines are basically 50%, the red one, and 23.6 the orange ones; quite common you will see market bounce somewhere around the orange lines - not sure while people believe in Fib so much, but hey, if it works - it works. Play around on a few different instruments on daily charts, and you will see this to hold true.
Regarding your 2nd question about numbers in the corners; well the indicators thinks it's smarter than you, so it tries to give you some idea about how much you should be making. Top right number is the daily, bottom right is the weekly, and low left is your positions, with recommended position size - this will change to "good to close", when indicator believes it's time to book profits.
o/
Thanks for catching that. Corrected.