Boo how dare you tease us and disappear Have a great holiday, i think you deserve it giving us this little treat. It only did a respectable job on the GU, netting profit. Optimized at 3. I have a more optimistic solution: I have made a volume indicator that, if I say so myself, is very cool. And never seen it before. It will also show you how the current candle is progressing RELATIVE to the previous candle, and you can predict if the current candle volume is going to fall short or exceed the previous candle.

This helps filter out false moves or fake-outs on less volume. This indicator, I think, can help you with all your trades, especially you guys Manual Trading. So, no more waiting till the end of the candle to see if the volume was greater or less than the previous candle. In addition, I added code to require the current and previous candles to be in the direction of the trade, bullish candles for bullish trade, and vice versa. Only missed one. A bid difference from previous backtest which was net loss. The MinVolume of was for the H1 chart, to get any trades on 5M chart, will have to drop it to around or so.

Using only 4 bars for AvgVolBars, insures you get a fairly accurate representation of the volume for the immediate time you are trading. So, as I mentioned, depending on the time frame, you can set the minimum volume level lower to generate more trades. Hi Sandy - The above link does not work. That is your logon link. It tells me I cannot access anothers account. You need to create a widget and post that. Jim - That is an excellent concept for volume. The lack of real market volume, as you would get from NYSE etc. I will see this month out with these multiple broker deals, see how your initial EA is going and get it going next week when I drop a couple of the poor performance demos.

I will likely open a couple of new live accounts next month which will give me more freedom also. Was expecting the graph I guess and when not seen just read the most obvious. Sorry sandy - geez, you are running a few things there but no fortune made yet.

Price Never Lies » StraightForex

Yep no fortune yet, just lots of testing lol, personally, if it makes a small but consistent profit then im happy, i know thats not going to make a millionaire in a year like the advert says but hey something is better than going pop! Update on the Volume indicator. Had some bad math and added the rate of the previous volume bar for comparison.

Also changed text to labels for placement. Free Forex Trading Systems. Well, without further ado, here it is! Its main purpose is to measure volatility in the markets. By learning to interpret the ATR reading you can learn how to objectively determine market volatility in a practical manner. This allows you to adapt your strategies across multiple markets and market conditions with relative ease. There are only a few alternatives for stop loss placement without employing the ATR. A common one is to use a fixed pip amount, which is extremely difficult to adapt and optimize across multiple markets and trading conditions.

Because the ATR gives you a measure of price volatility in price units pips , you can use it to calculate your stop loss and targets in an easy, adaptable and objective way that can drastically improve your forex trading results! One of the biggest problems retail traders typically face when starting out in the forex markets is setting their stop loss orders far too tight. Using the ATR indicator is a fantastic way to fix this problem by introducing an objective rule into your trading plan based on the ATR reading. In the example above the reason to go long would be the bullish engulfing candle right near support.

The ATR value at the time was 0. By adding these together to get a In this example which is an example of my personal forex trading strategy , we have used a trailing stop loss order to lock in profits on an open trade. Every time the market breaks into a new low the black lines , we trail our stop loss 1 ATR above the swing high preceding the breakout the red lines.

Price Never Lies

This way we allow the market to run in our favor as long as it can while locking in profits, yet giving the trade enough room to breathe during retracements. Using this method is fantastic for capturing high-momentum and trending markets as you are guaranteed to stay in the trade until the trend reverses in which case we want to be out anyway. The catch is you will sometimes give back a lot of open profits, so it is best to combine this approach with a price-action based exit strategy — for example, you may want to come up with a reason to exit when price is near There are pros and cons to all approaches to profit taking so it is up to you to backtest and find a method that you are comfortable with.

In this example we are using the ATR value to set our take-profit order at a fixed price — 2x ATR below our entry price. The biggest advantage to this approach is that there is zero discretion involved in exiting the trade. The other advantage is that you are basing your fixed target on the current market volatility. If the market is trending and has momentum behind it then a 2 ATR move is not only possible, but probable. This type of fixed-target strategy is fantastic for beginner traders.

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It is easy to backtest and easy to execute. And by only ever taking profit you can get away with a lower win rate. The main drawback is that you are capping your upside which is rarely a good idea in forex trading. Personally I like to use a combination of fixed targets and trailing stop targets. I open two positions per setup with the same stop loss, one with a target 1 ATR from my entry RR and the other position with a trailing stop such as in the previous example.

This is a technique I learned from my trading mentor Steven Hart. You should always do your own testing before you decide on which approach to take. Like I said in the previous example, there are pros and cons to all approaches to profit taking. It is up to you to balance your methods with your psychology so that you can develop a trading plan that you can execute with confidence and consistency.

Stop loss hunting is a common problem in trading. There are going to be certain occasions where using the ATR to set your stop loss will get you taken out right before the market rolls over in your initial direction.

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All forex trading strategies will inevitably experience losses, which is where good risk management comes into play — but I can guarantee you that this problem will be much worse if you use less than a 1 ATR stop distance, particularly on intraday timeframes. Just make sure to test your strategy over historical data first to make sure that whatever ATR stop you use enhances your edge instead of sabotaging it. I believe it is important that all traders have at least a basic understanding of how their indicators function and what their intended purpose was when they were conceptualized.

In futures trading the market has a close and an open each day which can result in gaps in price. Therefore J. Once this value is calculated for historical bars, the current ATR value is typically determined by a period moving average of these values.

This means that as markets expand and contract this volatility reading will adapt to the change in candle price ranges. What Is Pine Script? The RSI indicator cops a lot of flak in the forex trading community from certain forex traders, but I find it to be quite a useful tool if you use it appropriately. It was created by the same guy who made the ATR indicator — J. But first of all, what is the RSI indicator and why was it made?

It is an oscillator indicator which means it can only emit values between a range of 0 and It was originally designed for stock trading to determine price momentum objectively in the quest to identify overbought and oversold conditions. A high RSI value means that many of the recent candles have been bullish, whereas a low RSI value means that most of the recent candles have been bearish.

In forex it is used slightly differently. Unlike stocks and traditional markets, currencies can and will make moves that defy the laws of market physics — although stocks do that sometimes too. But whenever there is a dramatic shift in global market fundamentals, cycles or overall conditions, some currencies will enter oversold and overbought territory for lengths of time that will make your eyes water. The most effective way to use the RSI indicator in forex trading is to spot momentum divergences — particularly on intraday trading timeframes.

This may sound complex if you are new to forex trading but experienced traders know exactly what I am talking about. RSI divergence is a common trading filter for a reason — it works. It is not a magical indicator that will never lose you trades. In fact, because it is typically used to pick tops and bottoms which is a style of counter-trend trading , it can be quite difficult for new traders to master.

But once you have experience with strategy development and analyzing price action effectively, the RSI can be used to develop consistently profitable trading strategies with the correct application under the right market conditions. Perhaps my favorite application of RSI divergence is on double-tops and double-bottoms that occur near major structure. In the above example we have a double-top which occurred near a major higher-timeframe resistance level followed by a bearish engulfing candle confirming price failure.

We also have divergence on the RSI. This means nothing to us yet. But then when we get a second top which fails at the exact same price as the first top, we do not get an equal or higher reading on the RSI indicator.